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Instalments in EU and South Korea

Following the rising trend for the “pay-by-instalment” or "buy now, pay later" options Softline Ecommerce offer this payment model for the consumers in EU and South Korea.

How does this work?

A purchase by instalment is available for individuals by any card. The payment is done by shares. The charge of the 1st instalment is done after the order confirmation. The following instalments are charged on monthly or fortnight basis.

Example:

  • A customer chooses ‘Purchase by instalment’.
  • A customer inserts the bank card details and confirms the order. He is charged with the 1st instalment which is a third of the price.
  • The order is considered as ‘paid’ and a customer gets an e-key for the license in line with the payment schedule.
  • 1 day before the 2nd instalment, a customer is reminded on the upcoming charge via e-mail.
  • If the transaction failed, a customer is notified on the failure. We issue the invoice for both the 2nd and the 3rd instalments.
  • 1 day before the last instalment, a customer gets one more reminder via e-mail.
  • If the transaction is successful, the instalment is over.

What’s the pricing?

If purchase by instalment is chosen, a fee is added to the price of the product. The fee is refunded by the seller. The amount of instalments are 3-12. The fee depends on the amount of instalments.

Advantages

For a Buyer

  • No need to check a credit history
  • No need in credit agreement
  • Any bank card is accepted
  • 3-12 Instalments
  • Full product is available by 1st payment
  • E-mail notification on a charge
  • Return is possible within 30 days after the 1st charge

For a Seller

  • Churn rate minimizing
  • +20% to average bill
  • -10% to abandoned carts
  • +30% to online sales
  • Full price for a product by the end of each account session, despite the instalment model
  • All finance risks at SL Ecommerce

We have already noted the rising demand for this model both from buyers and sellers. If you need more information on the instalments, we’re ready to talk.
Contact us at ecommerce@softline.com

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