Internet transaction guarantees firm Fia-Net and French consumer credit provider Sofinco have launched ReceiveAndPay, an innovative online payment method whereby consumers pay for purchases once the item has been received.
With ReceiveAndPay, payment will be triggered once the order has been received and the consumer has checked that it matches the product description.
The launch of the innovative payment system follows research carried out by Fia-Net among 265,000 customers of the 900 sites carrying the company’s logo, which indicated that one in every seven purchases gave rise to a delivery problem.
Other benefits of ReceiveAndPay include an option to pay either in full with a bank card, in three installments, spread over five, six or 20 months, or in monthly installments.
Merchant sites can also benefit from the new online payment method, its creators claim. ReceiveAndPay is the first guaranteed payment method which offers full security for internet shopping using bank cards, due to Fia-Net’s order analysis and insurance system. The merchant is paid immediately by Sofinco at the time of transaction, and the payment method offers additional sales potential since the new service meets the latest objections raised by consumers regarding online shopping.
ReceiveAndPay is already accessible on several French websites, and these sites will be joined by another 20 in the near future. The service will be offered to merchant sites at the beginning of 2007, and in particular to the 900 sites bearing the Fia-Net logo.