Context
In response to merchants' and partners' demand for enhanced buyer flexibility, Billie embarked on exploring instalment offerings. A partnership opportunity with Amazon Business further fueled our ambition to expand payment options, especially in industries like technology and agriculture. The goal: solidify Billie's position as the leading B2B payment method.
Merchants seek solutions to offer greater flexibility to buyers. The Amazon Business partnership presents an opportunity for Billie to expand its offerings and reinforce its ambition as the top B2B payment method.
Discovery
Given time constraints, we opted for expert insights from former PayPal, Klarna, and N26 employees. Insights revealed two main hurdles: the cost of offering instalment products and challenges in the buyer's repayment journey. Industry-specific expectations on repayment terms further shaped our approach. However, our banking license limited flexibility, necessitating merchant and partner involvement in offering instalment options.
Product goals
This project centred around Billie's desire to win the Amazon Business partnership and secure this new distribution channel.
Through the acquisition of a new business channel, and creation of a new product - Billie hoped to increase their total payment volume (TPV).
Naturally with any product and/or partnership that you launch, Billie wanted this to be a success and see a healthy product adoption.
Solution
We streamlined the payment term selection process to ensure buyers easily comprehend repayment terms and associated fees upfront, avoiding surprise charges.
Solution
Buyers were directed to set up direct debit mandates, identified as the simplest repayment method and the most reliable for repayment. Sole traders, our target demographic, were found to readily have such mandates.
Solution
We introduced new communication flows to enhance the post-purchase experience. This included providing detailed payment plan information, notifications for pending direct debits, and confirmation emails upon completion of instalment payments.
Next steps
This strategic initiative not only addresses merchant and buyer needs for flexibility but also positions Billie as an innovative leader in the B2B payment space, setting the stage for continued growth and partnership opportunities.