Laybuy (ASX:LBY), the leading New Zealand-based Buy Now, Pay Later (BNPL) provider, has today signed an agreement with ecommerce provider EKM, which will enable c.8000 online merchants to offer Laybuy’s six-week repayment method to customers at checkout, without the need for additional integration or software development.
Laybuy will be available as a payment option on the EKM cloud-based ecommerce platform with immediate effect.
By introducing Laybuy’s innovative payment option, EKM-managed merchants will empower their customers to pay for goods in a way that suits them and their preferred budgeting frequency, while removing the risk of a merchant not being paid. Laybuy pays a merchant upfront for goods and manages the collection of six, smaller weekly instalments from the customer, with the first payment taken at the point of purchase.
Benefits of Laybuy for merchants include:
• Opportunity for new sales revenue through increased conversion rates and increases in average transaction values of over 200%
• Access to over 550,000 customers in the UK and Australasia
• Fraud prevention checks
EKM marks the latest addition to Laybuy’s rapidly growing merchant base, which has grown to more than 675 in the UK alone since its launch in the country in February 2019. The collaboration also marks a core milestone in Laybuy UK’s growth story, having launched its Global Partner Programme in September.
Gary Rohloff, co-founder and managing director of Laybuy, said: “Partnering with EKM is not only an important milestone for Laybuy as a growing business, but a point of pride that we can support the many, largely independent, retailers on EKM’s platform. Laybuy is a family-owned business at heart so we understand the impact coronavirus has had on those smaller businesses and start-ups, and how vital it is for them to be able to adapt to suit customers’ changing needs. Equally, we know the financial struggle many consumers have faced over the last year and look forward to working with EKM’s retailers to provide their end customers with more flexibility when purchasing the goods they need, in a way that suits them, with minimal risks to the merchant.”
Mark Gilbertson, Channel Partner Manager at EKM, said: “Introducing Laybuy’s six-weekly instalment option to our merchants will be a real win for them and their customers. The option to choose Laybuy at the checkout of sellers’ websites is launched seamlessly through our cloud-based solution, and immediately provides shoppers with more control over their finances and budgeting, while amplifying a low-risk revenue opportunity for our retailers.”