Singapore-based hoolah extended Buy Now Pay Later to an in-store solution that offers consumers the option of completing their purchases in three separate 0% interest monthly payments.
This solution helps merchants solve some of their biggest challenges around driving conversion and basket size as well as encouraging new customers to visit and return. This is achieved by reducing the impact of price for consumers by splitting the payment into three, at no added cost.
Observing a gap across Asia, hoolah was first launched in 2018 as a Buy Now Pay Later solution for online e-commerce platforms.
As physical stores begin to operate in full force once again, and local consumers gradually become more accustomed heading out of home, hoolah’s latest in-store solution acts as a push to kickstart the sector even further, in hopes of returning all retailers to pre-pandemic numbers and beyond.
According to Singapore’s Department of Statistics, retail sales in the country fell a record 52% in May this year, and analysts continue to foresee a slow recovery for the industry for the rest of 2020, as international travel restrictions remain.
Since the Buy Now Pay Later solution is fully digital, there is no installation required, hoolah said that stores can implement it almost immediately after signing up. Onboarded businesses will receive a visit from hoolah’s merchant operations team for a detailed training session to ensure staff members are well versed on the solution and how it positively impacts their store.
In addition, hoolah pays partner merchants upfront for any purchased product, and takes on all risk so that merchants are not liable and their cash flow is not impacted. They merchants would have to invest in a one-time transaction fee for every customer order made through hoolah.
To purchase an item at the store, consumers are required to scan the QR code of the outlet at the payment counter using the hoolah mobile app. They then enter the total order amount, which will be divided into three monthly payments and automatically deducted from either their debit or credit card, from any bank.
Through the app, users can also have a full overview of all types of orders and payments made, including the merchants they have purchased from, while also browsing and discovering more of hoolah’s partner merchants. Should they wish to make early repayment, they are also able to do so with the tap of a button, at no additional cost.
“During these challenging economic times, it is not only important for retail to digitise and progress into e-commerce as the world enters a new normal, but, in fact, is even more critical to innovate around traditional practices, in order to help all businesses survive. With hoolah’s new physical in-store solution, we aim to be at the forefront of driving the economy’s recovery.”
said Stuart Thornton, CEO and Co-Founder of hoolah.
In January this year, hoolah raised an eight-figure sum for their Series A funding, led by investment firm Allectus Capital, and are now actively raising funding for their Series B round.
The company is also looking to introduce its physical retail store solution in Malaysia in the coming weeks, while expanding to Hong Kong and Thailand later this year.