Following a successful three-month pilot of Canada’s first instant financing solution for e-commerce, PayBright has today announced that it is now approving over $5 million per month in credit for consumers shopping online at its e-commerce merchant partners. This makes PayBright the first Canadian fintech company to launch instant consumer financing for e-commerce purchases.
Until now, Canadian retailers and consumers have not had access to a payment method that is becoming common in the U.S., Europe, and other parts of the world. PayBright’s e-commerce solution integrates with merchants’ e-commerce platforms and provides customers with an additional payment option at checkout.
After selecting PayBright as a payment method, customers can finalize their purchases in a matter of seconds. Merchants receive their funds directly from PayBright the next business day with no credit risk. Customers then pay for their purchases in affordable monthly payments over time, with interest rates as low as 0%.
“We’re delighted with the launch of our e-commerce solution, which fills a key gap in the Canadian marketplace. While instant financing for online shopping is available in the U.S. and other countries, Canadian retailers and consumers have not had access to it – until now,” said Wayne Pommen, President & CEO of PayBright. “The results so far have exceeded our expectations and the feedback from merchants and consumers has been very positive.”
“Partnering with PayBright has allowed us to offer our customers another flexible payment method,” said Mike Gettis, CEO of Endy, a leading online mattress retailer.
PayBright’s solution is currently integrated with the Shopify, Magento, WooCommerce, and Solidus e-commerce platforms. To learn more, click here.