Frequently Asked Questions (FAQ's)

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How does the BNPL help Anchors?

Anchors can increase their average sales by up to 40% per customer, double their overall sales with a flexible credit period for buyers, save merchant discount rate, improve cart conversion by 30%. Chil is one of the firsts to provide instant credit in the B2B food marketplace in the EMEA region .

How does Chil’s BNPL Work?

Our Buy Now Pay Later solution is a closed-loop digital Supply Chain Financing solution leveraging cutting edge technology to offer working capital finance to food Dealers / Distributors / Stockists / Retailers of any food brands or products. It helps food brands & enterprises get instant payment against products sold, while their business buyers get immediate financing, based on their credit profile, to purchase products on credit with a flexible repayment window.

How much is chil’s BNPL Limit?

Our BNPL program limit is broadly two types. One, the buyer limit where it is based on per buyer sanction limit, and two, the maximum limit provided, which can be distributed across multiple buyers.

How do you calculate the sanction Limits

A sanction limit is mostly decided based on the amount of sales/ purchases the buyer has done with the anchor minus the current repayment liabilities that exist. Besides, there are multiple factors that can decide the amount of risk.

How do food buyers repay the loans?

Besides credit cards, Buyers have the flexibility to repay the amount loaned via various mobile wallets

What is the benefit does the buyers have if they repay the loan within the or even before the time agreed?

We do not charge any prepayment fees and help buyers repay the utilised amount only for the utilised day.

  • Repayment option 1 (on due date OR Even before due date ) - In case the dealer/distributor pays on the due date or before - In this scenario, the dealer/distributor gets earns additional score that increases their Limit for their next transactions.
  • Repayment Option 3 (Post due date) - In this scenario, the dealer/distributor will be charged a penalty(30%) on the transaction amount. Post due date mandate will be executed for auto pull.
What happens if the buyer defaults?

Chil maintains a robust communication stream between all its clientele. We send timely reminders in the following durations:

  • First reminder on Due date minus 10 days.
  • Second reminder on due date minus 5 days.
  • Third reminder on due date minus 3 days.
  • Fourth reminder on the due date itself.

In case the Dealer/Distributor still fails to make the payment, we will send a reminder on the due date plus one day regarding mandated auto pull. In case of Mandate, auto pull fails, we will inform you as well before taking any further action.

What is the max period for credit facility?

Being a customisable offering, we can provide credit facilities, depending on the working capital cycle that can go as high as 30 days, depending on the requirement and preferences.

How to upload Invoices to chil’s portal?

In case for Online: The Anchor sends chil the order details during checkout

In case of Offline: Either the buyer can initiate the transaction, or the anchor can upload the invoices on the chil platform, post which the buyer can give an approval.

How do you Onboard Buyers on your portal?

The buyers will receive a dedicated web link which can be used by them to get onboarded on the Chil’s BNPL portal.

How does the Online Transaction happen on Chil’s BNPL?

The Chil BNPL facility can be availed at the time of checkout during making a purchase

How does the Offline Transaction Happen on Chil’s BNPL?

The buyers will receive a dedicated web link which can be used for any offline transaction.

What documents are required by the buyer in order to access Pay later services

We need the following additional documents if the dealer/distributor needs a higher limit than the assigned limit

  1. KYC - (Forms indicating Firm partners, directors)
  2. Firm / Company registration document
  3. Bank statement - 1 year directly downloaded from internet banking