BillEase and PayMongo Forge Strategic Partnership to Drive Growth for Retailers through card-free BNPL

After three successful fund raises in 2022, the latest being an up to $20 million debt facility from Singapore-based fintech firm Helicap Securities last September, consumer finance startup BillEase is on a roll.

BillEase, a top-rated buy now, pay later (BNPL) and consumer finance app in the Philippines, recently announced a strategic partnership with PayMongo, the fastest-growing online payments processing company backed by Y Combinator and Stripe, 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 
• 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 PHP15,000 purchase would only cost PHP3,350 over 3 months at 0% APR with only 1/3 upfront payment.

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

The partnership between PayMongo and BillEase to redefine the ecommerce landscape for millions of Filipinos took three years to establish.

“This strategic partnership underscores our shared values of providing flexible and transparent point-of-sale (POS) financing for retailers and their customers,” according to Georg Steiger, Chief Executive Officer & Co-Founder of First Digital Finance Corporation (FDFC), which operates the BillEase app. “With PayMongo, BillEase can provide inclusive options for retailers across all sizes and categories, helping them attract new customers and build strong loyalty,” said Steiger.

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 one (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.

Moving forward, BillEase will continue its mission to help every Filipino take control of their financial future.

Steiger concluded, “Initially leveraging e-commerce, we now provide different financial services such as personal loans, e-wallet top-ups, prepaid loads, and gaming credits. Recently, hundreds of stores have partnered with us to bring easy installment options for in-store shoppers through the QR scan now, pay later option. Bills payment and additional customizable show now, pay later options are also underway.”