What is Billie - Payment Method Definition | Akurateco
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What is Billie

Billie is a payment service provider that enables merchants to offer the option of paying for the purchases in installments. The company is based in Germany and primarily targets EU customers. Billie was founded in 2019 by Matthias Knecht, current company’s CFO, and Julian Teicke, who takes the position of CEO now. Prior to founding Billie, Julian Teicke co-founded and served as the CEO of Wefox Group, an insurance technology company, while Matthias Knecht worked in the sphere of finance and investment banking.

Since its launch, Billie has raised several rounds of funding and has grown its customer base significantly. As of 2021, the company operates in several countries across the European Union, Austria, the Netherlands, and Switzerland, and is primarily focused on serving small and medium-sized businesses in these markets. It has partnerships with various merchants in a range of industries, from fashion to furniture to electronics. Overall, Billie provides a convenient and flexible payment solution for customers, while also helping merchants increase their sales and improve their cash flow.

The features of the system

Using Billie, customers can choose to split their payment into three, six or twelve monthly installments. Customers can select the plan that works best for them, and they’ll know exactly how much they’ll pay each month. The service is provided with low interest rates, and even zero rate in some cases. Merchants using the platform can offer this payment option on their website or in their physical store. At this, they receive the full payment upfront while Billie takes on the risk of customers defaulting on their payments. Merchants don’t need to worry about any financial losses due to non-payment.

Billie provides merchants with access to detailed reporting and analytics, allowing them to track their installment payment revenue and gain insights into their customers’ payment behavior.

How to use the service

Clients should complete a quick online application that assesses their creditworthiness. After approval, they can complete their purchase and then make their installment payments over time. This is great for shoppers who want to spread out the cost of a larger purchase. This is also a profitable instrument for merchants since it helps to expand the userbase and increase their sales.

Merchants can integrate Billie into their website or point-of-sale system, making it easy for customers to select the installment payment option at checkout.

How to connect the service

To connect to Billie, merchants need to follow these steps:

  1. Sign up for a Billie account on the official website of the company. One needs to provide some basic information about the address and the company during the sign-up process. Also, contact information is needed.
  2. Then merchants will need to integrate Billie into their website by adding the payment widget to their checkout page. The service provides detailed integration instructions and technical documentation to help merchants with this process.
  3. Merchants should verify their account to complete the sign-up process to ensure that their business is legitimate.
  4. Once their account is set up and verified, merchants can start accepting payments via this system. Customers can choose the Billie payment option at checkout, while the merchant will receive payment for the transaction upfront.

Overall, the process of connecting to Billie is relatively straightforward, and the company provides plenty of support and documentation to help merchants get started.

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