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Miriam Wohlfarth and Jesper Wahrendorf of RatePAY are helping online shops out of a quandary

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RatePAY has been shaking up the German market for online payment solutions since 2009. This up-and-coming fintech relies on EOS Deutschland for its debt collection services. After all, both companies in the partnership know all about efficient technical solutions.

The term ‘fintech’ was completely unheard of back in 2009 when Miriam Wohlfarth launched RatePAY in Berlin, Germany. The company is a classic example of a start-up revolutionising financial services with the help of digital technologies. ‘We make it possible for online shops to use payment methods such as direct debit purchases, advance payment and payment on account, which used to be reserved for large-scale mail order companies. We also offer instalment payments and zero-per cent finance deals without consumers needing to have their identity verified in advance at a post office’, says the company’s Managing Director. Online merchants from many sectors, from furniture dealers and fashion specialists to airlines, rely on RatePAY. For 2017, the Berlin team is planning on shop revenue of over one billion euros.

A matter of seconds: Miriam Wohlfahrt, Urs Bader and Jesper Wahrendorf have developed their own evaluation system.
A matter of seconds:

Miriam Wohlfahrt, Urs Bader and Jesper Wahrendorf have developed their own evaluation system.

The networker and the strategist

Ms Wohlfarth had worked for many years for various banks and payment service providers. She recognised early on that mail order businesses would be increasingly moving over to the internet and that online retailers would require more options for electronic payments.

To complement her payment system knowledge base, Jesper Wahrendorf joined the management team at RatePAY soon after it was founded. He had previously worked for a number of companies, including the Otto Group, and was able to contribute his profound e-commerce expertise to the company. With Ms Wohlfarth as a sales specialist and top networker, and Mr Wahrendorf as the strategist, the newly founded company quickly established itself as a niche provider of online payment services. ‘Over the course of the past few years, we have risen to become one of the leading companies in the industry’, says Mr Wahrendorf.

100 per cent default guarantee

RatePAY offers shop operators an all-inclusive tailored package to help them enhance customer service. Online merchants often find themselves in a quandary: On the one hand, online shoppers prefer payment on account or paying in instalments. On the other, these payment methods are subject to a high risk of default since the merchants deliver the goods before they are paid for. However, RatePAY bears this risk: ‘We guarantee online shops full payment of the purchase amount irrespective of whether the buyer pays or not’, explains CEO Wahrendorf. ‘We developed our own assessment system to verify the identity and creditworthiness of each buyer. We use a variety of data, including information from credit agencies, to avoid the risk of payment fraud. Everything happens in a matter of seconds during the payment process’.

Looking forward:

Miriam Wohlfahrt and Jesper Wahrendorf are looking forward to the future.

Completely automatic, internationally

Should a default in payment occur despite all risk-minimisation measures, RatePAY can rely on the fiduciary collection services of EOS Deutscher Inkasso-Dienst (EOS DID), which have been provided since the company’s inception. ‘RatePAY’s outstanding receivables are processed by a specialised e-commerce team, which is supported by our EOS call centre in the area of telephone-based warnings’, says Andreas Behmenburg, Regional Head at EOS Deutschland in Germany. ‘We transfer cases involving overseas consumers to the countries in which the defaulting party resides via the EOS Global Collection platform. Here, EOS subsidiaries or partner companies take over the recovery process’.

RatePAY is highly satisfied with the collaboration thus far. ‘We work with EOS in a true partnership. The team always reacts flexibly where there are special technical requirements and can adjust processes to meet our needs. All of this is performed at a speed quite uncommon in the marketplace’, says Chief Operating Officer Urs Bader, who supervises receivables management at RatePAY.

Both companies share data with each other on a daily basis – fully automated, of course. This is essential because efficient technological solutions are the cornerstone of the success of both RatePAY and EOS.

Programmed for the future


‘Alexa, where’s my package?’ Online shoppers in Great Britain need only speak this phrase in their living room to immediately find out when their Hermes package will be delivered. This is thanks to logistics firm Hermes, which is the first in the UK to be using the voice-controlled Amazon Echo device. Users need only the appropriate speaker and the Alexa app. Other countries and services are set to follow. In the future, Alexa will, for example, be able to coordinate which neighbour the Hermes package can be left with and when the carrier will collect returned goods.