Payflex has been innovative in the BNPL space, and starting from 22 July 2024, South African consumers will have the option to split their purchases into three interest-free monthly payments.
Bruce McIntosh, CEO of Payflex, explains: "As the first-to-market BNPL service provider in South Africa, we initially offered a single payment term. However, as the market evolved and customers’ requirements became more complex, we recognised the need to offer additional repayment options to meet their diverse needs. 'Pay in 3' is a direct response to this demand.”
With the introduction of "Pay in 3", Payflex offers three distinct payment options: “Pay Now”, “Pay in 3”, and “Pay in 4,” making it a flexible payment provider.
McIntosh continues: “We are committed to being South Africa’s most flexible payment provider. With this range of choices, customers can select the payment plan that best fits their financial situation, and we look forward to introducing even more payment options in the future.”
Tim van Blerck, head of Product at Payflex, elaborates: "We are proud to be a market leading BNPL provider that offers multiple innovative payment term options. This flexibility empowers our customers to manage their finances more effectively by choosing their preferred payment plan."
This flexibility not only benefits the end-consumer but should also boost sales and average order values for partner merchants and e-commerce sites, as customers are more likely to make purchases when they have tailored repayment options.
Holly Kriel, head of Strategic Projects and Partnerships at Payflex, has been instrumental in ensuring a smooth rollout of this new feature across all partner merchants.
"We have been working closely with our merchant partners to make this integration seamless. ‘Pay in 3’ will be rolled out across all merchants in stages, enabling them to offer their customers the option to pay in 3 which has been a highly requested feature. We encourage customers to keep checking their favourite merchants for when ‘Pay in 3’ will be activated," says Kriel.
