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German online platform Kaufland is collaborating with Consors Finanz, a provider of consumer loans and part of BNP Paribas Group. Online shoppers can now use a loan financing option to purchase products on the platform.
Kaufland, which is part of the Schwarz Group, is a hypermarket chain from Germany, with an online marketplace that will launch in Poland and Austria by the end of this summer. According to the company, over 11,000 retailers sell through Kaufland’s platform. Together, they offer more than 45 million products.
New payment method
In April, the company announced that it would increase its seller fees. Now, the company is announcing another change to the platform. It is adding a new ‘buy now, pay later’ payment method for its customers, by adding Consors Finanz’ loan financing solution.
Payments to retailers are processed through an escrow account
Customers can apply for an installment loan when ordering online, and will receive an answer in a few minutes. Payments to retailers are processed through an escrow account. For Consors Finanz, this is the first partnership with a marketplace.
‘Advantageous conditions’
“We are delighted that this cooperation will expand the range of payment methods for our marketplace customers to include an attractive financing option. With Consors Finanz as a strong partner, we can offer extremely advantageous conditions in the area of consumer loans,” said Gerald Schönbucher, Board Member of Kaufland e-commerce.
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