BNPL provider introduces interest-free bi-weekly payments on top of monthly 0% interest plans
Manila, Philippines — BillEase, a flexible and transparent alternative to credit cards and e-wallets, today announced the expansion of its interest-free buy now, pay later (BNPL) service which now includes a short-term installment offering for customers in the Philippines. The BNPL provider is aiming to help more online retailers drive conversion, revenue, and customer loyalty without taking on any risk amid the increase in market demand for zero-interest payment plans.
With the new offering, online retailers can now allow their customers to split payment for purchases between PHP 1,000 and PHP 25,000 or more with the first payment (25%) due at the time of transaction and the rest (75%) in 3 bi-weekly installments. For example, a PHP 10,000 purchase would only cost PHP 2,500 every two weeks with the first 1/4 paid upfront, no interest while merchants get paid in full upfront. For smaller purchases, customers can also select to pay later on their next payday or 10-20 days for any purchase below PHP1,000 at zero interest. The addition of short-term payment plans allows a merchant to increase customer loyalty as well as boost customer purchasing power, resulting in increased transaction sizes and higher order values.
The buy now, pay later service is completely card-free and does not require customers to sign up for a credit or a debit card. Customers only need to provide 1 valid ID when signing up and get instant approval to complete their purchase. Customers are shown the actual amounts including the exact date of installments and a disclosure statement at the checkout before completing their payment.
BillEase is also offering longer payment plans which allow consumers to pay monthly for large purchases and stretch their funds to increase buying power. Customers can select longer terms at merchant checkout and pay only 1/3 upfront and the rest over 3, 6, 9, or 12 months. Depending on the merchant, longer term plans are either interest-free or come with an affordable interest rate. For example, a PHP 50,000 purchase would only cost PHP 5,583 over 6 months or only PHP 2,792 bi-weekly with only 1/3 upfront payment, no interest. The zero-percent installment option for longer terms will be available for select purchases or all products or services as decided by a merchant or the brand.
Launched in 2017, BillEase counts Lazada, Mandaue Foam, Anson’s, Western Appliances, Primer Group of Companies, Terry SA, United Limsun, Concepcion Industrial Corporation, Kimstore, JBL, Harman Kardon, Audio Refinery, Kidscompany, Airpaz, and Maria Health among its hundreds of merchant partners. FDFC has strategic partnerships with major payment processors such as Xendit, Paynamics, Dragonpay, 2C2P, and UBX Philippines’ Bux, whose merchants can easily add BillEase through a single integration or a few lines of code.
For businesses interested to offer the service, signup at https://billease.ph/partners/register
About First Digital Finance Corporation (FDFC)
FDFC is a financial technology company building disruptive and innovative products in retail credit for Southeast Asia. In 2017, it launched BillEase, a buy now, pay later (BNPL) payment solution for e-commerce and their customers. BillEase lets customers pay for online purchases in easy monthly or bi-weekly installments, and boosts conversion and average order value for merchants. It also provides a range of in-app services like low-cost cash loans, e-Wallet top-ups, mobile loads and gaming credits. For more information, visit https://billease.ph
FDFC is regulated by the Securities and Exchange Commission as a financing company (CoA No.: 1101) and by the Bangko Sentral ng Pilipinas as Operator of Payment System (OPSCOR-2021-0007).