THE company’s CEO Andrea Slark revealed to travelBulletin that as opposed to competitors on the market, TravelPay Later offers a much lower financial buy-in with much lower risk to advisors.
The claim is able to be made thanks to a supporting agreement with Latitude Financial Services, which effectively absorbs the risk in the event of a client not paying the full amount.
“There’s no credit risk on the agent at all [with TravelPay Later], because years ago there used to be a credit risk on the agent but with us you don’t have that,” Slark said.
“Other ‘Afterpay models’ may also put a charge on the agent and when agencies are earning so little commissions these days, it’s not in them to pay,” she added.
The delayed payment service works by offering travel agents a branded portal which they can use to send payment invoices out to clients, which customers can then access through a special TravelPay Later link, which sits alongside traditional payment methods such as credit cards.
The request is then sent to Latitude for approval in only a matter of minutes.
Clients can then pay back the sum owing on travel expenditure in six or 12 equal instalments, with a $8.95 account keeping fee paid by the traveller.
Buy now, pay later models are becoming increasingly popular in the market, and according to external studies are proven to increase sales conversions by 25% and lift the value of the average sale by 30-50%.
Call TravelPay on 02 9556 7580 to find out more details.