BillEase, the top buy now, pay later (BNPL) and consumer finance app in the Philippines, and PayMongo, the leading payment processor backed by Y Combinator and Stripe, today announced the launch of their strategic partnership to help retailers drive growth through a transparent card-free BNPL service. Retailers using PayMongo can now offer BillEase as an installment option at checkout, providing consumers a seamless shopping experience.
Through BillEase, online and offline retailers can offer shoppers three installment options at checkout: Pay Later in 10 or 20 days and Pay in 4 installments for small-to-medium ticket purchases, and Pay Monthly over three, six, nine, or 12 months for big purchases with interest rates between 0% or 3.49 percent – the cheapest rate in the country. Retailers can also choose to offer 0 percent annual percentage rate (APR) via PayMongo. For example, a PHP 15,000 purchase would only cost PHP 3,350 over 3 months at 0% APR with only 1/3 upfront payment.
Isabel Ridad, PayMongo’s Acting Chief Executive Officer: “We’re thrilled to partner with BillEase so thousands of businesses using PayMongo can offer consumer credit at checkout and flexible installment plans. Our payment infrastructure, combined with BillEase’s customizable payment plans and transparent consumer credit offering, is a powerful tool for retailers to reach new customers, and increase average order values.”
Georg Steiger, Chief Executive Officer & Co-Founder of BillEase: “Over the past 3 years, BillEase and PayMongo redefined the ecommerce landscape for millions of Filipinos. This strategic partnership underscores our shared values of providing flexible and transparent point-of-sale (POS) financing for retailers and their customers. With PayMongo, BillEase can provide inclusive options for retailers across all sizes and categories, helping them attract new customers and build strong loyalty.”
Unlike other BNPL providers, BillEase is an “on-demand consumer credit app” that shoppers can use online and offline for different types of transactions, from paying for day-to-day needs like food and grocery to discretionary purchases like electronics and furniture. Customers can split payments in easy installments even without a credit or a debit card and do not require topping up an e-wallet account. Shoppers only need to provide 1 valid ID when signing up and get instant credit to complete their purchase at checkout.
Over 1,000+ online and offline retailers using BillEase experience increased conversions and basket sizes. Businesses already offering the BNPL service see a significant increase in sales conversion between 15-25% with average order values increasing up to five times more than sales that are not paid through POS financing. Its revolving credit line provided to customers who sign up also increases the likelihood of re-transaction using the same payment method.
PayMongo offers a quick and fully-online onboarding process and seamless integration with retail websites or apps, which allows them to accept digital payments such as credit and debit cards, online banking, e-wallets, and BNPL with BillEase as the newest addition to the channel. PayMongo is used by over 10,000+ retailers in the Philippines.