The ‘buy now, pay monthly’ service allows valU customers in Egypt to access 3-60 months installment options for online purchases. PayFort’s seamless integration with merchant sites allows customers to checkout with just two clicks. To date, this simple process has helped merchants in the region increase payment success rates by 12%, overall sales by 8-10%, while decreasing the number of abandoned online shopping carts by up to 10%.
Catering to both banked and unbanked customers, valU’s ‘buy now, pay monthly’ service gives buyers the flexibility to make larger purchases more frequently online, increasing their purchasing power and allowing them to take advantage of favorable pricing when they see it. Meanwhile, the process lets ecommerce merchants collect 100% of their sale at the time of purchase, ensuring good cash flow for Egyptian businesses. By breaking down barriers to consumer purchases, the ‘buy now, pay monthly’ service also opens up new opportunities for merchants to build a larger customer base and could play a role in helping increase Egyptian consumer spending power overall.
Launched by EFG Hermes in 2017, valU allows Egyptian customers to purchase a wide range of products and services from over 2,500 merchants via a mobile app. valU customers receive instant credit decisions once they deliver the required documents to valU, while unbanked customers receive feedback within 24-48 hours.
PayFort’s payment network is built using fraud prevention tools, all while providing flexibility in offering online payments. In addition to providing security, PayFort removes much of the hassle of e-payment implementation for merchants, while giving them full control of the backend.
