The scheme Buy Now, Pay Later (BNPL) helps consumers to immediately bring the product home with them and schedule repayments for it later. Since BNPL services benefit consumers, it enhances the need for immediate fulfillment, especially with millennials, with a year-on-year rise in numbers projected. It offers a more enjoyable consumer experience regardless of the purchase. After all, more choices are open to consumers as they can now have more options.
Similarly, Toronto-based PayBright, the leading provider of installment payment plans in Canada has announced its collaboration with Lorex offering Canadians flexible buy now, pay later plan. Shoppers can now shop on lorex.com and buy the latest products in equal monthly or biweekly installments with select plans starting at 0 percent interest.
Lorex perceiving the rising demand for BNPL services as Canadians make more use of them to pay for purchases both large and small has committed to offering customer-oriented, flexible, high-quality smart solutions at a pace that works with customers’ budget.
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“When it comes to smart home and business monitoring, we know the importance of providing our customers with options to help them to find a solution that best suits their needs,” says Steve Hong, Vice President of E-Commerce at Lorex. “With this principle in mind, partnering with PayBright was an easy decision. Providing our customers with payment options enables us to offer our customers even more flexibility and makes our products accessible to more Canadian consumers.”
Lorex is joining a growing list of retailers in Canada with PayBright’s now-famous buying service. Currently, over 7,000 domestic and foreign retailers have been selling PayBright’s payment option in four or monthly plans for electronics, home appliances, apparel, and sports goods shopping to customers.
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“Making Lorex’s smart home monitoring products more accessible with our flexible payment plans is what PayBright is all about,” said Wayne Pommen, President and CEO, PayBright. “PayBright is proud to partner with Lorex to ensure more Canadians can pay over time for the cutting-edge security technologies they need right now. We welcome Lorex to our growing Shop Directory of retailers who already see the benefits of offering PayBright to consumers.”
PayBright was the first seamless payment installment solution in Canada to have a single omnichannel interface for e-commerce, in-app, and in-store purchases. In comparison to other payment options, PayBright does not ask customers to apply to the credit card nor does it incur hidden charges, retroactive interest charges, or revolving interest rates. PayBright is fully integrated with major retail partners including Lenovo, The Source, Samsung, and Wayfair. The repayment package of PayBright ranges from four two-week installments to small transactions for up to 60 months, with interest rates as low as 0 percent.
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