PayGate Plus merchants get instant access to online credit payments with Mobicred
As shoppers continue to embrace e-commerce, payment specialist, DPO South Africa, has announced the addition of a digital credit payment option, Mobicred, to its PayGate Plus fully managed payment solution. The move gives all PayGate Plus merchants access to this popular credit offering.
Mobicred is a credit facility that allows consumers to safely shop online with participating retailers. Mobicred accounts allow online shoppers to make one single monthly payment for all their purchases with a revolving credit limit.
The solution is already available at many of the most popular digital retailers including Game, Superbalist, Wellness Warehouse, BidorBuy, and many others.
“The addition of Mobicred ensures merchants signed up for PayGate Plus will have access to all the most relevant payment options. Allowing customers payment choice cuts down on cart abandonment and boosts sales. With e-commerce fast becoming the preferred shopping method for many in South Africa, giving customers a credit option will further increase revenue for our merchants,” says Brendon Williamson, chief sales officer at DPO South Africa.
Since lockdown, Mobicred has seen an increase in applications and believes the digital commerce landscape will continue to evolve and grow over the coming months.
“The e-commerce industry was already growing quickly but the lockdown has certainly accelerated this. Consumers are now looking to purchase more products online than ever before, so an online facility really works for them. Until now, most Mobicred customers were in the LSM seven to nine brackets and were mostly in the millennial bracket. Over the past two months, our customer profile has expanded, especially as first-time online shoppers enter the market,” says Jason Sive, CEO of Mobicred.
According to Sive, Mobicred can help drive sales for merchants offering the credit payment option.
“The Mobicred offering has the same appeal as when brick and mortar retailers offer a ‘buy now, pay later’ option. Buying on credit will increase the average transaction size as well as the frequency of spend. We have also seen that displaying the monthly installment price at a product level results in increased customer conversions on larger ticket items.”
The Mobicred offering will be included for all PayGate Plus Merchants, meaning thousands of more consumers will be able to access a credit facility when shopping online.
“PayGate is constantly assessing new payment offerings. It's more than just about giving customers a better choice. We have seen that customers will sometimes select a retailer based on whether or not they accept certain payment options. We are excited about the new payment offering and we know our merchants will benefit from tapping into the significant spending power of the Mobicred customer base,” Williamson concludes.