Payright
En Route to No Interest Payments

The notion of credit-based purchasing is not new. Most large purchases people make, from houses to cars to college degrees, are transactions paid off after a set period of time post-acquisition. Traditional credit cards and store-specific credit lines are common examples of the shop now, pay later payment methods. But there is a new version of consumer payment experience developing in the ecommerce world, Buy Now, Pay Later (BNPL), and it is changing the way people shop, spend, and manage their personal finances.

Unlike conventional credit-based payments, which have several strings attached, the BNPL type of purchasing is optimized for consumers’ comfort. With BNPL, the consumers can pay the full price of the good and services in full at a later time or make small installments over an agreed time period with zero or minimal interest. For instance, some schemes give customers up to 12 months to make their payments, while others allow as small a window as 30 days. Especially during the COVID-19 crisis, is the versatility offered by BNPL is proving quite popular among consumers worldwide.

In this background, Payright—a flexible payment plan solution provider—is empowering retailers to integrate BNPL capabilities into their payment options and engage a broader segment of the consumer market. By utilizing the company’s payment plans, retailers are not only meeting the evolving expectations of their customers, but also bolstering their customer retention rates.

Bringing Ease and Simplicity into Payments

Today, Payright is helping merchants to create a post-payment service with customers and turn ‘too much’ into ‘too easy.’ For this, the company offers a BNPL flexible payment option to make payments in convenient bite-size installments without (or extremely low) interest. “Payright customers value the ability to spread the cost of purchases across a wide range of industry types in an affordable way that suits their specific needs and lifestyle choices,” says co-founder and joint CEO Piers Redward.

Retailers can deploy Payright’s solutions to accelerate return-on-effort and make things more affordable for consumers with flexible post-purchase payment services. Moreover, the company’s quick and real-time payment module with automated processes includes end-to-end payment processing, direct debit payment set-up, scheduling workflows such as monthly repayments, early-stage collections, as well as SMS and email reminders to customers and payment settlements for merchants. It also helps customers in arranging their payments by nominating their repayment schedule, which includes selecting the frequency, term, and date/s of their payments.

Going the extra mile, Payright has also developed Bill Smoothing. It enables users to pay off annual expenses such as vehicle registration and insurance with hefty charges when due for renewal over three months. It can also be applied to other utility bills, allowing users with unexpectedly higher amounts in certain months to aggregate the expenses.

Paving the Way for Retailer Success

What differentiates Payright’s innovative installment payment approach from other contemporary solutions is the company’s experience in the areas of loan and payment processes. Payright understands the typical challenges merchants face with their customers, and as such, Payright tries to resolve these hurdles proactively for its clients. In addition to the post-payment service, Payright also comes with an e-commerce module and deployed across existing merchants allowing their customers to select and pay at checkout. This functionality can be leveraged across multiple e-commerce platforms and provides a value BNPL solutions for a higher-priced transaction (up to 20,000 dollars)—a transaction size not catered to or by other providers in the BNPL providers.

Having already set itself apart with an innovative business model, Payright intends to continue developing more software solutions and services to help merchants smoothly transition into a modern digitally-driven purchasing milieu. Besides, the company is poised to grow in line with its mission and build the ultimate solution for all types of purchases and sales. “There is a clear alignment between ensuring customers are not under financial difficulty, and the commercial benefits of maintaining a high-quality loan book with minimal defaults or arrears. It’s why we’re constantly investing in better systems and processes—both back-end and customer-facing,” concludes Redward.