in3 & Rabobank: First responsible payment in installments a reality!
On Wednesday, June 7, 2023, in3 and Rabobank announced their collaboration on Money20/20. At the end of May, Rabobank and in3 launched their joint payment method, in3 Business. Business purchases can now be paid responsibly in 3 installments. With this, in3 Business as IPS sets the tone as the most responsible alternative to Buy Now Pay Later solutions in the B2B market.
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in3 Business
The payment method in3 Business is an initiative of in3, in partnership with Rabobank. This new Installment Payment Solution (IPS) allows business purchases to be paid in 3 installments, without any additional costs or interest for the buyer. During the purchase process, a comprehensive online check takes place that determines whether the transaction is accepted. The seller is guaranteed of fast payment of the entire order amount. This makes in3 Business as an Installment Payment Solution a responsible alternative to Buy Now Pay Later products in the B2B market. Apart from the fact that in3 Business can be chosen as an integrated e-commerce payment option via payment service providers, this payment method will also be available on invoices via a payment link or QR code.
Hans Langenhuizen, CEO of in3, said: "We have been successfully running our Installment Payment Solution in the consumer market for over 4 years with a responsible concept that is catching on. Paying in installments, without extra costs and with an eye for the customer's financial capacity. The partnership with Rabobank aligns very well with our mission and ambitions. It makes it possible to also serve the business market with a sustainable, responsible model."
Innovating together
The collaboration between Rabobank and in3 is unique in the Netherlands. It is rare for a bank and a FinTech start-up to jointly develop a product. Both parties complement each other as the payment solution combines Rabobank's risk management expertise with in3's innovative technology.
Thomas Horn, Strategy Lead Rabobank: "From Rabobank, we want to remain on the forefront as a partner for entrepreneurs in the Netherlands. With this proposition we take another step in offering innovative and accessible services that benefit entrepreneurs every day. Collaboration, as a cooperative bank, is in our DNA. The partnership with in3 is another great example of this."
Allianz Trade also has a place in this ecosystem. Allianz is not only involved as an insurer, but also makes an important contribution to the credit engine.
Valued by entrepreneurs
The first entrepreneurs, such as business webshop MaxICT, are already using in3 Business. These customers can offer the payment option through payment services providers Pay or Mail to Pay. In the upcoming period, in3 Business will be made further available in the Dutch market.