BillEase, PayMongo to help retailers through buy-now-pay-later service

CONSUMER finance platform BillEase has partnered with online payments company PayMongo to offer a transparent card-free buy-now-pay-later (BNPL) service that would help businesses expand.

“We’re thrilled to partner with BillEase so thousands of businesses using PayMongo can offer consumer credit at checkout and flexible installment plans,” PayMongo’s Acting Chief Executive Officer Isabel Ridad said in a statement on Wednesday.

“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,” Ms. Ridad said.

PayMongo now offers BillEase as an installment option for consumers. Through BillEase, retailers can offer three installment options at checkout.

These options are to pay later in 10 or 20 days, pay in four installments for small to medium purchases, and to pay monthly over three to 12 months for large purchases with interest rates between 0% and 3.49%.

Businesses can also offer a 0% annual percentage rate (APR) through PayMongo.

“Over the past three 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,” BillEase Chief Executive Officer and Co-Founder Georg Steiger said. 

“With PayMongo, BillEase can provide inclusive options for retailers across all sizes and categories, helping them attract new customers and build strong loyalty,” Mr. Steiger said.

BillEase is a credit and finance platform that allows clients to pay for their online and offline purchases through installment plans. It launched its in-store QR payment service this year.

According to the company, businesses offering BNPL services saw an increase in sales conversion between 15-25% with average order values rising more than sales that are not paid through POS financing.

The platform’s revolving credit line also increases the likelihood of re-transaction using the same payment method.

The company earlier said that the volume of transactions on BillEase climbed nearly five times in the first half of the year from the same period in 2021. It has disbursed over 3 million in loans so far.

BillEase is currently accepted as a payment method by over 1,000 brands and small businesses and is offered by seven major payment gateways in the Philippines.

Meanwhile, PayMongo offers a fully online onboarding process with retail websites, allowing businesses to accept digital payments through 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 country. — Keisha B. Ta-asan