3X Cofidis Pay offers e-commerce customers in Belgium, France and Spain the option of paying for online purchases in instalments.
Limonetik, an aggregator of payment services offering more than 250 international payment methods to PSP customers, buyers, marketplaces, major e-retailers, is now managing a new payment method, called 3X Cofidis Pay.
Cofidis Belgium, a leading financial services organisation specialising in mail-order sales for over 35 years, launched this innovation for online payment in mid-June to support the economic recovery by making purchasing easier and more secure.
“To benefit consumers and e-retailers alike, Cofidis Belgium has launched 3X Cofidis Pay in its effort to continue the digitisation of its services and support the growth of e-commerce,” explains Pierre Bertrand, Cofidis Belgium’s Director of Marketing and Business Development.
Faster and safer with 3X Cofidis Pay
For shopping cart amounts of €100 to €1500, customers can use 3X Cofidis Pay to split the bill into three simple and safe payments.
3X Cofidis Pay allows customers to pay a bill in separate instalments. This flexibility lessens the burden of heavy expenses such as household appliances. This triple-payment scheme is offered at a lower interest rate than with a conventional consumer credit. Any additional charges could even be waved should the vendor decide to cover the credit fees (e.g., as part of a promotional offer).
3X Cofidis Pay is already available in Belgium on e-commerce sites such as Mobistoxx or Edisac and is automatically displayed alongside other payment methods such as Bancontact, Mastercard, Visa, and PayPal.
3X Cofidis Pay truly benefits partner brands by relieving them of any financial risk. Cofidis Belgium actually bears the risk of debt collection by immediately paying the merchant the total sum owed. What’s more, Limonetik has simplified the technical integration of 3X Cofidis Pay.
A tried and true payment method
3X Cofidis Pay is offered by major e-commerce sites and has already proven successful in France and Spain. As a complement to cash or credit payment schemes, split payment is very popular in France. According to a number of studies conducted in 2019 this is one of the most popular payment methods among e-buyers.
This method is said to increase the conversion rate for e-commerce sites, build customer loyalty and encourage further purchases. For instance, in one study, Cofidis shows that split-pay instalment plans have had a decisive impact on triggering purchases. In fact, without the possibility of paying in several instalments, 64% of users questioned might have postponed or abandoned their purchase. In terms of loyalty, 84% of users say they are more inclined to return to websites that offer this type of payment plan.
“Cofidis is one of our most loyal customers and we proudly support their growth and development in Europe,” says Hassan Issa, COO of Limonetik. “Accelerating digital transformation, simplifying operations and bringing value to both payment methods and merchants for the benefit of the consumer, have been in our company’s DNA since its creation. 3X Cofidis Pay is a perfect digital payment method for any brand that wants to improve its cash flow, facilitate its accounting operations while offering a complete and secure consumer experience”.
Written by Hassan Issa, COO of Limonetik