Eduardo Rodriguez Marugan (Madrid, 1987) is the Managing Director of latterpaya novel alternative within the field of online payments in Spain, which bases its commitment on what they call “pagaluegos”: the option of , without interest or other charges for the end customer.
To learn a little more in detail about how latterpay works, we talked to Eduardo.
Your initial training was that of an industrial engineer, and you have developed a large part of your career in Australia. Less than a year ago you returned to Spain to lead the launch of latterpay. Why did you make the decision to change?
My dream has always been to undertake, but life has been giving me excuses to postpone it. With that in mind, the decision to return to Spain now and undertake was easy: I imagined myself in 10 years regretting it if I didn’t make the decision now.
For the general public, latterpay is a newborn, a new brand that will have to carve out a niche for itself in a sector with highly experienced options. What are your weapons to grow? What differentiates you from other similar options?
The latterpay user is guaranteed payment in 3 installments without interest, always. That cannot be said by any other brand of deferred payments in Spain. Our value proposition is very different from that of existing companies in the sector: we always focus on the final customer of eCommerce.
Normal fast credits are a bad financial decision that stresses the client’s economy and can end up in negative effects for the buyer, and for the reputation of the store that offers them.
Therefore, latterpay is the opposite of fast online credit companies. Our main weapon is our simplicity (we always charge the same and there are always 3 installments) and the “win-win” situation that we create between the two main actors in the film: we benefit both eCommerce and their customers alike, always , Y No small print to avoid confusion.
How is your business-target customer?
We have two types of clients: merchants and their clients (latterpay users).
- Our target business is Anyone who truly cares about their customers and believes that providing facilities and good customer service improves your business on two levels: sales and brand image.
- As for our users, latterpay is the best way to buy for all audiences, but our target profile is the sector millennials and generation Z, groups with a high aversion to the concept of credit who find it more difficult to use the deferment options available today.
How is the integration of latterpay in an online store? What should an eCommerce manager who wants to have your services do?
Integration is very very easy. We have modules to integrate latterpay into the most popular ones, so a business can have latterpay up and running in three hours from the moment they make the decision to implement it.
To contact us, you can write to us through any social network, send an email to or do it through the contact section of latterpay.com.
And from the point of view of the end customer? How is the experience of buying by deferring payment with latterpay?
The shopping experience is the most important thing for us. The latterpay user completes the purchases in a process that lasts seconds.
But in latterpay we want to add value to the user experience beyond the purchase. All users have an account on latterpay.com to access other services that add value to our users, and by extension, to the eCommerce that trust in latterpay.
Do you think that online stores give the importance they should to offering deferred payment options to their customers?
Businesses in Spain (online and physical stores) are realizing the value that providing facilities and improving customer service adds to their business. In this sense, deferred payments offer many facilities to the end user. But we are still very far from the level of attention and customer focus that exists in other countries such as the US.
Where will your next steps be directed? What measures will you take to make yourself known?
We will work hard to make ourselves known, and to make our eCommerce partners (and users) understand the scope of our added value. We believe that our best ambassadors will be all those who have used latterpay.
What is your goal for this first year?
That our users are delighted with the service and ask for latterpay in their favorite stores. And for our eCommerce clients, to increase their sales by around 30% per year on average.
Imagine that we travel back in time to 2009: what advice would you give your Self back then?
Don’t stop investing in Amazon. Joking aside, I wouldn’t change anything I did, because if I did I wouldn’t be where I am today, very happy with my wife and my son Alejandro who just turned 3 months old, close to my family and my lifelong friends .
Let’s do a bit of futurology: what headline would you like to read in Marketing4eCommerce in a year?
In Europe, purchases are beginning to be made in Spanish with the “pagaluegos” of latterpay.
And a little more difficult: how do you imagine eCommerce will evolve in terms of purchase financing and payment possibilities between now and 2023?
I love to get wet in these things so here are my main predictions:
- All online businesses will offer two deferred payment options: one with interest (the options that are most widespread today in Spain) and another without interest (hopefully latterpay), since the user profiles of both solutions are complementary.
- Brands are going to sell more to their final customer and less through large multi-brand stores. Direct distribution is becoming easier, and more people go “to see what I buy” to platforms like Instagram and not to large stores, which are going to focus more on experiences and less on products. And for this direct sale of businesses with high added value for their customers, latterpay is currently the best option available.
quick quiz
- What is the first social network you open in the day? Now Instagram (after Whatsapp). Although I’m not much of.
- In which eCommerce and how long ago did you make your last online purchase? this week
- And it was? A colorful swimsuit with drawings of the ingredients of gin and tonic, which I loved
- Recommend us a fiction series. (in original version), I think the underlying message about how uncontrollable life is is great
- What website have you come across lately that has surprised you for the better? the one with the books (saving distances)
- What is your favorite thing to do that has nothing to do with digital? Spend time with my family
- Let’s spin a magic chain: Which acquaintance of yours (from another company) do you think we should interview? Why? I think it has a good success story of Spanish eCommerce, with international expansion, in a very short time.
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