African credit card-linked instalment platform Float has partnered with online payment solutions provider Peach Payments, to expand payment options for online merchants and consumers.
According to a statement, this enables Peach’s online merchants to integrate Float at check-out, broadening the reach of interest-free monthly instalments to more consumers across SA.
Unlike regular buy-now-pay-later (BNPL) credit options, Float does not issue shoppers with new credit. Instead, Float enables shoppers to pay with their credit card by splitting their purchases over multiple months, interest free with no additional fees, giving them more time to settle their credit card on time.
Peach Payments makes online commerce and digital payment acceptance easier for merchants across Kenya, Mauritius and SA, it says.
The company provides direct settlements in all three countries, as well as aggregated payment services in SA. It works with small and large sellers to provide a toolkit to accept, manage and disburse payments through web and mobile.
Merchants offering Float experience a 134% average increase in basket size, higher conversions, as well as access to premium customers with pre-approved credit card facilities, says the credit card platform.
Alex Forsyth-Thompson, CEO of Float, comments: “Partnering with Peach Payments marks another key milestone for Float, enabling thousands of merchants to boost sales with flexible, card-linked instalment solutions that empower shoppers with responsible payment options.”
Float doesn't have a sign-up, registration, or credit check process. It can be fully configured for merchants in terms of the settlement model, the number of instalments offered to shoppers, and the channel (online, in-store, or via payment link).
Anine de Kock, head of partnerships at Peach Payments, adds: “Peach Payments has seen a rise in popularity of BNPL options, particularly how significantly these options increase conversion rates for merchants.
“Peach Payments offers a range of BNPL payment options, so customers can take full advantage of merchant offerings.”
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