So can Z1P:Zip-a-Dee-Doo-Dah, Zip-a-Dee-ayMerchants that already accept Visa can offer QuadPay at the physical point-of-sale instantly and at scale, without needing to write a single line of code or modify their POS systems. Its online virtual checkout technology enables eCommerce websites to add QuadPay in a few lines of front-end code without requiring any API integrations or modifications to financial settlement, reconciliation or refunds processes. So, whether merchants are online-only, have one store, or one thousand, they can deploy QuadPay and see results quicker than with any other BNPL solution.
QuadPay merchants are experiencing an uplift of up to 25% in conversion rates and between 20% and 60% lift in average order value almost overnight. Forty percent of consumers say they are more likely tocomplete a transaction if BNPL is offered at checkout.
What the directors of Zip Co have managed to put together is a deal that fulfills their Holy Grail ambitions, plus the potential to bank $200m in expansion capital at a 50 per cent premium to their pre deal share price.
On top of this they have acquired some IP, which takes a new offering to their target demographic, with something which no one else in this sector can currently do.
This little bit of IP, tucked away in their announcement, allows any merchant in the world (online or off line) to become part of their network, without even knowing it or needing to be directly signed up.
The clever founders of the company thatZ1Pare acquiring, have created a system that allows its 1.5 million millennium customers to pay for anything they choose on a four-week interest free payment plan, at any shop they happen to choose.
They are able to do this as they are the pioneers behind something called a Virtual Credit Card (VCC) and this bit of technology allows for its customers to choose at the time of checkout a direct and normal payment or a four-week interest free payment schedule.
Each customer has a pre-worked out spending limit, so when they do pay for something, the Virtual Credit Card seamlessly comes into play.
The credit card details swapped between the buyer and seller are electronically created on the fly and last for only three seconds.
This little step is how aZ1Pclient can get to choose their preferred option and then tap and pay in the normal way. If the customer chooses to pay in a normal way, then the Virtual Credit Card is directed to debit their normal bank account/credit/debit card.
However, if they choose to pay over four-weeks, then the payment is debited out of theZ1Paccount and nothing is physically debited out of their traditional bank account/credit/debit card.
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