Yandex.Checkout, a Russian payment service has introduced a new feature allowing online stores and services to provide their customers with the option of paying for purchases in instalments.
The instalment plan will be available to the users immediately once they fill out a simple form at the Yandex.Checkout’s website.
Yulia Gorelova, head of payment business at Yandex.Money, stated: “It is often hard to decide on spending a considerable part of the budget on something expensive. Maybe the customer wants to make an impulse purchase, for example, during a sales period but is simply unable to spend the required amount of money.
“That is where the instalment plan service comes in handy: the desired product or service can be bought immediately after the user submits the form, and the first instalment will be debited in 30 days. It is a very convenient system, so there is a high chance the customer will return to the store to make a new purchase.”
Once the store activates the feature, a small information block advising the customer on terms and conditions of instalment plans will appear next to each item. This enables the user will to choose the payment period suited to them and see the amount that will be debited every month.
The purchase will be confirmed when the customer enters 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. The customer simply needs to add money to the wallet for the monthly instalments.
Funds to the make the monthly payments can be transferred from bank cards, online banking, another e-wallet or added in cash via ATM. A Yandex.Money wallet will be set up for the customer when they have signed up for the instalment plan. Within the e-wallet, the customer can view previous payments, as well as check the amount left to be paid.
Yandex.Checkout supports around 76 thousand stores and services worldwide boasting up to 600 transactions every second. The new service can be easily integrated: any store connected to Yandex.Checkout can add the feature to its website instantly.