BillEase announces “Buy Now, Pay Later” payment integration

Digital installment payment platform BillEase today announced its partnership with the world’s leading e-commerce platforms Shopify, Magento, Prestashop, and WooCommerce to bring “Buy Now, Pay Later” to online retailers in the Philippines. Merchants that use any of these platforms can now easily integrate with BillEase and activate Pay Later, Pay in Installments and Pay with Down Payment, which will provide customers with flexibility in payments and a smoother shopping experience.

“With this integration, we’re bringing our financial product closer to consumers by making it easier for merchants to add our point-of-sale financing option,” said Georg Steiger, CEO and co-founder of FDFC, the fintech company behind the BNPL platform. “Installment purchase is already a very popular option for most Filipinos when they shop in malls. But these offline offerings often don't translate well to the online world and the payment experience is not seamless. Our goal is to help merchants improve their conversion rate by making the online buying experience a pleasure for customers. Spreading payment over monthly installment with extremely affordable rates makes their shopping experience lighter. For merchants, they can enjoy an increase in basket sizes and more conversion as we also support 0%-APR plans with no cost to customers.”

With the restrictions imposed by the pandemic, many shops have redoubled their efforts to move their offering online. However many have found that traditional payment channels do not translate well to e-commerce.  Integration can be a hassle, customers are reluctant to pay upfront or use their credit card online. Unlike traditional payment methods like credit cards, BillEase is a digital native platform. Instead of a physical card, customers have an app or account that works on a dedicated checkout. The advantage is that consumers have full control over their spending and can configure their payment schedule the way they like it as BillEase shows customers upfront exactly what they will have to pay each month with no hidden fees and no surprises.

For merchants, there is no risk in offering BillEase as a payment method to their customers because BillEase pays merchants in full and absorbs all credit and fraud risks. For some merchants, BillEase has already proven to lift conversion rates as much as 25% and increase customers spending up to 5x more than the traditional payment method.

The paylater fintech company is aiming to improve conversion rates in the Philippine e-commerce space by enabling shoppers to make purchases with less friction and faster approval time as most visits to an online store often do not translate into paying customers, resulting in poor conversion rates across many industries.

Through its proprietary credit decisioning technology, BillEase can instantly make a decision to finance shoppers based on data across various sources, allowing it to underwrite in real-time. Since it relies on alternative data, it can reach out to deserving customers who are otherwise unable to access traditional banking and financial services.

“Over 90 percent of Filipino consumers are disenfranchised when it comes to credit cards,” Steiger adds. “In contrast, BillEase is a simple, safe and transparent cardless alternative to revolving credit lines for online shoppers who primarily use debit cards and are usually underserved.”

BillEase already supports merchants with custom websites or apps through its Merchant API (Application Programming Interface) launched in August last year. Through its integration with top global e-commerce platforms, merchants will be able to integrate all of BillEase’s products based on their own needs and customer preference. Pay Later lets customers pay on their next payday with no interest or fees, thus letting customers try before they pay. Pay in Installments enables customers to spread the cost of their purchases over time at a low-interest rate, giving them flexibility and increased purchasing power. Pay with Down payment allows customers to afford big-ticket purchases beyond their credit limit with a down payment solution.

In the current environment, flexible payments for everyday purchases go a long way in reducing financial burdens and help consumers preserve cash. Until recently, installment payment solutions have been limited to banks that offer installment payments through a limited list of enabled merchants.

For BillEase, the focus is to offer a unique payment solution that allows consumers to take control and shop on their own terms. It is also looking to help merchants address pain points such as high cart abandonment rate and low order value which have become common as consumers prioritize essential purchases over discretionary categories.

Simple and Affordable Pricing
With BillEase, there are no exorbitant rates, hidden fees, and convoluted terms. Instead, BillEase only charges merchants 1.5 to 2.5 percent per transaction with no integration fee, no annual fees, and no costly chargebacks. Customers' monthly interest rates are between 2.49%-3.49% depending on the payment schedule they choose either monthly or bi-weekly and rates are already built into every installment plan. 0% Annual Percentage Rate or zero installment products are also available with select merchant partners. The BNPL service is currently available on 60+ merchants including Lazada, Zilingo Trade, Flowerstore, Drive Groceries, Become, Kimstore, ConcepStore, Stork.ph, Henry’s Camera, Datablitz, among others.