Many people know iDEAL as the convenient payment option at online stores that allows you to pay immediately with your bank account. We have known it for decades and are completely used to it, but abroad they are sometimes jealous of this option. It has now been purchased by a foreign party and in a few years it will be called Wero. But now more and more changes are coming to iDEAL, including the major adjustment that you will soon be able to pay in 3 instalments. You can of course still pay directly, but ‘on payment’ is also an option.
Pay in 3 installments
People are used to paying very directly with iDEAL, but that is now changing. You will soon be able to pay in three installments thanks to an Eindhoven company called in3 (what’s in a name?). It is integrated by iDEAL, so it is not just a third party option, it is official, but it is the first time that Buy Now Pay Later becomes a thing for iDEAL. The big difference with other services that use this model, such as Klarna, is that there is no benefit from customers who do not pay on time. This is because there is simply a fixed amount added to the transaction if you want to pay this way. As a consumer, you do not pay that fixed amount: you also do not pay interest.
Who will pay for that? The online store. That sounds contradictory, because an online store naturally wants to earn as much money as possible per transaction. However, such a transaction is more likely to take place when someone knows that he or she does not have to cough up the entire amount at once. An online store therefore has a higher conversion and will therefore have less trouble paying that fee, says in3. It believes that online stores have an average 72 percent higher order value on their orders when they use in3.
iDEAL in3
After a successful test, iDEAL has now integrated the in3 technology. This is how it works: you buy something from an online store, you choose to pay in three installments via iDEAL and you pay one third of the purchase amount immediately. The next part will then be requested from you 30 days later, with the final third after 60 days to complete the payment. iDEAL: “People are increasingly opting for convenience and find flexibility in the payment moment increasingly important. With iDEAL in3 we offer users a responsible and user-friendly way of paying in installments. The first part of the purchase price is paid immediately, the rest will follow later.”
It is not that the BKR is consulted if you want to pay this way, but another credit rating agency that gives you a certain credit score based on what it knows about you. You must also be eighteen years or older and not have been declared bankrupt or in the process of debt restructuring. It all sounds very official, but many of these things are probably already OK with you: that credit rating doesn’t take days either. It remains a fast way to pay, although you must ensure that you enter the correct information and also pay with your own account (and always the same account).
You can of course still use iDEAL directly and we recommend this to ensure that you do not buy more than you can afford (there is therefore a lot of criticism of this new option, because it would encourage debt ), but if that washing machine breaks down at a time when there is more month than money, then it is an option to help you out. And now in a more official way via the trusted iDEAL.
