Yandex.Checkout to provide online stores with installment payments

Yandex.Checkout introduces Pay in Parts, a new feature allowing online stores and services to provide their customers with an option of paying for purchases in installments. The installment plan will be available to the users immediately once they fill out a simple form at the Yandex.Checkout’s website. According to a 2017 NAFI Research Center report, 27% of the respondents prefer to get loans or installment plans online.

Yandex.Checkout supports about 76 thousand stores and services worldwide. The new service is easily integrated: any store connected to Yandex.Checkout can add the Pay in Parts button to its website.

According to data provided by GfK RUS and Yandex.Market in 2016, 64% of customers tend to make spontaneous purchases. ”It is often hard to decide on buying something expensive and spending a considerable part of the budget on it. Pay in Parts is useful when a person does want to make an unplanned, spontaneous purchase, for example, during a sales period, but is unable to spend the required amount of money. The desired product or service can be purchased immediately after the customer submits the form. The first installment will be debited in 30 days. It is a very convenient system, so there is a high chance the user will return to the store to make a new purchase“, says Yulia Gorelova, Head of Payment Business at Yandex.Money.

Once the store activates the feature, a small information block advising the customer on terms and conditions of installment plans will appear next to each item, so the customer will be able to choose the payment period and see the amount of each monthly installment.

The customer confirms the purchase by entering a security code from a text message. After that, the payments will be debited automatically from the Yandex.Money Wallet on a fixed day every month. No need to constantly think about paying off the loan — just adding money to Wallet on time is enough. Funds can be transferred from another e-wallet, from bank cards, via online banking, or added in cash via ATM. If the user does not have the Yandex.Money Wallet, one will be opened for them when they sign up for the installment plan. The user can access the information about previous payments in the dashboard, as well as check the amount left to be paid or even make an advance payment. According to data provided by Mediascope in 2017, 66.3% of Russians use e-wallets, with 40% of those provided by Yandex.Money.

This new service is suitable for a wide range of online merchants, from furniture stores and childcare and maternity products retailers to flight ticket sellers and travel agencies. The project is developed by Yandex.Checkout in cooperation with PayLate.