A “Matchless” Payment Concept Dusting Off the Hassles of E-commerce Payments Shopping Experience

ePayLater, A One-Click Checkout Payment Service
ePayLater
ePayLater

ePayLater

"During office hours, you wished to scroll down e-commerce websites to have a glance and suddenly, your eyes got struck over your favourite apparel that is limited in stock, you checked out the size and reviews, and voila! It's the perfect match for you.

Your heart makes you press the checkout button, your eyes shine while imagining yourself in that apparel and making the heads turn. Then you hear your mind knock knock over your dreamland, which makes you realize that you are the responsible citizen to encourage a cashless economy in India, so you don't have cash, which makes to realize more worst thing which is about to happen.

You don't have the debit/credit card to make an online payment and besides, what could have been worse if that's happening in the middle of the month and you fall short of money?

These types of hurdles have become a 'nightmare' for online shopaholics. And with our solitary platform, ePayLater, we are just making a foot-over bridge for a hassle-free shopping journey for the shoppers."

Aurko Bhattacharya is the Co-founder of ePayLater who gave shape to the company in March 2016 with his partners Uday Somayajula and Akshat Saxena. They share the alluring journey of ePayLater with The StartUp City Magazine. Crafted below is the abstract of the interview.

What's the story behind incorporating ePayLater: an 'off the beat' payment method?

"It's a matter of personal experience for us! Uday, Akshat, and I delved deep into the challenges encountered at the checkout stage of e-commerce portals.

Our collective experiences of encountering challenges during online purchases, coupled with an understanding of the issues related to credit availability and access in our country, prompted us to explore the possibilities.

Through friendly debates and brainstorming sessions, we realized the potential of alternate-data-led credit solutions in bridging the divide between market offerings and customer expectations.

We soon realized that if we look at the same as a platform rather than a product and evolve accordingly, it can help us solve related and equally pertinent use cases.

To do our part for the cashless economy, we explored ideas to cut the clutter of peeking COD transactions among customers and did a lot of brainstorming to fix the problem of payments. And our trio came out with ePayLater for a hassle-free online shopping-to-payment experience for customers."

So, ePayLater can be termed as a sui generis payment mode for online shopping. What sets this pioneering concept apart from others?

Sure it is. We have grown a year older with positive vibes in our revenue, reach, and growth. ePayLater offers a unique "Buy Now Pay Later" service to customers making purchases both from offline Point of Sale (POS) merchants and online portals.

Using our state-of-the-art big data algorithms, we carry out on-the-fly fraud and credit assessments to make this possible. The customer gets 14 days to make the payment to ePayLater. During which time he can make multiple such transactions and make a single payment against them.

The merchant is settled on booking/product delivery.  The uniqueness lies in our concept. ePayLater is primarily an innovative digital method of using credit for making payments.

Our mission is to provide the rapidly growing millennial population in India with easier and more convenient access to credit solutions that align with their evolving preferences. In essence, ePayLater offers a seamless shopping experience to customers while delivering increased volumes and margins to merchants.

Our goal is to democratize access to credit, making it readily available and user-friendly for the broader population, particularly in alignment with the aspirations of the burgeoning middle class. To achieve this, we leverage advanced algorithms to analyze a wealth of alternate data, often overlooked by traditional Financial Institutions, to realize this vision.

Throw some colours on ePayLater's financial health, plans, and profit. What's going on take on the investment part of ePayLater?

"Last year, the company secured $2 million in its inaugural round of funding, and it currently maintains a strong and stable financial position. With a positive contribution model in place (where each transaction contributes to the bottom line), we anticipate no financial strain in the foreseeable future.

ePayLater is growing at a whopping pace of 30% MoM and is expected to better this in the coming months with the addition of more merchants that are currently in the pipeline.

And that stands amusing for a year-old company! We were looking at a high ticket size (upwards of $ 1 million) so that we could have a runway to work on a platform roadmap.

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Our investors share a common vision with us, underpinned by their extensive experience in the financial sector and a commitment to establishing enduring differentiators. As part of our growth strategy, we are planning to raise another round of funding in the near future."

Talking about the company's tuning with its customers? How does the company build a successful customer base?

For us, the number of satisfied and happy customers is the biggest metric of our success. Customer delight is central to our organizational strategy.

We believe in providing our customers with the best in class service, be it through our payment checkout experience, which remains the smoothest possible checkout experience possible, or through the pre/post sales support.

A highly satisfied customer base has not only helped us grow by way of more repeat transactions but also by bringing in new customers.

what about the in-house force?

The company encourages teamwork to exchange ideas and suggestions. ePayLater team is embedded with a highly motivated team of individuals geared to give their best to achieve the goals of the company. ePayLater provides a friendly and open atmosphere for its team members where they can give wings to their ideas.

The market is flooded with competitors. What is ePayLater's strength, both corporately and culturally compared to these competitors?

We consider our main competition to be cash! We want to be as universally available and as fungible as Cash. This is an emerging payment method and the industry is currently evolving with multiple players waking up to the gap and opportunity present in this space.

At our core strength lies the culture of encouraging innovation and trying out new things. We remain customer-focused at all times.

The business voyage of ePayLater has been tremendous. The company has been recognized as one of the most promising 35 new startups by a leading magazine and one of the top 100 startups by other leading magazines. 

Furthermore, the trio strives to expand its offering to both online and offline merchants, whereby the customer can use ePayLater at all merchant touch points on a day-to-day basis. 

The Trio: The Brains Behind ePayLater

Aurko Bhattacharya

(Co-founder)

An IIT Roorkee Alumni, Aurko is a seasoned entrepreneur who possesses 12 plus years of Banking experience. Before forming the trio, he had spent about 5.5 years at ICICI Bank and then another 5.5 years at Barclays. He also holds an MBA degree from IIM Calcutta

Akshat Saxena

Akshat brings with him a decade of valuable experience in delivering technology solutions for information-based financing and payment systems. His previous roles include positions at SAP and TransUnion. Akshat holds a BTech degree from DA-IICT and an MBA from MDI Gurgaon.

He has been a consistent performer with a proven track record of Sales/Business Development, Relationship Management, Channel Management, and Consulting. Akshat is an ace in the area of Business Consulting, Product Launch, Team Management, and much more.

Uday Somayajula

(Co-founder)

Uday also has about 10 plus years of experience in multiple areas of Banking, capital markets, and risk consulting, specializing in the BFSI domain.

He had worked previously in ICICI Bank and then in Accenture, where he advised clients on credit risk frameworks. Uday is a BTech from JNTU Hyderabad and an MBA from MDI Gurgaon.

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