The installment loan (lending / financing) is offered in cooperation with our partner Openbank Pay. Through this checkout option your customer has the option of paying in 6 to 72 monthly installments, while you receive the full purchase amount from Santander shortly after the goods have been dispatched.
Please note that in addition to a payever account (set up free of charge), you also need a contract with Openbank for this payment method. To conclude this, please contact support@payever.de and we will help you with an individual offer.
Terms and conditions
As a retailer, you decide whether you want to offer loans on a "budget-neutral" basis, subsidize the customer (i.e. pay part of the interest for them) or even add a commission for yourself - details can be found in the Openbank offer that you receive from us.
The "budget-neutral" loans for you means an interest rate of 7.49% (the same for all customers). However, you could also offer a 0% financing option by covering the interest costs yourself.
Additionally, you do not have to offer all term options between 6 and 72 months; you could, for example, decide to only offer loans up to 48 months.
Openbank Lending is suitable for amounts from at least €99 up to €60,000 (maximum amount is determined individually with Openbank). When using one of our plugins, these limits are usually set automatically so that the payment method is not displayed if the amount is outside this range.
The loan is only available to private customers resident in Germany. Customers do not have to be German citizens, but their main place of residence must be in Germany (anyone who is only temporarily in Germany or is not registered in Germany with a permanent address cannot be considered).
Customers must also be of legal age, have a valid identification document (ID or passport) and a cell phone that can receive SMS (required for the digital signing of the loan agreement via SMS-TAN). In order to receive approval, there must also be no excessively negative entries with credit agencies (Schufa or similar) and the customer must have sufficient income to repay the loan (e.g. salary, pension, income from self-employment, from rentals, etc.). From € 2500, customers must submit proof of their income (if the basket of goods is below this amount, no further documents are normally required apart from identification documents).
Process
After completing the payment, the customer is forwarded to payever, where they first provide some information about their financial situation (income, housing costs, etc.). If the customer completes and submits this form, an Openbank scoring algorithm makes an initial decision based on the data entered and automated queries to credit agencies.
If the result is negative, the customer is asked to choose a different payment method; if the result is positive, depending on the amount, the customer is either asked to upload proof of income first or is forwarded directly to the Identification & Signature step, where they first choose an identification method. They can choose between Video-Ident and Account-Ident - the former is based on a video call with an agent from our partner webID, the latter consists of taking an ID photo and a portrait photo (which are automatically matched) and then logging into the customer's online banking to obtain confirmation of their identity from their bank. Once the customer has successfully completed one of the two procedures, they receive their loan agreement as a PDF and sign it digitally by entering a TAN, which is sent by text message to the mobile number specified in the loan application.
If no additional proof of income has been requested and the automatic scoring has reached a clear result, the loan is finally approved immediately after the contract has been signed. If proof of income has been uploaded, this is then checked manually by Openbank and only then is the final approval granted (usually within one working day).
Before the final approval, the transaction has the status In Progress in payever, and then changes to Accepted when the final approval is received. Please only send the goods after the status change - if you have already sent goods before the final approval and the credit is not successfully completed by the customer or is not approved by Openbank, you will not be entitled to any payment of the purchase amount by Openbank or payever and you will bear the corresponding losses yourself in case of doubt. If you use one of our plugins, please note that the status messages In Progress and Accepted may have different names depending on the shopsystem - please refer to the relevant plugin instructions in advance and then wait for the according status before completing the order.
The transaction is activated when the goods are shipped, i.e. your customer receives their installment plan and you receive the corresponding amount. You must therefore notify us or Openbank of the shipment. You can do this directly in the payever account (transaction details -> "Goods shipped") or via the store system (varies depending on the store system).
Please note that the capture or dispatch of the goods must always take place within the agreed upon period in your contract with Openbank (in the standard case this is 90 days) - if no capture takes place within this period (neither autocapture nor dispatch notification), the payment expires at Openbank, receives the status Rejected/Failed in payever and can then no longer be used (cannot be paid out).
Payout & Settlement
The funds are paid out to you directly by Openbank, not via payever. You can agree the payout frequency (e.g. daily, weekly, monthly) individually with Openbank. It usually takes 1-2 working days after Openbank initiates the payout for the amounts to be credited to your account. You will also receive a regular report from Openbank (by email or SFTP) about the payouts, which will look something like this:
Cancellations or refunds can also be requested automatically via the payever portal or your store system. If the customer has already paid installments at this time, they will be timely transferred back to their account; if you have already received a payment from Openbank, the amount will usually be debited from your account again by direct debit, unless you have agreed otherwise with Openbank.
You will also receive regular statements from Openbank about any fees incurred for processing the loan, and the corresponding amounts will be debited from your account by direct debit.
Settings & configuration
First open the Connect app.
Select the Payments tab in the menu on the left and click on the Install button on the Openbank Lending tile.
Once you have successfully installed the payment method, click Open. Enter the API key you received from Openbank:
If you have successfully established a connection, you can set a few more settings:
- You can decide whether the customer should be forwarded directly to your store after completing payment or not. If this is activated, your customer will be redirected to your order confirmation page after completing payment. All you have to do is tick the box and click Done. By clicking the box Email Notifications, you can specify whether you want to receive a notification email when a new transaction is submitted.
- If you want to use this connection for Click and Collect orders you just need to check the box accordingly. If you want to offer both regular shipping and Click and Collect, please create 2 connections under the Openbank lending payment method - do not activate the checkbox for one of them, but activate it for the other. Depending on whether the customer has selected shipping or collection, you will then display one or the other option in your checkout.
- By checking the box Should Remind Expiration, you will receive a reminder email a few days before the activation deadline of a transaction expires, reminding you that the deadline is approaching. This option is particularly relevant if you opt for Capture when shipping goods (see next paragraph). If you activate the reminder emails, please also fill in the field below with the expire period (this is stated in your Openbank contract, usually 90 days).
- With the Capture Type setting, you determine at what time or by what means an approved transaction should be activated (and thus paid out to you and collected from the customer). If you select Auto-capture on authorize, all transactions are automatically activated by us on the date that you entered as the delivery date in the application (or by default in the current calendar week if no delivery date was specified). If you select Auto-capture on fulfilment, you must mark the respective transaction as dispatched in the transaction overview after the goods have been issued or delivered in order for it to be activated.
- Under Default Condition, you select which interest rate program should be displayed to your customers. Openbank could have stored several interest rate programs for you, e.g. one with the standard interest rate and a special interest rate program for offer weeks, so there might be a selection option here - however, usually there is only one interest rate program available.
Once you have made all the settings, please do not forget to click Done.
Display Settings
You can configure how the payment method is presented to your customers during the checkout process. This includes customizing the display text and logo, defining the countries in which the payment method is available, and setting minimum and maximum transaction amount limits.
These settings allow you to ensure that the payment method is shown only to the appropriate customers and under the desired conditions.
Click here to learn more about how to adjust and manage these display settings.
Are you a developer working on an API integration? More detailed technical information is available here.