Pay4Later, the UK-based provider of point of sale credit, is launching a new service for holiday and travel companies following strong demand from firms wanting to offer credit to customers.
The company claims its new service enables firms to offer clients a choice of finance options – including 0% interest – ranging from £275 to £25,000 and over terms of six, nine and 12 months.
Customers can start paying for their holiday as soon as they book it through the Pay4Later service and spread the cost to suit their finances once they return. The company claims applications take less than 10 seconds to complete and all those made via Pay4Later’s platform involve ‘soft’ credit searches, meaning a customer’s credit rating will not be affected.
Borrowers expect to clear the debt on average after four months, the research shows. However 11% of adults paying for holidays on credit say it will take them a year or more to clear the debt.
John Wark, marketing manager at Pay4Later said: “As a nation, we are taking more holidays and trips abroad than ever before. Analysis of government data reveals that we took 60 million trips abroad in 2014, 4% more than in 2013.
“By offering customers credit, travel companies could see a huge increase in sales. Our data shows that retailers who offer credit can see sales rise by up to 40% and order values by 300%.”
Pay4Later will provide travel finance for holiday and travel bookings in-store and online. Holidaymakers will get an instant decision and can sign their credit agreement on screen. The service will be provided through travel companies, allowing them to enhance their service to customers by offering them the ability to pay for holidays and trips and spread the cost.
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