PayBright Expands its E-Commerce Financing Solution in Canada

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By Mario Toneguzzi

Canadian fintech lender PayBright’s instant e-commerce financing solution is now available to more merchants and consumers.

Recently, the Toronto-based company announced its financing solution has expanded to e-commerce merchants operating the IBM Websphere Commerce and Salesforce Commerce Cloud platforms.

PayBright was the first company to launch instant consumer financing for e-commerce purchases in Canada in 2017. “Until then, Canadian retailers and consumers did not have access to a payment method that is becoming common in the U.S., Europe, and other parts of the world,” said Wayne Pommen, President & CEO of PayBright.

He said PayBright's e-commerce solution integrates with merchants’ e-commerce platforms and provides Canadian 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 installments over time, with interest rates as low as zero per cent.

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“PayBright is now fully integrated with a number of e-commerce platforms, such as Shopify, Magento, WooCommerce, Solidus, Salesforce Commerce Cloud, IBM Websphere Commerce and SAP Hybris. Merchants using any of these platforms can rapidly deploy PayBright as a payment option for customers. We are also developing additional platform integrations in 2018.”

“We do it about as quickly and easily as you will find anywhere through an instant approval and paperless process. In addition to providing in-store financing, we’re the only company in Canada that’s offering financing for e-commerce transactions in a significant way. Until recently, Canadians were not able to be instantly approved for an installment loan if they were buying something online. E-commerce is the fastest-growing retail channel in Canada and our installment payment solution for online checkout fills a key gap in the Canadian marketplace. We are seeing adoption by small and large merchants in a number of categories,” said Pommen.

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“The uptake of PayBright's offering by our retail partners’ customers shows that instant financing is resonating with Canadian shoppers as well. Our e-commerce merchant partners are seeing growth in customer traffic, increases in checkout conversion of 10-25 per cent, and average order values that are as much as 80 per cent higher than orders that do not benefit from financing. Overall, offering installment payments drives significantly higher revenue per visitor.”

The company was founded in 2009 in the healthcare space. About 18 months ago, the new brand – PayBright – was launched in the retail space.

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PayBright says it has approved over $300 million in consumer credit since inception and is funded by major Canadian financial institutions including iA Financial Group and CWB Financial Group. It is also partnered with more than 3,000 merchants in 10 Canadian provinces.

PayBright says it provides consumers with virtual credit accounts they can use to make purchases at participating merchants. Each purchase is paid for with a straightforward, easy-to-understand installment payment plan. Unlike other financing options, PayBright does not require consumers to sign up for a credit card and does not charge hidden fees or punitive interest rates, it adds.

“Customers really benefit when they are making a larger purchase and can break the cost down into monthly payments. We will instantly approve a customer for as much as $15,000. They can then use this approval for multiple purchases over time. And as they make repayments on their purchases, they free up their credit to be used again,” said Pommen. “It’s a win for the customer and a win for the retailer as well.”

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Mario Toneguzzi, based in Calgary has 37 years of experience as a daily newspaper writer, columnist and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, city and breaking news, and business. For 12 years as a business writer, his main beats were commercial and residential real estate, retail, small business and general economic news. He nows works on his own as a freelance writer and consultant in communications and media relations/training. Email: mdtoneguzzi@gmail.com

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Mario Toneguzzi

Mario Toneguzzi, based in Calgary has 37 years of experience as a daily newspaper writer, columnist and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, city and breaking news, and business. For 12 years as a business writer, his main beats were commercial and residential real estate, retail, small business and general economic news. He nows works on his own as a freelance writer and consultant in communications and media relations/training. Email: mdtoneguzzi@gmail.com.