Join us on 19 July 2022
More and more people need to pay later and/or in parts. Whether to buy stuff now and pay later (BNPL), to pay their ballooning bills, or to slowly get out of a debt.
From the gig economy to Covid-19 to spiking inflation to whatever comes next, consumers face increasing challenges. Corporates and service providers alike are well advised to offer flexibility when it comes to when and how people pay to keep a positive customer relationship.
But how do you incorporate such “Pay Later” options into your existing system infrastructure? Smart software and a holistic view can help.
In a webinar hosted by Credit Strategy, global financial software provider Serrala and one of Europe’s largest credit management companies Lowell discuss the latest trends.
What will you learn?
- How to shape automated and intelligent processes to easily collect accurate and timely payments from people with payment obligations.
- Discover how to make “Pay Later” reality.
- Explore also how UK businesses can leverage Open Banking to enable fixed-fee and irrevocable Faster Payments that assure perfect cash application.
Speakers include:
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Jeroen Dekker Serrala |
Bernhard Bruns Senior Project Manager Lowell |
Senior Solution Architect, Serrala
60 Second Interview with...
Jeroen Dekker
Senior Solution Architect, Serrala
1. How has the payment landscape changed over the past five years?
A: Banks, card companies, fintechs and bigtechs are all invading each other’s space, fighting for the consumer’s preferred payment experience, with PSD2 and Open Banking allowing new entrants and possibilities. This fight is no longer limited to PoS and e-Commerce, but also bringing convenience and flexibility to “non-shop” areas like bill pay and collections.
2. What are the benefits of “pay later” service?
A: The main benefit for consumers is the ability to solve calendar friction between the timing of expenses and income – whether it’s to “Buy Now” or to deal with your household bills. For billers and collection agencies, it’s a way to keep consumers engaged and positive (and paying) while accommodating their – hopefully temporary – financial challenges.
3. What are the drawbacks?
A: In the BNPL space, we’re seeing them play out right now: inflation has more people struggling to pay their instalments, incurring late fees and hurting the reputations and stock prices of BNPL providers. In general, so also in bill pay and collections, you do need to invest in smooth customer journeys and automated processes to easily enable and track timely payments.
4. Do you see pay later as an addition to services that larger commercial finance companies operate or as a replacement?
A: As an addition. Depending on a country’s regulations, payment can be broken up into time and instalments without becoming a loan. That enables billers and collection agencies, and even merchants willing and able to consider the risk, to offer some payment flexibility themselves. True loans typically don’t exist in the billing and collections space, so that is firmly the domain of consumer finance and B2B financing.
5. What do you see as the future of pay later services?
A: More companies becoming smarter themselves, in terms of data and AI, in determining which flexibility to offer when and to whom. Also, better capabilities to set up automatic execution of the Pay Later payment plan as a set of pre-authorized bank transfers. Finally, adding a carrot to the stick: rewarding timely payments instead of threatening with late fees for missed payments.
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