PartPay, a smart lifestyle product giving retailers more flexible payment options for its customers, has recently launched in New Zealand.
PartPay, a new point of sale product that gives shoppers more flexible payment options when shopping online has recently launched in New Zealand.
Retailers can now include PartPay as one of their payment methods at checkout, giving consumers freedom to purchase goods by paying equal instalments over a fixed term with no interest.
Its free for retailers to sign up to PartPay, with the technology seamlessly integrating into the retailer’s ecommerce platform.
From here, consumers shopping can select PartPay as their payment method and after a real-time credit check, the customer pays a 25 percent initial instalment, with a further three instalments each fortnight (or 12.5 percent on a weekly basis if the consumer so choses). The retailer will ship the item as normal.
Partpay pays the retailer the full cost of the item minus an agreed fee the very next day.
PartPay director John O’Sullivan says building customer expectation and experience around flexible payment will have a rolling effect on future sales.
“Giving people a solid platform that works for them and their lifestyle will help incentivise them to buy now and spread their payments as well as return as repeat customers, especially if they’re able to make their pay check last. With no interest or fees, it really is a smarter way to use your own money.”
“This is a global phenomenon and hugely poular with millennials. We are creating a unique New Zealand experience from the ground up. This means we can engage with the retailers and suppliers that every day Kiwis know and love, lowering barriers to sale conversion and providing a solution for big, one-off payments.”
PartPay assumes full risk for consumer repayments and also picks up the cost of payment processing. If the consumer doesn’t default on their payments, the transaction remains interest-free without any hidden costs or fees.
International experience has shown that adopting a product like PartPay can result in significant increases in average order value and total overall sales by 80 percent.
PartPay hopes to engage with a local market that has the lowest cash in circulation worldwide, and the third highest prevalence of debit cards globally with 93.8 percent of adults actively owning and using a debit card.
This product can also work instore, integrating direct with instore inventory and PoS systems. Data commissioned by PartPay has shown the addressable market for online and instore, in the categories where this product works the best, to be well over NZ$11 billion.
Tapping into the local millennial market
PartPay will prove popular with millennials who spend a lot of time shopping online while also trying to make their money work smarter for them. Interest free, fee free and a fixed repayment process helps avoid the traps of some traditional financing options.
A high engagement rate with digital platforms and strong desires to be on-trend define this group, giving retailers an incentive to entice these shoppers with flexible payment methods.
Innovations like PartPay help local businesses develop and grow, putting them at the forefront of consumer technology. Responding to the needs and demands of consumers builds relationships and aids in reducing the rate of shopping cart abandonment, which can often be 60 percent or more.
Furthermore, providing flexible payment options provides an incentive for shoppers to purchase from local companies who might otherwise be priced out of the market and look overseas for better deals.
For more information visit www.partpay.co.nz/.