News: "Save Now, Pay Later": New Startup Cherries wants to offer alternative to debt trap

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The increasingly louder criticism of services such as Klarna, which have a large number of users sink into debt, bears fruit in the startup scene: The new Fintech Cherries founded wants to offer a concept called "Save Now, Pay Later", in which customers save on a product instead of accumulating debts by receiving it before they receive it.

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Payment services such as Klarna or AfterPay have recently become increasingly criticized because they motivate consumers to all kinds of products To acquire on the basis of installment payments and in this way to live over their circumstances. As a result, many users got deep into the debts, some of which could only be paid back under difficulties or not at all. A new trend is intended to counteract and introduce a more responsible way of payment: "Save Now, Pay Later", a concept in which the users save the required purchase amount for a product, so to speak, under the guidance of the payment provider and only buy the item in question if the required Total is.

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as MobileBanking explains, providers of this concept attract consumers with a special discount that the customer only receives by using the "Save Now, Pay Later" payment option . The price to be paid is less than it would be the case when using another payment variant. There are two different options. On the one hand, users can use a savings function that is embedded on the dealer's website and, after selecting the product, open a toll -free digital savings account to which they deposit money until the required purchase amount has been saved. Only then will the product be purchased from the dealer. On the other hand, there is also the possibility of using an automated savings plan, in which the installments and the target date are predefined, either by the user himself or from the provider of the payment option.

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The new startup Cherries wants to implement the new concept

a new startup called Cherries, which is based in both Berlin and Zurich, has chosen the new concept as its business model. Just like the US FinTech Accrue Savings, Cherries wants to offer a payment option for retailers that offers advantages for both them and their customers: On the one hand, consumers benefit from the discount on the purchase amount, while on the other hand the dealers enjoy the advantage of the failure risk to be liberated. Apart from that, Accrue CEO Michael Hershfield says according to "FinanceFwd" that the payment method is beneficial for customer loyalty.

As far as supporters are concerned, the German Cherries can already come up with a list of names that can be seen. For example, Atlantic Labs with the investor Christophe Maire, which is behind it, took part in the company with two million euros. In addition, other well-known personalities such as the Getyourguide founder Tao Tao have also made themselves available as consultants. In the choice of the right bank partner, Cherries is supported by the former Finleap manager Sandra Kumhofer. It remains to be seen whether the vision of the young German fintech can be realized and whether the demand for the new payment concept will actually turn out to be big enough. Thomas Weschle / Redaktion

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