PayBright and Lightspeed share a passion to make their online retailer partners more successful by creating an outstanding purchase experience for shoppers, said Wayne Pommen, President and CEO of PayBright. Through our integration with Lightspeed, their retail partners can now enable PayBright's installment payment offering in their e-commerce stores with the click of a button.
PayBright has partnered with over 4,300 domestic and international merchants, allowing them to offer installment payment plans to their Canadian consumers in a quick and easy experience. E-commerce merchants that partner with PayBright are seeing growth in customer traffic, increases in checkout conversion of 10-25%, and average order values that are as much as 100% higher than orders that do not benefit from financing. Overall, offering installment payments drives significantly higher revenue per visitor.
PayBright was the first installment payment solution for e-commerce sales in Canada, and is partnered with leading merchants including Wayfair, Samsung, Casper, Endy, Steve Madden and Peloton. PayBright also offers installment payments in-store, providing a unified omnichannel experience.
As we've grown our platform, we recognized the need for retailers to have a seamless way of offering flexible payment options to customers in Canada, explained Peter Dougherty, Director of Partnerships at Lightspeed. By activating PayBright's pay-later e-commerce app on the Lightspeed platform, retailers can now easily offer PayBright's installment payment plans to customers.
PayBright's integration with Lightspeed adds to its existing support of e-commerce platforms including Shopify, Magento, SAP Hybris, Salesforce Commerce Cloud, IBM Websphere, BigCommerce, and WooCommerce. Merchants using these platforms can easily deploy PayBright as a payment option for customers.
PayBright 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 installment payment options, PayBright does not require consumers to sign up for a credit card, and does not charge hidden fees or punitive interest rates.