Payflex Aims To Ease Financial Strain Through Its Buy Now Pay Later Initiative. Payflex is a payment platform that enables shoppers to get what they want now and pay later. Its service is interest and fee-free and shoppers can pay for their goods over 6 weeks. Its mission is to offer consumers the opportunity to shop now and pay later, interest-free. In 2017, it realised that South Africans needed a new way to pay, a payment solution that does not rely on costly credit and is simple to use. A payment revolution that helps consumers get what they want today and pay later over 6-weeks, interest-free. So it looked abroad and brought the best of the Buy-Now Pay-Later (BNPL) payment revolution to South Africa’s shores. The best of Afterpay, Klarna and Zip, localised and improved to meet the needs of South African shoppers.
Paul Behrmann, CEO, and founder of Payflex explains to Venture Burn that utilising the fintech’s innovative platform to purchase items is interest-free. “Traditionally paying via instalments in South Africa has been associated with high-interest charges, as you are penalised for paying for the item over time. But by using Payflex, every purchase you make is interest-free. You’ll know exactly when each of the four interest-free payments are due and there are no hidden costs. It puts you in control of your finances.”
“The hassle-free Payflex option allows you to see exactly how and when you will make your payments. Provided you make your scheduled payments on time, you won’t be paying one cent extra in interest or fees for your purchase,” Behrmann added.
Its technology and services have been built by a passionate bunch of people with deep backgrounds in financial services, payments and technology and with a common goal to deliver a world-class payment solution to shoppers that is superior in all respects to traditional credit-based payment products. Payflex is backed by ZIP, a leading Australian fintech company with over 3.5 million customers across the US, UK, Australia and New Zealand.
It is on a mission to sign-up every eCommerce store in South Africa so that all shoppers everywhere can pay with an interest-free payment plan. What’s good for the customer is also good for the merchant, who will boost their sales by 30% with Payflex. The company has got lots of exciting plans underway. These include the expansion of the pay-later offering to in-store retail, and to other countries in Africa.