Corporate Vision iDEAL in3: Socially Responsible Instalment Payments for Consumers and Businesses Recognised as our Best Socially-Responsible BNPL Service Provider 2024 – Europe, iDEAL in3 (in3) is a company focused on offering an innovative and socially responsible way to pay in instalments. How does in3 differentiate itself from its competitors? in3 differentiates itself with a focus on socially responsible cashflow management. The company offers a payment model that allows customers to pay for purchases in three instalments. Instalment payments are designed to prevent overcrediting and give consumers a better understanding of their financial situation. Indeed, according to CEO, Hans Langenhuizen, paying in arrears is often problematic because consumers do not always have a good understanding of their financial situation. “When you pay afterwards, you don’t have to look at your account because you don’t have to make a direct payment,” he says. “Therefore, consumers often do not know what is in their account and that can lead to overcrediting.” With a ranking of 4.9 stars out of 5 on the well-known consumer review site, Trustpilot, in3’s consumers, or maybe even fans, acknowledge that its way of working is doing great. How does in3 give consumers insight into what is in their account? in3’s payment model is simple and transparent. Consumers pay one-third of the purchase amount immediately, and the rest in two equal instalments over the next two months. This can be done online or instore as a real omnichannel solution. Because one-third of the purchase amount is already payable immediately, consumers are forced to look at their bank account. “This approach helps consumers to be more conscious of their spending and prevents them from making purchases they cannot afford,” comments Hans. A second benefit is that because in3 has the account information, it can perform a much better credit check to determine if the customer can and should order with in3 at all. What are the benefits of in3 for businesses? One of the main benefits for businesses that partner with in3 is that they see significantly higher receipt amounts than with other payment methods. “People buy more durable products with a higher ticket size because they can spread the cost, which results in higher margins for sellers,” Hans explains. “In addition, customers are more likely to buy when they can pay in three instalments, which increases the conversion from orienting customers to buying customers by up to 15%. Instead of the washing machine with one-star green label, they now buy the washing machine with five-star green label.” In addition, in3 works through partners such as Payment Service Providers (PSPs) and with iDEAL for online purchases, which makes integration easier and allows for rapid growth without complex connections. “Through this partnership, sellers only need to check a box at their PSP to activate the in3 payment option, which ensures a smooth and fast implementation,” says Hans. Why is corporate social responsibility so important to you? One of in3’s core values is social responsibility, as Hans goes on to say, “In our business model, it is important that we only grant instalment payments to consumers who can afford it. This is in the interest of both the consumer and us as a company. We work with various data sources and partners to perform a thorough credit check before a purchase is approved. We combine data to determine if a customer is creditworthy and at what amount. This ensures that we are transparent and consumers do not get into debt. We ourselves do not generate kickback or other revenue from people who pay late or don’t pay. Even worse, people who don’t pay are a direct cost on our margin, forcing us to do the credit check incredibly well. This credit check happens within one second, so both the customer and our merchant hardly notice.” Success stories and future plans Currently, some 10,000 companies are already affiliated with in3, and the number is still growing rapidly. For example, a bicycle store saw their sales nearly double by integrating in3 and increased their average order value by 7% (in3). To achieve even more such success stories in the future, the key for the coming years is that in3 remains committed to both consumers and sellers. “We are always accessible and offer both consumers and businesses 24/7 insight into their results. This creates trust and high customer satisfaction,” Hans enthuses. “In addition, we continue to innovate and improve our services to meet the changing needs of our customers. This includes developing new technologies and entering into strategic partnerships.” Company: in3 Website: https://payin3.eu/en/
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