According to the press release, the partnership allows customers to pay over four interest-free instalments, supporting merchants seeking to expand their turnover as the UK’s economic recovery accelerates. Deko currently works with thousands of merchants across the UK, and since its inception has processed over GBP 3 billion worth of credit applications. Through the partnership, Deko customers will be able to access Zip’s BNPL service as well as the wider Deko product suite.
Moreover, the firm’s existing suite of products enables merchants to offer customers a range of finance options – all integrated into the merchant’s own website checkout. In contrast to the single finance providers, Deko’s multi-lender platform utilises multiple lenders to deliver the right credit product for each merchant and customer. This enables customers to receive a finance decision that is most appropriate for their needs within seconds, and importantly for merchants, boosts their sales.
Furthermore, the partnership with Zip will allow more merchants to participate in the growing BNPL sector. Globally, more than 6.4 million people choose to pay with Zip online and in-store. Zip, founded in Sydney in 2013, processes USD 7.5 billion in payments every year and partners with merchants across a range of sectors – from homeware and entertainment to fashion, sport, health & beauty, groceries and travel.
Overall, this continued expansion by Deko is in response to the growing need for a range of finance solutions to support both consumers and merchants.
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