Payfast an online payments solutions has partnered with Tymebank, the South African newly established digital bank to announce the addition of a Buy Now Pay Later (BNPL) payment option to PayFast with MoreTyme by TymeBank.
Both entities reports, with this launch, businesses using PayFast as their payment gateway now have the ability to let their customers pay for their purchases in 3 interest-free payments over 2 months. As a merchant, you get paid upfront and in full while your customers have their orders fulfilled immediately. It’s a win-win for businesses and consumers alike.
What is MoreTyme and how does the Buy Now Pay Later payment option work?
MoreTyme is a flexible Buy Now Pay Later payment feature from TymeBank that allows online shoppers to pay 50% of their purchase upfront and pay off the rest in two equal payments of 25% in 30 days and 60 days, as shown below.
To make a payment with MoreTyme, when the online shopper checks out they simply select MoreTyme on the PayFast payment page and scan the QR code with their TymeBank app on their smartphone. Upon purchase, they pay 50% of the item’s price upfront and then pay off the rest to TymeBank in two equal payments over two months.
Offering MoreTyme as a payment method can increase conversions and boost sales by attracting customers who want to make big purchases but who don’t want to pay high-interest credit card fees.
How can you offer MoreTyme as a payment method?
To offer MoreTyme as a payment method on your online store, all you need to do is log in to your PayFast account, enable MoreTyme as a payment method and go through a quick application process. Once the process is complete, MoreTyme will automatically appear as a payment method alongside your other enabled payment methods on the secure PayFast payment page when your customers checkout on your online store.
An added benefit of enabling MoreTyme as a payment method is that your online store will be listed on the TymeBank mobile marketplace. This is a great opportunity to reach new customers who have a TymeBank account.
In the near future, you’ll also be able to integrate a MoreTyme widget on each of your product pages so that online shoppers know exactly how much they will be charged upfront and for the next two payments.
Both PayFast and TymeBank Talks about their Partnership
Peter Harvey, Managing Director at DPO South Africa, and Director of PayFast said, “the pandemic has brought about a paradigm shift in South Africa’s digital payments landscape, and accelerated the buy now, pay later trend among online shoppers. By taking into account the reality of customer spending habits and budgets, our partnership with TymeBank offers an opportunity for merchants to increase their conversion rate, attract new customers and stay competitive.”
With the MoreTyme feature, businesses using PayFast as their payment gateway can let customers pay for their purchases, interest free, in three payments over two months. At checkout, shoppers can select the MoreTyme option and scan the QR code with their TymeBank app on their smartphone. Upon purchase, they pay 50% of the item’s price upfront and then pay off the rest to TymeBank, in two equal payments over the next two months.
The buy now, pay later payment method attracts customers who have been looking to buy, but who don’t have the immediate funds; “This online payment option is ideal for younger audiences who are comfortable with shopping digitally, but who don’t yet have the earning power and credit history to qualify for a credit card. It also appeals to millennials who are looking to replace credit cards to avoid paying high-interest rates and fees,” says Harvey.
Tauriq Keraan, CEO at TymeBank said, “for businesses, buy now, pay later offers an opportunity to build strong customer relationships; “With the ecommerce boom, consumers have become accustomed to convenient, personalised shopping experiences – including how and when they pay. Part of gaining consumer trust is allowing for flexibility and giving customers the power to choose an option that works best for them”.
The buy now, pay later market is set to grow at a steady pace over the next few years, as consumer trust in the security of online payments grows; “Our data shows the average transaction of a buy now, pay later customer is significantly higher in value than an immediate payment. This highlights consumer appetite for this payment structure, available with our MoreTyme product. Businesses need to anticipate consumer demand, and ensure that they can offer a seamless payment experience,” says Keraan.