Laybuy promised Afterpay a run for its money by offering Aussie retailers access to 500,000 Kiwi shoppers, after its official launch in the Australian market.
Gary Rohloff and his 23-year-old son Alex Rohloff, founded Laybuy in 2016.
With Harvey Norman-affiliated Latitude Pay launching last week and Swedish provider Klarna expanding Down Under last month, BNPL platform Laybuy is the latest provider boasting better deals for Australian merchants.
Laybuy has already signed up more than 1,200 retailers Down Under, including Ally Fashion, Senso and Glassons, after successfully pitching itself as ‘built by retailers, for retailers’.
Gary Rohloff told SmartCompany, “this feature allows retailers to sell to the global Laybuy customer base. It means retailers don’t need a separate bank account or international website URL. Laybuy handles all foreign exchange fees on a retailer’s behalf.”
After hearing another Buy Now Pay Later provider is available, business owners want to know if it will save them money. However, Laybuy doesn’t disclose its fees on its website, instead encouraging business owners to reach out for a quote.
Rohloff said, “We are generally cheaper than the other providers … we don’t add any additional transaction fees for merchants. We don’t want to be putting young people into a place where they have an unsustainable debt position.”
Compared to Afterpay, Laybuy customers pay for purchases with 6 interest-free payments on a weekly repayment schedule and if ever they miss a payment, they will be charged a $10 late fee and have their account suspended.
Source: Smart Company
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