Manila, Philippines – Xendit, the Indonesian-based fintech, has partnered with Philippine-based ‘buy now, pay later’ solutions BillEase in bringing cardless installment options in the Philippines through their new joint solution ‘PayLater’ that allows merchants to offer convenient, card-free installments where the majority of shoppers remain cardless or unbanked.
Xendit, which allows merchants to accept payments online, makes it easier for merchants to provide an affordable and transparent installment option at checkout through a single integration. This means Xendit’s merchants can now add BillEase as a payment option. By offering BillEase at checkout, merchants can give their customers the option to split the cost of their purchases into installments either monthly or bi-weekly with no hidden fees.
Xendit merchants that offer BillEase can allow customers to pay for their purchases online in monthly installments and pay the app over a period of three, six, nine, or 12 months with monthly interest rates between 0 to 3.49%. Merchants can also choose to offer 0 percent annual percentage rate (APR). For example, a PHP 18,000 purchase would only cost PHP 2,500 over 6 months at 0% APR.
Furthermore, the partnership with BillEase allows merchants to connect to Xendit’s API and enable other BillEase’s payment services, namely, ‘Pay in Installments’ which enable customers to enjoy fully-financed purchases and spread payments over time at a zero-to-low interest rate, and ‘Pay with Down Payment’ where customers can pay 1/3 upfront and pay the rest in installments.
“Shoppers are increasingly looking for alternative ways to pay, and merchants who offer flexible payment options can rapidly improve their conversion rates and increase average order value. We’re excited to partner with Xendit to help Filipino merchants grow more by removing unnecessary challenges customers face at checkout, especially for those who are unable to use credit and debit cards,” said Georg Steiger, co-founder and CEO of First Digital Finance Corporation, the fintech behind BillEase.
Yang Yang Zhang, managing director of Xendit Philippines said their partnership aligns with their company’s mission to provide merchants with various payment options to allow their business to grow.
“Partnering with BillEase is crucial as the demand for installment solutions has grown in recent years, partly fueled by the pandemic. Additionally, merchants also see a huge demand from their consumers for this type of payment option. That’s why we’re excited to bring our PayLater solution to online retailers in the country,” Zhang stated.