Laybuy, an interest-free “buy now, pay later” payment solutions provider, is teaming up with UK’s WHSmith, in order to provide users the option to buy now and pay later through the WHSmith.co.uk website. Customers will be able to buy products now, and will receive their purchased items right away, and can then make 6 weekly installments without having to pay interest.
The firm says it doesn’t charge interest and works with multinational credit bureau Experian, in order to establish what it considers responsible and reasonable credit limits for each customer.
Gary Rohloff, co-founder and managing director at Laybuy, stated that his company is looking forward to working with WHSmith and he’s sure their customers will “really value Laybuy’s innovative payment plan.”
“Consumers are always looking for more flexible payment options and Laybuy provides exactly that, whilst being totally interest-free.”
Laybuy’s “buy now, pay later” platform aims to be a risk-free platform for merchants, who receive up-front payments and only need to pay a small commission when users buy something. Laybuy’s management noted that it will take all of the credit risk involved for the weekly payments.
The company’s retail business partners revealed that they’ve seen average order values (AOV) surge by as much as 70%, online and instore conversion rates go up by 50%, and new client acquisitions increase 30%.
The firm’s Laybuy Boost lets customers pay more up-front if their credit limit can’t pay for the products they intend to purchase. For instance, a user might have a £100 credit limit, however, they may want to buy something priced at £200. By using Laybuy Boost, the user is able to make a higher first payment and then pay off the remaining amount due, which is equal to their available credit limit, over several different instalments. This allows customers to have more flexibility but also ensures they only spend what they can afford to pay off.
Founded in 2017, Laybuy works with over 6,000 retail business partners worldwide. The company is a major “buy now, pay later” service in New Zealand.