ING Bank Poland is developing its deferred payment offer. From now, entrepreneurs can also buy products and services using deferred payments for up to 60 days. PragmaGO is the only provider of “Buy now, pay later” (BNPL) solutions for entrepreneurs as part of the imoje payment gateway. The service will be available alongside Twisto and PayPo payments, which can be used by individuals.
This new service was implemented in cooperation with PragmaGO, which allows its customers to make payments for purchases after 60 days. Financing covers the purchase value per enterprise up to PLN 100,000 (approx. EUR 21,000). After using the service for the first time, a business customer receives a renewable limit from PragmaGO, which he can use for subsequent purchases.
Deferred payments have been shaping the modern, extremely dynamic e-commerce market and consumer shopping habits for some time now. Modern customers, including business ones, are looking for such improvements and facilities that will provide them with comfortable and safe online shopping. Undoubtedly, these include flexible payment methods, among which BNPL solutions are becoming more and more popular and trusted. For entrepreneurs, they become a tool that they can use in their daily activities. They help buyers in maintaining financial liquidity and obtaining a higher margin (thanks to the possibility of purchasing goods in larger quantities at a promotional price). For merchants (sellers), it is a way to increase competitiveness – the entrepreneurs more often and more willingly choose offers that allow them to postpone the payment date.
“We observe an increase in the popularity of deferred payments both in Poland and on the global market. According to Worldpay’s “The Global Payments Report”, buy now pay later payments in Europe will increase their share in e-commerce from the current level of approx. 7% to almost 14% in 2024. As the leading online payment gateway in the banking sector, we see the potential in this trend and want to give our customers more options. Therefore, we are expanding our portfolio and, as part of the “I pay later” method, we integrate various BNPL providers, moreover, as the only payment gateway on the Polish market, together with PragmaGO, we also provide this payment method to business customers,” – says Kamil Adamski, Merchant Services Director at ING Bank Poland.
“The entrepreneurs with experience in operating in the digital market are aware that the introduction of such solutions is related to reaching new customers and markets. It is also a significant facilitation for customers, which affects the amount of turnover. The ability to integrate imoje online payments with the most popular payment methods, and now also BNPL for entrepreneurs from PragmaGO, is a solution that allows them to develop sales. In contact with B2B partners, innovations and self-service channels for customers are more and more willingly introduced,” – adds Kamil Adamski.
“Starting cooperation with imoje – one of the most popular payment gateway in Poland – is a confirmation for us that deferred payments are becoming more and more necessary in the B2B segment. Our data also shows this. As the largest provider of this type of service in Poland, we have already completed approx. 240,000 transactions for 15 thousand customers. We also observe a high retention rate – approx. 65% of businesses return to shopping using BNPL from PragmaGO within a month,” – says Danuta Czapeczko, Vice President of PragmaGO.
imoje allows its customers to accept online payments using the most popular methods, such as BLIK, e-transfers and payment cards (debit and credit), Google Pay, and Apple Pay. In addition, they have the option of imoje pay later with Paypo and Twisto, and now entrepreneurs can also use deferred payments from PragmaGO.
PragmaGO is a technology provider responsible for the technical integration of the service and the handling of financing. The BNPL option by PragmaGO will automatically appear to business customers when choosing a payment method for their business purchases. The seller bears no financing risk.
Source: the Bank`s press release dated March 15, 2023