iDEAL and in3 Launch Pilot for Spread Payments

Published 9 months ago

iDEAL is teaming up with Dutch fintech, in3, to launch a pilot scheme that will allow customers to pay in three instalments using iDEAL’s payment methods. The initiative aims to assess the reception and usage of spread payments by Dutch customers.

The pilot will afford users the opportunity to pay in three instalments at no additional costs or interest. in3, an instalment payment solution (IPS), permits customers to part pay for purchases in advance. Online vendors and businesses stand to gain from increased conversion rates and a higher average sale price using in3.

Moreover, customers will have the capacity to pay in instalments without the need for BKR registration. Payment solution provider, Buckaroo, along with other online retailers, is also involved in the pilot’s development process.

Details of the New Payment Method

This innovative payment method provides clients with a friendly and socially responsible process for prepaid payments. Customers will need to verify their spending limit and adhere to the payment terms.

The iDEAL in3 payment options are based on the customer’s creditworthiness, which is promptly determined by in3 based on the data provided. Once the process is approved, customers pay a third of the total amount, with the order delivered upon successful completion of the first payment.

Customers will receive an email following the initial transaction with payment information and details about the second and third instalments, due 30 days and 60 days after the initial payment respectively.

in3’s Development Strategy

In June 2023, Rabobank, also based in the Netherlands, announced a partnership with in3 to roll out the in3 Business instalment payment service. This service enables businesses to pay for purchases in three instalments without incurring extra costs or interest.

The system was designed to conduct extensive online checks to determine payment eligibility. Upon approval, the seller receives full payment for the order, enhancing the safety and efficiency of the process.

In 2022, in3 raised USD 85.3 million in a Series B funding round and partnered with Mollie to extend its client base. This expansion is set to continue across the Netherlands, with plans to launch in Germany. The funding is targeted at enhancing how the firm processes transactions on a large scale, both online and in physical stores.

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