The multi-entity platform specialized in financing for consumers Fiizy has announced the availability of its services for a new industry. We talk about the industry gourmet food and premium drinks in Spain.
Hereinafter, any establishment specializing in food and beverages will be able to offer greater flexible payment capabilities to its customers. Also enable customers to pay for their desired purchases and larger amounts in convenient installments.
Fiizy, unlike other BNPL platforms -Buy Now Pay Later, or “buy now and pay later”- existing in the market, connects with different credit institutions to be able to offer the best option to the buyer. The online financing of hams, premium baskets, boxes of wine or sparkling wines allows the customer to buy a whim or a gift and pay in installments between 3 and 6 months.
What do you think about Fiizy?
“It may seem surprising that a food or beverage establishment offers deferred payment options. But it is becoming more common in other parts of the world”, affirms Jaime Marín, director of business development at Fiizy. “We observe how the average tickets financed are up to 40% or 50% higher than the average amount”.
“We are also thinking about the purchase of the month, which could be easily paid throughout the following month; a large purchase for a family celebration or even a gift in the form of premium food or drink that we would not otherwise think of buying”, continues Marin.
In Australia, for example, some gourmet establishments allow BNPL payment for purchases over 120 euros. and in the UK one in twelve Consumers use this payment method for their regular purchases. Also, It is a marketing tool for online commerce, because it allows you to “package” products and finance them, something that, otherwise, would be more difficult to sell. For example, a gift with a quality ham holder and knife or a basket of high-quality Iberian products.
Thanks to the incorporation of different financing options through multiple entities, conversion and loyalty rates for merchants are also higher. As an additional differentiating element compared to most current applications, Fiizy does not retain customer data. It works as a mere intermediary between the store and the credit institution.
Deferred payments at the point of sale still have few followers in Spain precisely because of the narrowness of the existing offer up to now. In countries like Sweden, for example, one in four purchases is already made through BNPL systems. According to WorldPay, BNPL payments will double their presence in Europe to reach 13.6% of the total in 2024.
Fiizy’s solution is an open payment ecosystem that combines natively built services with connections to third-party applications. Designed to be device or vendor neutral, Fiizy’s involvement enables both physical and online merchants, and even freelancers, to easily access the most innovative payment services. Also finance purchases with the aim of creating and improving the payment experience through open APIs. In addition, it is fully integrated with the rest of the sales flows.
What is the BNPL
Like so many other acronyms that suddenly appear, for a few months the strategies in the financial market and electronic commerce revolve around the BNPL. It is a payment method similar to credit cards but applied to online purchases and with many additional advantages.
The “Buy Now Pay Later” or “buy now and pay later” in Spanish has become a global trend in payment systems in e-commerce stores. Not in vain, according to Worldpay, deferred payments could reach 4.2% of total e-commerce transactions in 2024. Double that in 2020. More specifically, in Europe, deferred payments could account for 13.6% of total online sales in 2024. In our country, according to Butter, the BNPL market now represents a market of 1,220 million euros, which places it at number 13 in the world.
Fizy was founded in 2015 and is based in Estonia. The company is established in Spain, Mexico and Poland and is working on expanding to the Brazilian market for this year.