Openbank & Santander present: Zinia

Zinia is the consumer solution created by the renowned Spanish banks Santander and Openbank in collaboration with MultiSafepay.

In a market that has to deal with growing complaints and regulations, the time was nigh for a Buy Now, Pay Later (BNPL) solution that emphasizes the needs of both the consumer and the merchant.

Introducing: Zinia.

About Zinia: powered by leaders in finance

With Santander Consumer Finance and Openbank joining hands, Zinia is backed by two major players in the banking space. Santander is the European leader in consumer finance with extensive experience in both ecommerce and retail commerce, and Openbank has received multiple awards as one of the innovators in online banking. Also, they were the first digital bank to be approved by the ECB.

Combining these powers with the refined MultiSafepay technology has led to a resilient, competitive BNPL product perfectly engineered to meet the market's demands.

Flexibility first

To succeed, it’s a good idea to see where others fail and take that as a catalyst for development. Zinia’s offer looks to do just that.

Under the BNPL method are three different payment options:

Zinia: Pay in 14
  • Simple payment process 
  • Limit customer data 
  • Pay within 14 days after shipment 
  • Full process online without paper 
  • Customer-friendly late payment process 
Zinia: Pay in 3 
  • Simple payment process 
  • Limit customer data 
  • Pay in three equal terms within 60 days 
  • Full process online without paper 
  • Customer-friendly late payment process 
Betaal per maand 
  • Credit from € 250 to € 50.000 
  • 0-12% interest for the customer 
  • Runtime between 6 - 180 months 
  • For amounts above € 250  
  • Pay off early with no extra costs  
  • Separate terms & conditions apply

More information here. 

Merchant & Consumer friendly

For merchants: Fast payouts, onboarding, and omnichannel

The benefit of being powered by large banks such as Openbank and Santander is that Zinia can take most of the financial risk. Unlike most payment methods, Zinia pays out the order amount within 24 hours after shipment (typically, this can take up to 30 days). This fast payout is especially beneficial to your cash flow, as it ensures you get access to your money faster.

Another benefit is the omnichannel potential of Zinia. You can offer Zinia in your physical store if you process payments in-person. Perfect for the customer who’s looking for financial flexibility.

Lastly, the partnership with MultiSafepay ensures fast onboarding, simplifying the activation process significantly.

For consumers: Fair treatment & flexibility

Many BNPL providers have caught flak due to the disproportional or relatively high late-payment fees. Zinia offers your customers reasonable late fees.

Zinia will send a free reminder to the consumer to pay the invoice within 14 business days. If no payment is received during the second payment term of 14 business days, another reminder will be sent. From this point extrajudicial collection costs start applying (€2.50). If payment isn't received during the third payment term, Zinia will send a final reminder and the collection costs will increase (€2.50). As soon as the last payment term elapses, the invoice will be handed over to an external collection agency and additional costs will apply.

All in all, this leads to an extended, customer-friendly payment term and, in the case of non-payment, the fees aren't exorbitant.

For you as a merchant, the payment is guaranteed anyhow, so the extended and customer-friendly after-sales process doesn’t affect your business or cashflow, if anything, recognizing this customer-friendly payment method will increase your orders as customers actively choose for Zinia.

Ready to add this flexible BNPL option to your checkout?

Activation is a piece of cake. Get in touch today.

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