We’re continuously developing the Rocketspark platform to help clients be more successful online and we’re excited to tell you about a new feature we’ve just launched for our New Zealand based ecommerce customers.
Update November 2018: Laybuy is now available to merchants in Australia and the United Kingdom as well as New Zealand.
Connect your ecommerce website with Laybuy
Laybuy is a new service which shakes up the traditional layby purchasing model. Unlike a traditional layby purchase (where you set an item aside and you keep track in a notebook or spreadsheet) your customer takes delivery of the goods upfront and pays for their purchase in 6 equal payments interest free. Laybuy guarantees to pay you for the whole purchase less their service fee within 48 hours and Laybuy takes on the credit and fraud risk.
Laybuy sits as an option alongside traditional card and bank deposit payment methods in your ecommerce checkout and provides your clients with a convenient payment option.
Why would you consider Laybuy?
The increase in sales seen by many retailers makes Laybuy a compelling payment option. Laybuy’s clients have seen average order values, conversion rates and new customer acquisitions increase by an average of 30%.
Laybuy is also a nice service that you can offer to clients by providing the convenience of interest free terms and a simple payment plan.
The other key benefits are:
- You still get the payment on Day 1, which improves your cash flow
- You don't have to store already allocated stock like traditional layby
- No administrative time and cost to manage your laybys manually
- You’ll be listed on Laybuy’s marketplace
- Laybuy pays any merchant service fees to Visa and Mastercard for all of the transactions
For a small increase over your typical card payment fee you are able to provide an interest free offering that has the potential to significantly increase your sales while saving administrative time and cost.
A great benefit of Laybuy is that you’ll be listed on the Laybuy Marketplace which will increase your exposure and provide a valuable link to your website. www.laybuy.com is currently receiving over 1.5 million visits per month!
Laybuy is growing really fast with 1,400 retailers on board and over 115,000 customer signups already. We’re confident that awareness of Laybuy’s service will continue to grow rapidly and you will benefit from being listed as a Laybuy merchant.
Is it good for your customers?
As with any credit service there is always a risk that people will spend beyond their means. A credit check is conducted when customers sign up to Laybuy to help ensure that the customer has the means to pay for their purchase.
To reduce the temptation to spend irresponsibly Laybuy don’t provide their service for the purchase of food or alcohol.
Laybuy’s terms are very clear and simple. If the payment is not made before the due date and the automatic payment fails, Laybuy provide a further 24 hours to pay. Failing to meet this, the customer will incur a late payment fee of $10 and a further $10 late fee if the payment is not made within 7 days but Laybuy do provide discretion in some instances and you can learn more at their support centre.
What is the Laybuy process for your customers?
- Your customer browses your online shop in the usual way and sees a Pay by LayBuy Icon on your shop product pages
- Your customer chooses to purchase a product and selects “Pay by Laybuy” at checkout and they pay for their first installment up front (for purchases up to $1,200 initially).
- You ship the goods to your customer
- Your customer will pay for the rest of their purchase in 5 more instalments
What is the Laybuy process for online merchants with Rocketspark
It is very easy to connect your Rocketspark ecommerce with Laybuy.
- Sign up to become a Laybuy merchant
- Laybuy will provide you with your Laybuy Merchant ID and API key
- Log into your website dashboard and connect your Laybuy account with your Rocketspark ecommerce
- Your customer chooses to purchase a product and selects “Pay by Laybuy” at checkout
- Laybuy will pay you the full amount of the purchase within 48 hours less their commission of 4.75% of the total purchase price - there are no further payment costs for your business
- You ship the goods to your customer. That’s all. Your customer will pay for the rest of their purchase in 5 more instalments.
Further reading about Laybuy
- Visit www.laybuy.com to learn more about the service
- See our support for how to connect your Rocketspark ecommerce with Laybuy