It is planned that Ratepay will be integrated with Concardis, a payment service provider acquired by Advent and Bain Capital in January 2017.
The closing of the acquisition of Concardis is still pending. Ratepay will retain its brand and will be managed as an independent company within the Concardis Group. A close cooperation between Concardis and Otto Group is planned, especially with regards to further developing innovative payment solutions for ecommerce.
The invoice payment specialist Ratepay provides processing payment methods for online shops. These include open invoices, instalments, direct debit, pre-payment and managing all back-office processes on behalf of the merchants, such as risk checks on purchasers and debtor management.
Paying on receipt of an invoice is a very popular payment option in online sales in the DACH region (Germany, Austria, Switzerland). According to a study by the EHI retail institute, in 2016 a good 29% of all ecommerce turnover was paid via invoices.
A further 19.3% of turnover is paid by direct debit. It is planned that the Ratepay product range will be integrated into Concardis’ payment portfolio for ecommerce to start creating added value for its customers.
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