About this episode
In today’s episode, Martin meets with Thomas Ficht, Head of Payments at MyToys.de a leading German ecommerce retailer. The company is part of the mighty Otto Group - an ecommerce marketplace in Germany. In the podcast, we discuss the popularity of the open invoice payment method in Germany. Open invoice is a long-standing payment method in Germany and is essentially BNPL. It allows consumers to order a basket of products with no prior payment. Consumers then typically have two weeks to decide what to keep and pay for which is normally done via bank transfer. Culturally German companies like to do things in-house and you’ll find many ecommerce retailers still with their own home-grown open invoice solutions. Many will offer instalment loans themselves. As Thomas explains, MyToys parent company Otto Group, recently expanded its own inhouse instalment lending programme operated by a newly set up subsidiary which now handles all payment functions for the group, and part of strategy to transform Otto from online retailer into an Amazon-like marketplace.
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Thomas studied law in Berlin, Alicante and Sydney. As a lawyer he worked in Santiago de Chile, Cologne and Berlin. His eCommerce career started in 2011 at Zalando where he specialized in payments. While working as Director of Payment at Epic Companies he set up payment for various online shops. From 2014 to 2017 Thomas introduced and managed idealo Direktkauf at idealo. Since February 2018 he is in charge of payment, risk and receivables (online and offline) at myToys Group.
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