Following the successful launch of Mondu’s Buy Now, Pay Later solution in Germany and the announcement of a $43 million Series A in June, we’re now ready to take the next step: Mondu is going international! The first target of expansion is Austria, with many more to follow.
Austria is the logical next step for our expansion – by entering the Austrian market we can offer merchants a single solution for both the German and Austrian buyers. We believe that, as we expand into many more countries in the future, we’ll be able to continually learn and improve our products to best meet the needs of the businesses that use them.
New payment methods for B2B online checkouts in Austria
From now on, merchants and marketplaces in Austria can seamlessly integrate Mondu’s payment solution into their online shops. The Austrian market shares many similarities with Germany, making it the ideal country to kick-start our international growth. What’s more, shoppers in both countries share a preference for similar payment solutions, including invoice payment and direct debit.
Austria is a lucrative e-commerce market with shoppers accustomed to buying from online merchants. Invoice payment in particular has seen strong growth over the course of the last year, and B2B retailers have taken notice. This increased relevance is also partly due to the economic slowdown caused by the coronavirus pandemic.
Greater security and higher conversion rates
The expansion enables B2B merchants in Austria to offer business buyers their favorite payment methods and extend payment terms without having to take on any default risk. In doing so, businesses can better manage their cash flow and minimize their operational burden. Buyers, meanwhile, can purchase products in B2B web shops and pay with flexible terms using Mondu’s Buy Now, Pay Later solution. Mondu’s proprietary risk engine checks the creditworthiness of business buyers in the background of the online checkout in less than a second, thereby providing a frictionless, B2C-like checkout experience and ensuring an increase in conversion rates for shop owners.
“We’re very pleased that Mondu now offers its services in the Austrian market and that our Austrian customers can also benefit from their Buy Now, Pay Later solution,” said Kevin Marshall, CEO of Shirtracer. “By integrating Mondu into our online store, we can finally offer both our new and existing customers the option of invoice payment, without having to take responsibility for the risk assessment or assume any risk ourselves. We expect the conversion rate and the resulting sales growth to continue to improve.”
The first few Austrian merchants are already benefiting from Mondu’s solution – let us know if you’re interested in integrating it into your online shop!
New payment methods on the horizon
In addition to expanding into Austria, Mondu will allow purchases via SEPA direct debit beginning in July. Merchants will be able to provide yet another fast, secure payment method for buyers to choose from. With the SEPA direct debit payment method, the invoice amount is collected from the buyer’s account after the purchase, boosting conversion rates, minimizing abandoned purchases, and fostering greater customer loyalty.