With inflation accelerating in 2023, many Argentines had to use their ingenuity even more when it came to managing finances.
This rapid rise in prices leads many Argentine consumers, to finance your consumption with credit cards. But these have suffered a drop in recent months due to several factors: lower offer of installments by financial institutions, self-limitation of purchases by consumers and outdated credit limits.
To this is added that many bank promotions or the same official plan Now 12, are not enough to respond to all the needs of consumers, being that hhere are people who cannot access a credit card or have a very low balance.
The impulse to change this reality, added to the large number of debit cards that exist in the country (more than 50 million) motivated some young entrepreneurs from Cordoba, Cristian Rennella, Emiliano Canova and Facundo Toraño, to develop a unique financial inclusion system, which allows make your purchases with any debit card and convert the payment into installments without interest; paying the first one at the moment and the rest at 30, 60 and 90 days.
“We see that many people begin to consume to beat inflation and thanks to GOcuotas they have a new alternative to make their purchases easily and in interest-free installments,” he explained. Emiliano Canova, Co-founder and CEO of GOcuotas.
Emiliano Canova, Co-founder and CEO of GOcuotas
He also indicated that it is one more payment option that includes financing for almost more than half of the country that prefers or can buy something with a debit card. “We aim at an underbanked public, those people who do not have credit or do not have access to credit cards or directly prefer not to use it,” she explained.
As a differential, this means of payment is truly inclusive, It has neither interest nor maintenance costs and accepts all debit cards, from a traditional one to AUH or prepaid virtual wallets.
“GOcuotas is inclusive, adds value, increases the average ticket, builds customer loyalty and you reach more customers and sell more,” says the CEO.
In addition, for example, young people with a virtual wallet card, AUH cards and retiree cards can buy in installments with GOcuotas.
“Our proposal focuses on responding to the continuous increases in rates, the scarcity of the option ‘interest-free installments’ with credit cards and the intention of users not to get into debt in the long term“, details Canova.
GOodas in numbers and projections
GOcuotas continues to grow at a sustained 500% per year and has more than 45.000 affiliated businesses, more than 850.000 users and the average ticket is $19.000.
The approved amounts range from $9.000 a $130.000; based on the customer’s credit score.
They process more than $1,500,000,000 per month in consumption and by December 2023 they plan to process more than $15,000,000,000 and scale your company 10 times; since they see a great opportunity in the market as they are the only ones in the country that quote debit card consumption.
How does GOcuotas work?
GOcatedis a financial inclusion fintech, without interest or maintenance costs where the consumer is at the center. It is a business model of “Buy now, pay later” (buy now and pay later) and this allows you to buy what you want so much today and pay for it later.
The user can register before or during the purchase. You must have your debit card, ID and cell phone. Once you download the GOquotes application, and it is accepted, you can buy in 2, 3 or 4 installments without interest, with your own debit card, without the need to issue a new one.
The GOquotas model does not apply charges to the user, and benefits affiliated businesses with: new clients, increase in sales, greater recurrence of around 80% and an increase of 47% in the average ticket, since the client can pay in up to 4 payments, instead of in full.
At the same time, GOcuotas is financed by charging a sales commission to member businesses, which on average is around 7.5%, 2 points less than the cost of a plan now 3which makes them competitive at the financial cost level for the quota of consumption. At the time of collection, businesses are not at risk and always charge 100% of the sale, less the commission.
They also have the highest safety standardsthe identity is validated and the card data is not saved, but what is done is tokenize it and future debits are made on that token after 30 days.
The GOquotas system is a means of payment that actually It is present in almost the entire country. In addition, it is a very versatile system, since it can be used in different modalities: in physical storeswhere the seller offers it and does all the operation from his own panel and in ecommerce. The most chosen items are: sportswear, footwear and clothing, technology, perfumery & beauty and children’s clothing.
They started the year inaugurating its new office in Córdoba of more than 250mt2 in the Miragolf Building of Ciudad Empresaria, located 2 minutes from the city’s airport. With a modern style and designed for its more than 25 collaborators, it has a space for games, a meeting room, and shared work spaces.
