Amazon Teams With Barclaycard Germany On Installment Financing
The German credit card operator, a branch of Barclays Bank Ireland PL, said Wednesday a new partnership with Amazon.de to provide financing for purchases above 100 euros (or roughly $117.57) made through the online retailer’s platform.
Customers approved for a Barclaycard credit line can set up installment payments on future Amazon purchases, with the ability to skip further ‘Know Your Customer’ ID checks, the companies noted in a press release.
Amazon customers in Germany will now be able choose from a number of Barclaycard installment options during the checkout process.
Financing options are available for repayment periods ranging from three months to four years, with the number of installment plans expanding with the “value of their shopping cart,” the companies said.
In addition, Amazon customers don’t need to be armed with a Barclaycard line of credit in order to initiate a purchase using the instalment system.
Rather, shoppers can select an individual purchase financing plan during the checkout process, fill out an online credit application through Barclaycard Germany, and then “receive an immediate response.”
If approved, the customer can complete the purchase process.
Returns are also covered, with Barclaycard Germany noting it will automatically adjust the installment finance plan after a customer ships an item back.
Overall, the credit offering by Barclaycard Germany is part of a growing trend by Mastercard and others in which financing has moved to the point of sale.
“Every day we strive to improve the offers and options available as part of the shopping experience,” Vassil Gedov, country manager, payment products for Amazon Deutschland said in a press release. “The new purchase financing service offered in collaboration with Barclaycard is the next big step towards this goal.”
The interest rate cited by Barclaycard Germany for what it calls a “rolling line of credit” on purchases made on Amazon.de “is a competitive APR of 7.69%,” the companies said.
“We could not have wished for a better partner than Amazon for the start of our purchase finance offering,” said Tobias Griess, CEO of Barclaycard Germany, in a statement. “Through this new and customized service, we provide Amazon customers with a fully-digital and user-friendly payment-by-installments option. With this new collaboration, Barclaycard Germany complements its credit card and consumer credit businesses with market financing in Germany.”