President & CEO, PayBright
Senior Vice President, Digital and Loyalty, Dynamite
Director, Ecommerce, Samsung
PayBright, Canada’s leading provider of instalment payment solutions, allows shoppers to buy now and pay later — every shopper’s dream.
Buy now, pay later — have sweeter words ever been spoken? The payment option to shop for what you need, from home furnishings to electronics to apparel and pay in easy, affordable instalments is proving to be extremely appealing.
It is especially attractive today, in the midst of the COVID-19 crisis and accompanying economic downturn. The pandemic has affected Canadian retail shopping patterns in two distinct ways. First, with the shuttering of physical stores, it has driven millions of Canadians to make their purchases online. Secondly, it has increased consumer interest in pay-later options. With Canadians looking at their spending with more scrutiny, they’re now seeking increased payment flexibility when they reach checkout, in-store or online.
“Canadians are looking for flexible pay-later options at checkout,” said Wayne Pommen, President and CEO at PayBright. “Especially during these challenging economic times, payment plans give customers financial flexibility in a simple and transparent way.”
The power of payment choice at checkout
More than 6,000 domestic and international retailers have partnered with PayBright to give their customers this payment flexibility. PayBright offers both “Pay Monthly” plans for larger purchases, and “Pay in 4” for smaller purchases. Pay Monthly allows customers to pay over 6-60 months after an instant credit bureau check. Pay in 4 enables customers to pay over 4 interest-free biweekly payments, with no impact to their credit score.
Samsung is a leading retailer taking advantage of PayBright’s Pay Monthly offering.
“We launched with PayBright last year and we’ve been very happy with the results,” says Steve Hong, Director of Ecommerce at Samsung. “We chose PayBright because many prominent online retailers were using them, they had a competitive rate, and their leadership team was engaging and supportive.”
PayBright also stood out because it is an easy, quick, and transparent experience for customers, offering instant credit approval decisions. “A customer just has to punch in their information and PayBright will check it with a credit bureau, take it through a fraud check, and approve it on the spot. And that’s exactly the seamless solution that we needed,” says Hong. Furthermore, unlike other pay-later payment methods, PayBright does not require consumers to sign up for a credit card and does not charge hidden fees, retroactive interest, or revolving interest charges.
Buy now, pay later: A big win for retailers and shoppers alike
The clothing retailer Dynamite is another PayBright partner using the Pay in 4 program.
“From a customer value proposition, the buy now, pay later model is fantastic,” says Ian Richards, Senior Vice President of Digital and Loyalty at Dynamite. “You can add that extra item to your basket that you wanted to buy but didn’t have enough disposable cash for.”
Both Samsung and Dynamite have seen impressive results. “As an expanded method of payment, our offering with PayBright has attracted more customers to buy with Samsung online,” says Hong.
“Since launching with PayBright, we’re seeing about a 30 per cent increase in our average order value,” adds Richards. “Our customers can buy more of what they love now and then pay it off with four instalments over the next six weeks without any interest.”
With the Pay in 4 option, the cost of a Dynamite purchase is spread across four bi-weekly payments. “The customer pays 25% upfront and then every two weeks they’ll pay another 25%,” says Richards. This format is ideal for smaller purchases, such as apparel and footwear.