E-Commerce Germany Award: Behind the scenes of Rivertys Best Payment Solution
Riverty has won the popular E-Commerce Germany Award 2024 in the "Best Payment Solution" category for its "Buy Now, Pay Later" (BNPL) offering. Alexander Scheibel, Director Product Management talked about this recognition, what Riverty sets apart and what we can expect in the future from their Buy Now Pay Later solution.
Congratulations on winning the E-Commerce German Award! Could you provide an overview of Riverty’s Buy Now Pay Later solution and its offerings for our readers?
Alexander Scheibel: Thank you so much! Winning the award was truly an honor for us. This recognition highlights our relentless efforts to provide our customers and their clients with the most convenient and user-friendly payment solutions. We offer a range of 'Buy Now, Pay Later' (BNPL) options tailored for both consumers and businesses across nine European countries, serving multiple verticals such as E-Commerce or Mobility. Our payment options include 14-day invoices, fixed installments, secure direct debit, and monthly invoices, enabling consumers to conveniently manage their payment terms and fostering connections between merchants and consumers. Our mission is to make payments as seamless and stress-free as possible, enabling everyone to shop with confidence and control.
How does Riverty distinguish itself from its competitors in the market?
Alexander Scheibel: At Riverty, we are proud of being more than just a payment provider. We are a partner throughout the entire customer journey. Unlike other payment providers, we handle the entire BNPL process, from the invoicing stage to debt collection. With Riverty, we take a bold and, in my view, necessary stance to be the brand that completes the entire customer journey in-house. This empowers us to respond and consider every individual review alongside the entire journey. For other BNPL providers, end customer handling in the collection process often remains a black box, we do not hide behind a collection outsourcing company. Our aim is to provide consumers with an easy and positive experience in the payment process. For those who have lost track of their purchases or missed payments, slipping into financial distress, we offer fair and intelligent solutions. Our services make it easy for consumers to regain control of their spending and resolve their missed payments. The idea is to get them back on track and, consequently, back to our merchants.
Could you share some insights into Riverty's product innovations and recent partnerships?
Alexander Scheibel: One of our notable innovations includes partnering with terStal, a renowned Dutch fashion company, to launch an in-store BNPL payment method in over 200 stores in the Netherlands. This solution enhances the in-store shopping experience by allowing customers to buy clothes and pay later – leveraging their loyalty system. Additionally, we have collaborated with the EasyPark Group, a global mobility and technology company, to offer our monthly invoice in combination with direct debit payments. This collaboration adds convenience for users, as they no longer receive invoices for every single parking transaction they perform with EasyPark.
What can merchants expect when working with you?
Alexander Scheibel: We want to continue providing a payment experience that is not only convenient but also personal and empowering. This entails giving consumers the flexibility they need to manage their finances while assisting merchants in fostering stronger relationships with their customers.
We prioritize merchant success and control over the consumer relationship by keeping the retailer's brand in focus beyond the checkout. Riverty offers configurable brand exposure to support merchants' customer engagement, ensuring that merchants maintain control over their relationships with consumers. Additionally, our fair pricing policy ensures that merchants save up to 25% on payment processing costs compared to incumbent providers.
How does Riverty envision the future of payment solutions, especially in the context of customer experience and merchant success?
Alexander Scheibel:
Our goal is to continue providing a positive payment experience for end customers while empowering merchants to succeed in the competitive market. We aim to offer flexible payment options that reduce stress for consumers and enhance their shopping experience.
Through our market-leading app, which boasts over 2 million downloads and an impressive 4.7 rating, we guide consumers through the payment process, preventing overspending and facilitating informed purchase decisions. The app is designed to give consumers the flexibility they need, featuring easy pause functionality, displaying outstanding payments, and enabling return notifications. This empowers customers to regain control of their spending and address missed payments seamlessly.
We empower merchants to deliver a payment experience that keeps them connected to their customers, without cross-selling consumer data or promoting competitors. Cross-selling and marketing decisions are entirely up to them. By prioritizing merchant control and brand exposure, we enable businesses to strengthen customer relationships and drive growth. We envision a future where payments are seamless, transparent, and tailored to individual needs.
We are excited to continue innovating in the payment industry and delivering value to our merchants and consumers alike. We extend our gratitude to our partners and customers for being a part of our remarkable journey. Together, we will continue to redefine the possibilities of digital commerce and revolutionize the payment industry.
Thank you for sharing these insights with us, Alexander. Once again, congratulations on winning the E-Commerce Germany Award!
