Payright buy now, pay later
- Written by Christine Kardashian
Australian fintech and payment plan provider Payright today announced its move into e-commerce enabling accredited merchants to add the payment option to the checkout in their online store. Customers will now be able to select Payright at the online checkout allowing them to opt for the flexible buy now, pay later payment option for their purchases.
Payright has created payments modules supporting its e-commerce capability with a number of platforms including Magento, PrestaShop, WooCommerce and Drupal, with several more platforms scheduled for release in the coming months. The functionality is built directly into the platform giving Payright access to thousands of merchants across its target market.
Piers Redward, co-founder and joint CEO of Payright, said, “We have seen an overwhelming response to our initial launch of e-commerce with many existing merchants seeking to use the functionality and a growing number of new merchants joining the Payright platform off the back of the launch. We have endeavoured to build on the solution being offered by other buy now, pay later providers by developing an e-commerce module designed for more considered purchases from $1,000 to $20,000, as well as smaller buys up to $1,000.”
Myles Redward, co-founder and joint CEO of Payright, said, “Providing an integrated solution directly into our merchant partners’ online stores is expected to increase sales volume by up to 30 per cent and improve yield. Consumer adoption of ‘no interest ever’ payment plans is at an all-time high, and by integrating our e-commerce plug-in into their web platform, existing and prospective merchants can now provide their customers with an omni-channel buy now, pay later offering – both in-store and online.”
The introduction of e-commerce to the Payright platform coincides with the unveiling of its new branding and visual identity, representing the company’s values and ethos of ‘Make easy happen’. As consumer behaviour is increasingly shifting towards buy now, pay later and away from credit cards, in turn Payright has created a structure for its narratives in order to effectively communicate and engage merchants and consumers.
Recognising that awareness of the buy now, pay later space is at an all-time high, Payright aims to educate and build a brand that resonates with target merchants and consumers. Featuring a new suite of logos and website, the rebranding reflects the transformation of Payright, and visually and verbally differentiates the brand between other buy now, pay later players in the market.
Payright is partner-led and has a consultative partnership approach with merchants. Aspects of the product and process are tailored to merchants, which ultimately benefits them, as well as their customers. Merchants transactions are settled the same day, upfront and in full and Payright manages the customer’s repayments, mitigating any risk for the merchant, improving their cash flow and helping to increase profit for their business. Payright adopts a number of responsible lending principles to ensure a positive customer experience, leading to additional referrals and repeat business for merchants.
In its first three years of lending, Payright has acquired over 1,500 merchants with around 100 new merchants joining the platform every month and written 18,000 plans totalling approximately AU$45 million. Payright’s end customer base is around 20,000 and the company is targeting $100 million in volume in FY20.
About Payright
Payright is an Australian payment plan provider developed for merchants to accelerate return-on-effort and for making things more affordable to consumers, by spreading the cost of purchases over time, without ever paying interest. Payright provides merchants access to a flexible buy now, pay later payment program to offer their customers, intended for bigger ticket items that are more considered purchases rather than smaller impulse-driven buys. Payright follows responsible lending principles and performs extensive identification and credit checks to ensure a customer’s repayment capability. Merchants are paid upfront and in full on the same day and include a diverse mix of products and services such as direct sales, home improvement, photography, dental, and health and beauty businesses.
Founded by brothers Piers Redward and Myles Redward, Payright is based in Melbourne, Australia. For more information, visit www.payright.com.au.
Daily Bulletin
