Following this announcement, the two companies aim to test how Dutch clients and customers receive and use the spread payments with iDEAL. The pilot will be leveraged in order to provide users with the possibility to pay in three instalments, with no additional costs or interest for the buyer.
in3 represents an instalment payment solution (IPS) that allows customers to pay a part of their purchases in advance. Online sellers and businesses will be given the possibility to benefit from higher conversion rates and an overall higher average sale price with the use of in3. In addition, users and customers will be enabled to pay in instalments without the need for a BKR registration.
The payment solution provider Buckaroo is currently involved in the pilot development process, as well as other of its online retailers.
The new payment method will provide clients with the possibility to access a customer-friendly and socially responsible procedure for prepaid payments. The users will have to go through a verification process of their spending limit, as well as further handling of the payment terms.
Customers will be enabled to choose the iDEAL in3 payment options they need, as their creditworthiness will be immediately determined by in3 according to the data they enter. After the process is approved, clients will have to pay one-third of the amount. The order will be delivered as soon as the first payment has been made successfully.
Following the first partial transaction, customers will receive an email with the payment information and details on the second and third instalments. The second payment will need to be made 30 days after the first one, and the third transaction will be made 60 days after the first one. in3’s recent strategy of development
In June 2023, the Netherlands-based Rabobank announced its partnership with the financial solution provider in3, in order to launch the in3 Business instalment payment service. The new instalment payment solution was aimed to allow businesses and companies to pay for purchases in 3 instalments, without any additional costs or interest.
The system was developed to perform a series of extensive online checks in order to determine the overall eligibility of the payment. If the transaction was approved, the seller received a prompt payment of the entire order amount, making the procedure safer and more efficient.
Earlier in 2022, in3 raised USD 85.3 million in Series B funding round and collaborated with Mollie to reach more clients and customers. The expansion was set to go further in the Netherlands through this deal, with plans to launch in Germany as well. The funds focused on improving the manner in which the firm processed transactions on a larger scale, both online and for in-person stores.
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