Fly Now Pay Later is an alternative payments provider developed exclusively for the travel sector. We enable customers to spread the cost of a trip over up to 12 monthly instalments by partnering with leading travel merchants or directly to consumers through our 'Anywhere' app.
How the payment method works
There are different ways to use Fly Now Pay Later:
Download the app: Downloading the app, you will have access to the virtual credit card with your credit limit to be added to any Travel Brand of your choice.
With our partners:
Online: Select Fly Now Pay Later as your payment method when checking out at any one of our merchant’s websites.
Via the phone in-store: Contact any one of our merchant’s via phone or in-store and ask to pay using Fly Now Pay Later.
What are the main payment solutions that Fly Now Pay Later offers?
Travellers can spread the cost of their trip over 1-12 months.
SLICE IT
This interest-free (0% APR) option allows customers to split their purchase into 2,3, or 4 equal monthly payments.
INTEREST BEARING
If customers want to pay over a longer period, Fly Now Pay Later lets customers spread the cost over 2 to 12 months with a low deposit and interest billed monthly.
The beauty of using the Fly Now Pay Later app is that you can pay off the cost of your trip even after you've returned.
What does it cost?
Fly Now Pay Later offer travel loans ranging from USD 100 to USD 3000, depending on your credit profile and travel plans.
No gimmicks or hidden fees - the total you see at checkout is always what you’ll actually pay.
Free early repayment - You can repay early with no extra charges
Target market
Travel
E-booking
Airlines, cruise lines, travel agencies, and tour operators
Contact details
https://flynowpaylater.com/gb/contact-us/ or support@flynowpaylater.com
Operational area
UK, Europe, and US
Year founded
2015
Investors
Revenio Capital, BCI finance, Shawbrook bank, Taurus Wealth
License type
UK Licensed Lending Vehicle (Pay Later Financial Services Limited)
UK Licensed Credit Intermediary (Fly Now Pay Later Limited)
Fronting bank partnership with Cross River Bank (FDIC)
Reach
More information available upon request
Acceptance
Strategic partnerships with industry leading travel brands such as Lastminute.com, Kayak.com, TravelUp, Malaysian Airlines, Southall Travel, Sri Lankan Airlines, Singaporean Airlines, and many more
Market share
3 billion of addressable travel bookings translating to 15+ millions of originations p/m
Implementation requirements (non technical)
Checkout's product is implemented in the merchant's checkout page - in a very high level context the only non technical requirement is having a checkout/payment gateaway page for the merchant.
Company motto
Our mission is to harness financial technology and make travel accessible and affordable for every consumer around the world.
Payment type
Debit card
Yes
Direct debit
Buy Now, Pay Later/Instalments/Pay by invoice
Buy Now, Pay Later
Channels
Online
POS/In-store
No
Omnichannel
Services
Settlement currencies
GBP,USD, EUR
Processing currencies
Currency available for customers
Implementation requirements
The solutions clients can choose from are the widget and the API. The widget is rendered using an SDK which includes a JavaScript Library. The widget itself uses our backend API to run the experience and to get the dispersal token that will be used for fund settlement. This solution is very easy to integrate by the clients as it is already developed by FNPL which makes it the cost and time saving option.
The API solution is the one that provides more flexibility to the clients in terms of customisation and front-end design. As the solution needs to be developed from scratch by the client. it makes it a more costly solution and the implementation timeline is usually longer compared to the first option. Our APIs are dynamic but there are 3 fixed elements that must be separate and do not overstep each other: pre-credit check, pre-contract signature and post-contract signature.
Chargeback/Buyer protection
Fly Now Pay Later reserve the right to cancel a customer’s travel arrangements with the travel provider when the customer is in default under the agreement. This right is expressed in the Credit Agreement, SECCI, and PCE documents provided to the customer on the day of application.
Automated and instant refund
Fly Now Pay Later can also attempt to recover funds from travel providers in the case of arrears or cancellations.
Any funds recovered will be applied against the account, against the oldest outstanding balance paid first.
Any remaining balances will continue to be collected through the collections and recovery process.
Categories include:
Travel Provider Partial Refunds
Travel Vouchers / Refund Credit Note sent to the customer directly
Travel Date changes
Covid Cancellations
Customers who had a cancellation due to COVID-19 are eligible for a full refund, including airline or travel company cancellations.
Customers cancelling or rebooking due to quarantine measures - the loan is still owed by the customer and full refunds are not guaranteed.
Information and decisions gathered through these processes are required to be recorded. Information should be limited to that which is necessary and proportionate for the customer situation, treatment and evidencing requirements.
Reconciliation
Fraud prevention (measures)/Risk management
FNPL has a legal, moral, and social responsibility to its customers to deter and detect those who would seek to use Fly Now Pay Later and its related services to facilitate the movement of criminal funds, and funds designed to finance terrorism. This motto is protected by internal company policies such as Anti Bribery & Corruption Policy, Anti-Money Laundering Policy, Appointed Representative Handbook, Company Wide Treating Customer Fairly Policy, Vulnerability Policy.
Pricing/Fees structure
0% APR option as well as flexible payment plans
Future developments
Operating in multiple European markets
Technology
Integration technology
Integration support
support@flynowpaylater.com
Transaction volume
Number of transactions (per year)
Transactions value