Bukalapak Releases Bayar Tempo Feature to Facilitate Productive Loan
An Indonesia electronic commerce-based startup (e-commerce), Bukalapak stated that the Pay Bayar Tempo feature, which was released by its platform, had something in common with the pay later concept.
Bukalapak released the Paying Tempo feature on its platform that targets Bukalapak’s partner stalls as a financing solution to maintain the business resilience and continuity of partners.
AVP of Investment & Financing Solutions Bukalapak Dhinda Arisyiya also revealed that this feature has similarities with the concept of pay later, but is specifically aimed at targeting Bukalapak shop stalls as a financing solution to maintain the resilience and business continuity of the partners.
This Bayar Tempo feature is a credit limit facility that can be used as an alternative payment method for Bukalapak Partners to fill wholesale product availability and virtual product transactions in the Bukalapak application.
In presenting this service, Bukalapak cooperates with Indodana’s peer-to-peer lending platform which has permission from OJK. “This Bayar Tempo Difference we have no concept of interest, but the service fees that will be paid in the months when customers make transactions,” he said during a virtual discussion, Thursday (07/23/2020).
Available for 40 Thousand Bukalapak Partners with Quick Approval
At the initial stage, the Bayar Tempo feature is currently available for 40 thousand Bukalapak Partners in the Greater Jakarta area, Bandung, Surabaya, Gresik, Karawang, and Sidoarjo. AVP of Investment & Financing Solutions Bukalapak Dhinda Arisyiya said, this feature is here to answer the needs of Bukalapak Partners, especially in the midst of a pandemic.
“We are aware of access to loans for MSMEs in terms of limited capital, especially in a pandemic situation. We provide the Payo Tempo feature as one of the solutions to help Mitra Bukalapak shop to keep selling and have easy transactions even though it is not yet topped up in the Mitra Bukalapak application,” said Dhinda in a press conference held in live streaming on Thursday (7/23/2020).
Furthermore, the Bayar Tempo feature itself allows Mitra Bukalapak shop owners to receive loans with a limit of IDR 500 thousand and can be used repeatedly without limits. If the Mitra shop pays a bill before the due date, the limit will return to normal and can be used for shopping again.
Bukalapak does not implement the interest system for the Bayar Tempo feature, but is charged a service fee once at the beginning of the month, if the Bukalapak Partner wants to use the limit. “We want Mitra Bukalapak to be able to calmly trade at any time and pay later,” Dhinda said.
Furthermore, Dhinda said, the Tempo Bayar feature prioritizes a fast approval process. He even claimed, the approval process did not take 1 day. In fact, there are already Bukalapak Partners whose submissions are approved within minutes of submission.
To apply, Bukalapak Partners only need to attach a KTP and a photo of themselves together with the KTP in the submission form in the Bukalapak application.
Available in the Bukalapak Application
Dhinda continued that Bukalapak Partners can access the Bayar Tempo feature on the main application page, the balance page, when checking out, and in the payment method. This is aimed to ease users to use it.
Meanwhile, Indodana’s Head of Business Development Timothy Prawiromaruto said, Indodana emphasized services that focused on ease, speed, and security in obtaining loans.
“We are very proud to be able to launch the Bayar Tempo feature with one of the best eCommerce in Indonesia that focuses on national MSME productivity,” said Timothy.
Indodana, said Timothy, will continue to develop productive loan product offerings in MSMEs to increase financial inclusion. So far, productive financing in Indodana has reached 30 percent of the financing portfolio.