Fintech Payflex increases SA online shoppers by 4000% in one year
Fintech start-up Payflex announced that its partial payment platform grew from a customer base of 2,000 to 85,000 in 12 months, and its customer base grew from 70 merchants in 2019 to more than 750 active stores this year.
The company also said that online merchants in South Africa who offer a BNPL (Buy Now Pay Later) payment option are getting up to 30% higher average order values from their customers, more purchases. significant increases in revenue through more sales conversions.
Payflex was launched to provide consumers with the ability to shop now and pay later, without interest.
Payflex’s BNPL model allows customers to shop in over 700 well-known online stores. The payments were divided into four interest-free installments. The assessment is done in seconds and customers only pay a fee if they miss a scheduled payment. Payflex accepts all Visa, Mastercard or American Express cards (debit, credit or check).
Jarred Deacon, head of growth for Payflex, said the company has seen a more than 12% increase in the number of new merchants on its platform this year. “The growth of our business, during a pandemic, reflects the adoption and expansion of e-commerce.
“With a BNPL payment option, customers tend to convert faster, and since they only pay a quarter of their purchase right away, they tend to buy more and load their cart. Merchants get paid in full for all next business day purchases, increasing cash flow and reducing the risk of fraud and chargebacks. It’s obvious, ”Deacon explained.
According to the company, there were around two million online shoppers in South Africa and Payflex has more than 80,000 registered on its platform. “BNPL payment options do not affect clients’ disposable income and free up cash flow over six weeks.”
The company said that merchants who offer the Payflex BNPL option pay no setup fees. The low transaction fees on successful orders are tailored by company after consultation with the Payflex integration team.
“Payflex’s online digital mall allows customers to search different categories and stores that allow them to buy now and pay later. In Australia, BNPL providers are second after Google as the main generators for their merchant partners, ”he said.
“A leading technology retailer in South Africa that offers Payflex has confirmed that Payflex generates the highest number of referral leads, indicating that Payflex follows BNPL global trends,” said Deacon.
KaryKase eCommerce Director Charlton Maseko said that with the increase in traffic attributed to the Payflex online store directory, the company has made Payflex its exclusive payment method for processing card payments.
4Akid.co.za, Owner Ally Cohen said Payflex is a game changer for e-commerce stores. “The basket order size is larger because customers know they can refund the order.”
ONLINE BUSINESS REPORT