BillEase Integrates Buy Now, Pay Later Solution With Leading E-Commerce Platformsby Fintech News Philippines December 10, 2020
Philippines startup First Digital Finance Corporation (FDFC), announced its partnership with prominent e-commerce platforms Shopify, Magento, Prestashop, and WooCommerce to bring BillEase which is its “Buy Now, Pay Later” (BNPL) solution 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 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. 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.”
said Georg Steiger, CEO and Co-founder of FDFC.
With BillEase, 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.
BillEase mitigates risks for its merchants by paying them in full, absorbing all credit and fraud risks. For some merchants, BillEase is said to have lifted conversion rates as much as 25% and increase customers spending up to 5 times more than the traditional payment method.
FDFC aims to improve conversion rates in the Philippines e-commerce space by enabling shoppers to make purchases with less friction and faster approval time.
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 customers who are otherwise unable to access traditional banking and financial services.
BillEase already supports merchants with custom websites or apps through its Merchant API 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 customers’ preferences.
BillEase is also looking to help merchants address pain points such as high cart abandonment rate and low order value.
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.