Fly Now Pay Later secures £20m funding partnership
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Fly Now Pay Later, a London based alternative finance provider, has secured a funding partnership with Honeycomb Finance.
Fly Now Pay Later’s service is unique in the travel market and enables consumers to spread the cost of their booking over 2 to 10 monthly instalments, paying a one off transaction fee at the time of booking. Fly Now Pay Later also offers additional consumer protection in the unlikely event of financial failure by a travel provider.
Customers can pay for all aspects of their holiday, such as flights or hotels or a combination, as well as tailored holiday packages.
Fly Now Pay Later has already partnered with leading travel providers including Travelpack, Carlton Leisure and 360 Travel Group.
The service offers travel agents, tour operators, airlines and hotel booking websites an easy to integrate platform to help increase conversion rates, increase sales by as much as 10% and reduce online payment transaction costs significantly. The platform fits into travel operators’ existing booking processes, integrates in minutes and will help customers to more effectively plan their holiday. Additionally, operators receive the full balance of the holiday at the time of booking, and receive commission on every transaction processed, providing a significant cash flow benefit.
The UK travel market is forecast to grow 4% this year to nearly £45 billion and the number of holidays taken by UK consumers to increasing to an estimated 100 million holidays by 2017. This will inevitably increase the demand for innovation in a highly competitive market and the partnership between Fly Now Pay Later and Honeycomb Finance will offer a product that suits both customers and travel operators.
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