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JacoJ

Buy Now Pay Later (PayLater)

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JacoJ    10
JacoJ

We have enabled PayLater for a number of sellers today.

PayLater is a service that will allow qualifying buyers to purchase products on bidorbuy and finance it over 2 to 6 months. The maximum amount a buyer would be able to finance is R8000.

 

There is no risk to sellers as bidorbuy, together with its financial partner, will be taking the financial risk. As soon as a loan application is granted the money will be applied to the applicable order and will be available for withdrawal by the seller. In essence it works very similar to bobPay EFT. There are also no charges to the seller at this pint in time.

 

How does it work?

Buyers:

- When a user purchases items from a PayLater enabled seller, they will notice a PayLater logo below the "Add to Cart" button.

- The buyer can choose to get pre-approved for credit to get a sense of what they would be able to finance. Their is at no cost to the user to do that and you also do not have to buy anything.

- When a user actually purchases an item or if the total order value is more than R500, you will have the option to pay for the order via PayLater. You will be taken through the PayLater loan application process and presented with your choice of repayment terms. Once you are approved (which could vary from instant to 48hours), the amount will be applied against the order.

- If the order total is greater than R8000, you will have the option to pay the difference by making a top-up payment with any of the other payment options offered by the seller.

- Charges include interest, monthly admin fee, loan initiation fee. Currently interest is charged at 19% per annum.

 

Sellers:

- No additional costs for sellers to accept PayLater

- As soon as the payment is allocated to the order, you will be able to ship your product. bidorbuy guarantees the funds as soon as the payment is matched.

- Only certain sellers will be offered the ability to accept PayLater and we will add more sellers over time.

- Payments and top-up payments will be attached to your order just as in the past. You will be notified as soon as a payment is received through PayLater.

 

 

Enjoy playing with the nifty loan repayment calculator. Even if you are not interested in financing products, you will be able to get a sense of your credit rating and whether you would be able to qualify for the full R8000.....just click on apply now and get pre-approved.

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RAG Auctioneers    10
RAG Auctioneers

This is awesome!

Especially for a sellers point of view.

 

Will this work for auctions as well?

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JohnBenn    10
JohnBenn

Thank you for making it clear. Just as long as it's not a mandatory option for all sellers, it's fine.

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JacoJ    10
JacoJ

PayLater will also be offered on auctions where the winning amount is greater then R500. The PayLater option will appear during checkout as one of the seller's payment options. It will only be displayed if the seller is enabled for PayLater and if the seller has enabled the payment option on the payment options panel. Initially we have selected a number of sellers for PayLater and auto enabled the feature for them.

 

Sellers have the ability to turn PayLater off but seeing that it is risk free and does not cost anything it would make no sense to turn it off as this will help increase the chance of someone actually buying and paying for items. The idea is to offer buyers as many payment options as possible so that they do not have to jump through hoops in order to make payments.

 

This week is a soft launch and we will monitor the process in order to understand the user experience and feedback.

Edited by JacoJ
Added some more info

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Rambeo    10
Rambeo

Is there some way of filtering search results for paylater sellers?

Edited by Rambeo
Spelling

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JacoJ    10
JacoJ
Is there some way of filtering search results for paylater sellers?

 

Over the next day or so we will start including PayLater as a payment option to filter on. You will notice some changes to PayLater over the next week as we get user feedback and implement improvements.

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RAG Auctioneers    10
RAG Auctioneers

Very cool.

Cant wait for one of our buyers to try it out.

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JacoJ    10
JacoJ

You will have noticed that we included the PayLater as a filter option in the payments section when doing a search.

We will be adding more sellers to the PayLater sellers group over time and will also be fine-tuning various aspects of the PayLater process flow over the next week or two.

 

If you have any comments on PayLater, we would love to hear them.

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RAG Auctioneers    10
RAG Auctioneers

We sent an email notice to our fan base informing them of this new payment method.

One of them replied and said he had applied and was approved and is going to make use of it on our large auction that is running at the moment.

 

Very keen to see how it works out :-)

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