Ecommpay has partnered with online fintech humm to improve its credit strategy.
To address the need for flexible online finance solutions that exceed the current BNPL offerings, the alliance is key to travel and high-volume retail sectors, complementing Ecommpay’s credit services.
BNPL for the higher-value goods sector
BNPL has become a popular credit tool for low-value spend for up to GBP 500. Yet, online retailers in the higher value spend sectors like travel, furniture, jewellery, sporting equipment, and more, have limited options available, which impacts sales conversion. The partnership aims to tackle this issue by enabling UK and Ireland merchants that use Ecommpay as their payment service provider to offer online finance for goods and services up to GP 3,000 through humm.
Users will benefit from a potential uplift in conversions and the value of sales, and improved cash flow, as merchants will receive the full purchase amount upfront. Humm also offers longer instalment periods, being ideal for brands looking to deliver a responsible and easily manageable credit product.
Ecommpay aims to seize the market opportunity to offer the flexibility of BNPL in the higher-value goods sector, enabling businesses to help their customers spread the cost of their purchase while boosting checkout conversions and customer satisfaction. humm chose Ecommpay for the synergies between its credit strategy and humm’s own financial service.
On average, retailers failing to offer BNPL services risk losing sales at checkout, according to an Ecommpay research conducted in 2023, which concluded that 45.2% of merchants offering BNPL saw turnover increase. The research also found that 33.2% of British shoppers would remove items from their baskets if BNPL was not offered at the point of payment.
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