The entry into UK market starts with the first UK integration of the company’s instalment payment option for Odlo, an online sports retailer with stores across the UK and Europe.
payolution is part of global payments provider Paysafe Group and the UK launch represents its latest expansion into a new European market following payolution’s launch in the Netherlands in June 2016.
Performance sportswear retailer Odlo will use payolution’s white-label payments service to process transactions and administration relating to the checkout process. This will all happen in the background, keeping the Odlo brand front and centre for the consumer.
payolution handles the transaction process whilst remaining behind the scenes, invisible to the customer. This way, the merchant brand remains present during the whole process. payolution also checks whether the transaction can be processed, gives an immediate response to the merchant, and removes the risk of default from them.
According to a 2016 report from Verdict Financials, experts estimate a 10.7% rise in the UK’s online shopping between 2014 and 2018, resulting in a predicted turnover of EUR 237 billion in 2018. UK consumers shop online for travel (transport and accommodation account for 24.9% of total online turnover) as well as food (14%), and clothing/shoes (11.6%). Only 40% of all online purchases in the UK are paid for by credit card, leaving room for alternative means of payment.
payolution is also available to merchants in Germany, Austria, Switzerland and the Netherlands and can deliver goods to the UK for local shoppers requesting innovative payment methods.
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