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Digital payment solutions provider Paysafe Group Plc (LON:PAYS) has shared that its payolution division has announced the UK launch of its ‘buy now, pay later’ service.
Vienna-based payolution’s entry into this latest market starts with the first UK integration of the company’s instalment payment option for Odlo, the Norwegian-based online sports retailer with stores across the UK and Europe.
payolution’s UK launch represents its latest expansion into a new European market following payolution’s launch in the Netherlands in June.
Performance sportswear retailer Odlo will use payolution’s white-label payments service to process transactions and administration relating to the checkout process. This will all happen in the background, keeping the Odlo brand front and centre for the consumer. payolution handles the transaction process whilst remaining behind the scenes, invisible to the customer. This way, the strong merchant brand remains present during the whole process, and the positive payment experience contributes to customer satisfaction. This can increase the probability of further purchases, and relieve the merchant of administration connected to the checkout process. payolution also checks whether the transaction can be processed, gives an immediate response to the merchant, and removes the risk of default from them.
Commenting on the partnership, Patrick McCabe, Head of Digital at Odlo, said:
The motto of Odlo founder Odd Roar Lofterød Senior was to ‘always make sure you’re a step ahead’. We still live by this and want to offer maximum convenience to our customers when they shop online. As experts for instalment payment solutions, payolution contributes to a smooth payment experience and as such allows the customer make their dream purchase. This applies especially to customers who prefer a quick financing solution with flexible terms. In other words, the customer can enjoy goods straight away and pay later.
According to a 2016 report from Verdict Financials, experts estimate a 10.7% rise in the UK’s online shopping between 2014 and 2018, resulting in a predicted turnover of €237bn in 2018. British consumers shop online for travel (transport and accommodation account for 24.9% of total online turnover) as well as food (14%), and clothing/shoes (11.6%). Only 40% of all online purchases in the UK are paid for by credit card, leaving room for alternative means of payment.
payolution is also available to merchants in Germany, Austria, Switzerland and the Netherlands and can deliver goods to the UK for local shoppers requesting innovative payment methods.
Bernhard Linemayr, CEO of payolution, commented:
Pushing into new markets is a key part of our growth strategy and given the appetite of UK consumers and merchants for alternative payment methods that offer more choice, now is the right time for us to enter the UK. Our ‘instalment’ solution is ideal for higher-priced goods or bigger orders. Using a ‘buy now, pay later’ solution, consumers enjoy the advantages of paying in instalments without having to pay interest and checking out before triggering a payment. That’s why merchants which offer instalments with payolution can now reach completely new target groups.”