Amazon Lets Customers Pay in 24 Instalments
Amazon.fr adds yet another payment facility to their platform: the new option called PayMens was developed in partnership with Cofidis Retail. It relies on a cash reserve and allows customers to pay for some articles in up to 24 instalments.
Amazon already allowed customers to split their payment into four instalments when payment by card. Once again, they rely on Cofidis to introduce another solution for purchases from Amazon or third-party sellers on their platform, the amount of which ranges from €100 to €3,000. Gift vouchers, digital items, pre-orders and out of stock products are not eligible.
PayMens has already been added to the list of payment options. When selecting this feature, the customer has to fill out a subscription form Cofidis Retail –which will also be valid for future transactions as it is a revolving credit. Then, he downloads a piece of identification (passport or ID card) and a RIB (bank identification document). An instant decisioning process applies if the cart amount is under €1,000.
Just like the other payment options displayed on Amazon.fr, PayMens is meant to be convenient and flexible, enabling customers to afford unplanned or higher amount expenses.
Comments – Consumers not scared to split their payments
By way of dealing with high amount payments more easily (home appliances for instance), French customers do not hesitate to subscribe multi-year credit offers. According to the recent Sofinscope survey (“Les Français et leur pouvoir d’achat” –literally: French people and their purchasing power), they would require another €445 each month to live a comfortable life. This considered, 30% of the customers do take credit lines to be able to carry out their projects more flexibly.
Amazon took a long time before they eventually included payment facilitates in their list of payment options. Their first offer launched in partnership with Cofidis was implemented last year. They now consolidate this partnership through the addition of revolving credit.
Also, other e-commerce giants teamed up with Cofidis Retail to feature credit offers: Rakuten (Priceminister), Rue du Commerce and even PayPal (with “4 X PayPal”). These partnerships help them capture and retain new customers, as the payment step is made easier through splitting it into several instalments.