Fintech lender PayBright announced today that after a successful three-month pilot of Canada's first instant financing solution for e-commerce, it is now approving over $5 million per month in credit for consumers shopping online at PayBright's e-commerce merchant partners.
The results have exceeded PayBright's target and underscore strong consumer appetite and retailer adoption of its platform.
PayBright is the first Canadian fintech company to launch instant consumer financing for e-commerce purchases. Until now, Canadian retailers and consumers have not had access to a payment method that is becoming common in the U.S., Europe, and other parts of the world.
This offering builds on PayBright's success providing financing solutions for in-person purchases at more than 2,500 merchant locations across Canada. Since its inception, PayBright has approved over $250 million in consumer credit.
PayBright's e-commerce solution integrates with merchants' e-commerce platforms and provides customers with an additional payment option at checkout. After selecting PayBright as a payment method, customers can finalize their purchases in a matter of seconds. Merchants receive their funds directly from PayBright the next business day with no credit risk. Customers then pay for their purchases in affordable monthly payments over time, with interest rates as low as 0%.
E-commerce merchants that partner with PayBright are seeing growth in customer traffic, increases in checkout conversion of 10-25%, and average order values that are over 80% higher than orders that do not benefit from financing. Overall, offering instalment payments is driving significantly higher revenue per visitor.
"We're delighted with the launch of our e-commerce solution, which fills a key gap in the Canadian marketplace. While instant financing for online shopping is available in the U.S. and other countries, Canadian retailers and consumers have not had access to it - until now," said Wayne Pommen, President & CEO of PayBright. "The results so far have exceeded our expectations and the feedback from merchants and consumers has been very positive."
"Partnering with PayBright has allowed us to offer our customers another flexible payment method," said Mike Gettis, CEO of Endy, a leading online mattress retailer. "We've seen a very positive impact on our sales. The uptake of PayBright's offering by our customers shows that instant financing is resonating with them as we head into the holiday season."
PayBright's solution is currently integrated with the Shopify, Magento, WooCommerce, and Solidus e-commerce platforms, allowing merchants using those platforms to rapidly deploy PayBright as a payment option for customers. PayBright plans to release several additional platform integrations by the end of Q1 2018.