ePayLater is a one of its kind payment solution that aims to separate the experience of shopping from the hassles of the payment process. It offers a “Buy now, Pay later” product for frequent online purchasers with a credit term. It allows customers to make multiple purchases and pay for all of them in one go at a later date.

Here are 5 ways in which ePayLater is changing the face of credit industry in India.

1. Data Science

ePayLater uses sophisticated algorithms to verify and assess the creditworthiness of an applicant. Given the limited financial footprint of an average Indian consumer, the product uses information from alternate sources to predict a user’s repayment behavior. These data algorithms have proven their efficacy by catering to a wide set of audience. For example, ePayLater works with merchant partners like IRCTC that see traffic from metro and non-metros, customers with or without a credit history of all age groups. Despite that, ePayLater has been able to extend credit facility and seamless booking experience to customers across all segments thereby truly demonstrating the power of data science towards solving real-life challenges.

2. Convenience

Over 70% of ePayLater’s customers are millennials who value time a lot. A no frill and superfast payment option is one of the major reasons why people are choosing ePayLater over other payment options. ePayLater offers the fastest possible checkout experience in the country. As you are not required to enter your card number or log in to your bank account or for that matter even refill your wallet, you can conclude your transaction with just a tap. A 14-day interest-free period is provided to settle your dues!  Moreover, online shoppers get exciting discount vouchers on timely repayment. One-time registration hardly takes 2 minutes and a completely digital application process allows instant sanctioning of credit limits.

3. COD alternative

One of the major reasons why COD has been a preferred choice of payment is the trust factor. It is a well-known fact that the Indian customer prefers to touch and feel the product before making payment. Although the return policies do allow customers to return the purchase and get a refund, this usually takes anywhere between 5 to 20 days depending on the return policies of the merchant. With ePayLater, the turnaround time for the refund to be processed is an almost zero. A customer just needs to initiate a return request and as soon as the return happens, the transaction is reversed and the spending limit is restored immediately. ePayLater not only provides the benefits of COD such as a seamless checkout experience and a pay after delivery option but also goes beyond by doing away with the hassles associated with handling cash.

4. Access to a Working Capital

India has over 50 million SMEs and less than 10% have access to credit. Banks are wary of extending credit to a large section of SMEs on account of defaults by large corporates and because of the lack of credit history for most SMEs. ePayLater uses cutting-edge technology to assess the creditworthiness using alternate sources. For business customers using ePayLater, the repayment term can go as high as 30-45 days. The service involves no hidden cost and the credit line extended is completely collateral free. Working capital assistance and favorable credit terms make the product even more enticing for the customers, a fact well supported by a healthy repeat usage of over 60%.

5. Security and Success Rate

The added comfort also lies in the fact that the payment method is completely secure. Since the customer is not required to login to his bank account or provide banking details, the service does not leave any scope for phishing or hacking of bank account details. By eliminating the dependencies on any third party payment service providers such as payment gateways, banks etc. at the point of transaction, ePayLater provides an unmatched transaction success rate and security.

Since its inception in 2015, the product has grown multifold, and with a myriad of upgrades in the pipeline, the product is expected to reinvent the way credit business operates in the country.

Experience easy and convenient credit facility for yourself. Sign Up on ePayLater today!

Categories: Fintech


APRILIA · November 1, 2018 at 2:16 pm

how can i join?

    ePayLater · December 10, 2018 at 2:41 pm

    Hi Aprilia

    To signup to ePayLater follow these simple steps:

    1. Visit https://www.epaylater.in/ and click on “Sign me up“
    2. Enter your Mobile number and Email Id
    3. Enter OTP to verify your Email Id and Phone Number
    4. Enter your government ID number
    And you’re done! For a detailed step-by-step process to signup, please visit this link: https://www.epaylater.in/blog/how-to-sign-up-for-epaylater/

    Team ePayLater

Sajal · October 2, 2019 at 3:11 pm

How different are you from Klarna?

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