The first Czech bank is jumping on a big and fast-growing trend in online shopping. Equa bank has decided to fully enter the waters of deferred payments, which are growing in popularity with customers, and with its service with the all-encompassing name I pay, then it wants to join domestic startups that successfully dig through deferred payments.
“The PlatímPak service brings the increasingly popular principle of deferral of payment, up to the amount of 25 thousand crowns per purchase and a deferral period of up to 30 days,” describes the main proposition of the service for CzechCrunch Kateřina Tauchmanová, E-commerce Products Manager at Equa bank.
When a customer wants a deferred payment I pay Then use it, select it as a payment method in the e-shop, enter the necessary minimum of data and Equa bank will evaluate the application within tens of seconds. If everything passes the scoring, the payment is made immediately and the purchase is completed, with the customer not paying anything yet.
Deferred payments in e-shops are gradually replacing, for example, cash on delivery, and thanks to them, customers can try the goods before actually paying for them. It can be any product, but deferral of payment is often used, for example, in fashion, where one does not know in advance whether the clothes will fit him.
Deferred payment I payThen appears among the payment methods
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“It is a modern method replacing an outdated and more expensive form of cash on delivery, which increases the comfort and security of payment for the customer,” confirms Kateřina Tauchmanová. Both the Equa bank customers and users who have accounts with another bank can use the PlatímPak service.
In any case, it is possible that up to 25 thousand crowns can be spent or stored in one purchase, while Equa bank customers can do so repeatedly without restriction. Clients of other banks can always have only one active payment and use it up to ten times in one year. The maximum limit for the total annual drawdown in this case is 50 thousand crowns.
Also in Equa bank, payment is deferred in the form of a consumer loan, with the first 30 days being an interest-free form. This means that if you pay for your purchase within one month, you pay no extra fees or fees. However, it is also possible to transfer the entire deferred payment to a consumer loan.
“The client has the option to transfer all or part of the deferred payment to regular installments from as little as CZK 100 per month. It is therefore entirely up to the client how many months and the amount of the monthly payment he chooses, “ explains the product manager of e-commerce products at Equa bank.
Currently, it is possible to defer payment via the PlatímPak service in hundreds of domestic online stores, and Equa bank expects a gradual expansion of its service. It also relies on the simplicity of implementation on the part of e-shops, which do not need to install any special gateways. They will either use the add-on on the Shoptet platform, or they will deploy PlatímPak in their own e-shop via the API interface.
“The service is advantageous not only for customers, but of course also for e-shops, which bring them the opportunity to grow the number of customers without the risk of non-payment. Implementation of PayPak into payment methods is free as well as operation. In addition, it will make purchasing accessible for a new target group, adds Tauchman.
With its service, Equa Bank would like to jump on the fast-growing trend, which is visible not only in domestic e-commerce, but all over the world. “A good example is neighboring Germany, where this type of payment method is very attractive, so we expect growing interest in our country as well. According to our estimates, this could be 10% of the total e-shop transactions, “ outlines Tauchman’s potential for deferred payments.
The partner of the article and CzechCrunch is the company Equa bank. Within CzechCrunch Premium, we cooperate with selected partners with whom we prepare customized content. Find out more here.
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