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Product / Service Description With Paysafe Pay Later’s new instore solution, customers complete their own application for an instalment payment in a matter of minutes - without having to share sensitive data with the seller. By simply selecting the desired product and completing the quick and easy application, the customer can take the purchase home in real time after a credit check. This is instalment check-out in five minutes, as convenient as paying by invoice, cash or card at the checkout. Goodbye to the paper-intensive, time-consuming process which tested the patience of both the merchant and the consumer with lengthy applications and delayed approvals..
How does your product/service set itself apart from your competitors? White label solutions enable merchants to maintain full control over the appearance and user journey at the checkout and beyond, throughout the instalment experience. This includes customer communications, the consumer portal and the instore application. Partnering with a service provider that specialises in this level of personalisation gives businesses the benefits of adopting a best-in-class solution but also the continuity benefits of building their own offering. This includes the dunning process, by which businesses correspond with their customers to manage collections on outstanding accounts and notify them when a due payment hasn’t been completed.
Product / service innovations in the last 12 months The instalment application is in the hands of customers, who enter their personal data online, reducing resources from the retailer. After a quick, secure credit check, they receive a code to show at checkout as payment confirmation. There is no risk for the merchant as Paysafe assumes the payment guarantee after a successful credit check. Merchants can integrate the service into their sales and payment processes and customers benefit from privacy, discretion and control over their application.
Is there anything you would like to add to support your application? Instalment payments present a clear benefit to consumers and by offering another attractive payment option that gives consumers the option to defer full repayment, retailers see a positive impact on their conversion rate. Furthermore, instalment payments also drive basket size with a minimum increase of 11%, according to research from Quellen. Little to no risk for the retailer and increased sale. That’s a win-win.
The list of the winners
Networking Party & Awards Ceremony II February 17