Paymorrow is a start-up operating in – and revolutionising – the open-invoicing space.
Details about Paymorrow
What is Germans’ favourite way of paying for goods bought online? It’s an important question for anyone looking to launch an e-commerce operation in Europe’s largest market. While around one third of German consumers prefer to use online payment services such as PayPal wherever possible, open invoicing (an option unavailable in most countries) is the second-most popular option. This leaves online shops with the choice of managing invoicing themselves or passing on their claims to third parties. That’s where Hamburg FinTech Paymorrow steps in.
While online payment services promise quick and easy payments, they can swiftly become complicated when orders are returned (especially if only certain products out of a combined order are returned). Open invoicing offers the distinct advantage of allowing shoppers to only pay for what they have actually received and intend to keep – and this makes the option of open invoicing an important advantage in retail sectors such as fashion. Paymorrow offers a delayed direct debit as a follow-up to the invoice: customers don’t even have to log in to their online accounts to authorise it and retailers get a 100% payment guarantee; the option is not unpopular with consumers and Paymorrow takes on the whole debt management process. This allows online shops which have thus far been wary of open invoicing to offer it, potentially increasing their sales by up to 17%. That is one of the many reasons why more than 2,000 internet retailers are already using the Paymorrow solution.