RBC recently launched PayPlan by RBC, a ‘buy now, pay later’ platform that is already gaining traction with retailers and is the first such digital solution to be offered by a Tier 1 bank in Canada.
“PayPlan enables merchants to provide their customers with a simple and convenient way to pay for purchases, over time, while they get paid upfront and RBC takes all the risk,” said Neill Ashe, Senior Director Payments & Commerce at RBC. “This solution offers more options for shoppers to pay for larger items, increasing overall conversions and reducing cart abandonment.”
The pay-over-time solution is something consumers have been requesting, as it helps them confidently make larger purchases on retailer websites by spreading the cost over equal monthly payments, while knowing upfront how much – and when – they will pay.
Edmonton-based Martin Motor Sports offers PayPlan to their customers and says it has been good for business. “We are seeing increased sales on larger priced items and overall increased dollar per cart. By having PayPlan by RBC we are seeing positive trends in our e-commerce business,” said Troy Skinner, Parts Asset Manager at Martin Motor Sports.
Skinner said customers are happy with the solution and Martin Motor Sports has received positive feedback on the option to pay in installments with the flexibility of choosing the repayment schedule that works best for them. He says they also appreciate that PayPlan by RBC is backed by a very trusted Canadian bank, which adds a reassuring element to the purchasing process.
Consumers simply add items to their cart and choose PayPlan by RBC in the checkout flow of any participating retailer. After a quick and simple application process, they can choose the repayment terms and monthly payment amounts, without any hidden fees.
“RBC is focused on building stronger relationships through positive experiences. By offering PayPlan, our merchant partners can translate these positive experiences to their customers” adds Ashe. “After seeing the benefits to business and consumers, retailers are quickly signing up.” For more information, visit rbc.com/payplan.
Find out more about PayPlan on Retail Insider’s podcast interview with RBC’s Neill Ashe.