ECOMMPAY Enters the BNPL Market with Tailored Product for UK Travel Businesses
- Retail Banking
- 15.02.2023 10:00 am
International payment service provider and direct bank acquirer, ECOMMPAY, has today announced the launch of its first Buy Now, Pay Later (BNPL) offering. Built with the company’s proprietary technology, the new payment solution promises 24/7 customer support with a robust risk scoring system tailored to an individual’s travel circumstances, offering higher credit limits for specific travel needs, and credit return limits to protect booking agencies and travel agents. With the unique requirements of the travel industry in mind, the new consumer finance offering joins a suite of payment products that enable companies to grow their business and protect travellers.
BNPL has become a hugely popular payment option for consumers with a third likely to remove items at checkout if it is not offered (33%), according to research from ECOMMPAY. Further research also illustrated that nine in ten travel and aviation companies expect their customers to increasingly rely on BNPL payments due to the impact of the cost of living crisis and rising inflation (94%).
Leveraging its existing experience serving the travel sector, ECOMMPAY enters the BNPL market with a solution that has a range of features to help businesses navigate these economic challenges. Including increasing direct bookings, reducing shopping cart anxiety, mitigating fraud, and boosting checkout conversion by up to 35%. Travel businesses who adopt ECOMMPAY’s offering can give their customers the options to Pay in Instalments, Pay in 30 days, or Pay over Time to introduce manageable financing for the largest purchases. These options offer travellers the ultimate affordability and flexibility.
ECOMMPAY takes financial credit very seriously. Through a rigorous procurement process, its carefully selected partners help ensure the highest standards are met across a range of features:
- Credit scoring — A rigorous auditing system reduces cases where customers who cannot afford credit are given access to it, keeping consumers safe
- Borrowing limits —tailored to the larger purchases the travel industry experiences, leading to higher payment acceptance rates
- Extended time limits for credit return — up to 12 months
Travel brands can also enable their customers to pay for their bookings any time, anywhere, using card details, smart devices, or even QR codes - no POS terminal required. ECOMMPAY specialises in creating bespoke in-house solutions for the travel and hospitality industries, meaning those businesses can choose to integrate a custom, fully-branded solution into their own booking pages or host everything under ECOMMPAY’s name on its highly trusted payment platform.
Olga Karablina, Head of Product Development at ECOMMPAY, comments: “Like the retail sector, the travel industry can see customers’ huge appetite for BNPL payment solutions. Our research revealed the introduction of regulation in the UK has made more than a third of consumers more comfortable using this payment option (37%). ECOMMPAY’s product has been developed to give travel companies a responsible, easy-to-implement, and trustworthy consumer finance solution that will allow their customers to spread payments for travel bookings in a way that protects them. We’re helping travel businesses improve their payment flows, reduce costs, and ultimately grow revenue in an economically challenging year.”
Following the launch of its latest finance solution for the travel sector, ECOMMPAY also has plans to unveil a similar product for the retail space in the near future.
Book a tailored consultation about what BNPL can offer your business from ECOMMPAY’s travel-industry payment experts here: https://ecommpay.com/products/bnpl-for-travel/