in3 is making social responsibility a priority in the BNPL space. In this article, we learn how CEO Hans Langenhuizen’s revolutionary approach to finance is helping rebuild the economy.

While the world continues to right itself from the devastation caused by the global pandemic, many people are still feeling the effects of price hikes as the cost of living continues to rocket. Higher energy bills, supply chain disruption and other economic casualties of COVID-19 mean that only the very wealthy have gone unscathed. In the Netherlands alone, the annual inflation rate had soared to a record 17.1% by September 2022.  

The option to pay for goods in instalments has become an increasingly attractive proposition, but many Buy Now, Pay Later services of this kind come with their own set of dangers that can leave consumers paying a huge amount of interest and plunging deeper into debt. Despite the risks, the BNPL market is growing rapidly and is currently projected to rocket from $7.9 billion in 2021 to reach $43.6 billion in 2028

Not your average payment solution

in3 is a company dedicated to minimising the risks for both customers and businesses. Based in Eindhoven, the fintech company is making for a fairer and more transparent experience for all whilst helping the economy get back on its feet. 

The in3 approach is a socially responsible one, making flexible payment options available to consumers without adding interest. Shoppers are given the freedom to manage their cash flow more efficiently by purchasing items like beds, sofas and consumer electronics in three chunks – one at the point of purchase, followed by another at 30 days and a final payment at 60 days. The company uses a comprehensive range of credit and affordability checks to protect society’s most financially vulnerable and minimise the risk of people finding themselves in debt further down the line. This signifies an important paradigm shift in the BNPL arena, which has in the past come under fire for irresponsible lending. 

Fair instalments lead to higher sales

According to a recent study by Erasmus University Rotterdam (EUR), consumers spend an average of 72% more per transaction when given the option to break their payments into smaller chunks without interest. Master student Magellaan van Rensbergen, in association with in3, examined hundreds of thousands of orders using different payment options. The overwhelming evidence was that purchases made with in3 were of a significantly higher value (€ 657,20 vs € 381,20) than those made through other payment methods such as credit cards, debit cards, Paypal and iDEAL. Although consumers did not on average purchase more items using in3, the items they did purchase were of a higher value. 

This is great news for companies like Furnea, a Dutch online store specialising in home and living products. The brand’s CEO, Kenan Aslan, said that he felt that over half of orders wouldn’t have been placed before in3 became an option. The majority of Furnea’s customers choosing the in3 option make purchases of over € 300, which means higher conversion rates.  

Speaking to the press in response to the study, in3’s CEO Hans Langenhuizen said “This new study shows the value of BNPL solutions. While we knew the order value would be more when choosing in3, we didn’t expect that the difference between ours and other payment methods to be so much. It’s great to see that our socially responsible approach pays off.”

Most innovative CEO in the payments industry

Hans Langenhuizen has been a bright light in fintech for years and has dedicated his career to shaping the finance industry for the better. He says that the secret to his success is that he doesn’t take himself too seriously, and he’s known for his sense of humour and no-nonsense, upfront attitude. But despite his humour and relaxed persona, he’s a tenacious business leader with a meticulous eye for detail and a passion for innovation – characteristics which have led to Business Worldwide Magazine naming him “Most Innovative CEO in the Payments Industry” in the 2023 CEO Awards.

He started out as a SAP Business Consultant for CapGemini in Germany, after studying Mechanical Engineering at MTS and Logistics at the Fontys University of Applied Sciences. His CV reads like a who’s who of European business and finance, featuring senior roles at big names including Geodis, Bas Volvo, Atos Origin, Wincor Nixdorf, Aevi and Ingenico ePayments. He took the CEO position at in3 in June 2020 and the business has seen impressive growth in those three years. As well as Furnea, clients include Halfords, Huus, KwikFit, Volero and Bettersports to name a few. 

While familiar names like Klarna, Afterpay and Affirm dominate the news, in3 is one of the market’s fastest-growing startups. In its first three months alone, the company saw triple-figure growth, and since Hans took the helm the in3 voice has become louder than ever.  

Win/win solution for brands and consumers 

The stats speak for themselves. in3’s business partners are seeing average shopping cart conversion rates of upwards of 15%, order amounts of +30% and a significant increase in more returning customers. By helping consumers manage their cash flow more effectively and maximising their purchase power, brands can increase loyalty. The average business sees a significant increase in returning customers and a dramatic reduction in return rates compared to credit cards and other pay-later solutions. Another huge selling point for businesses is the lack of risk, with a guaranteed 100% payout upfront while in3 manages the finance process direct with consumers. 

Brands can integrate in3 platform seamlessly into their existing payment platforms such as Shopify, Woocommerce, Mollie, Pay and more, and customers have the option to pay in store as well as online. 

To find out more about how in3 is changing the BNPL landscape, visit https://payin3.eu/