Latitudepay is a buy now pay later shopping loan payable in 10 weekly repayments at zero interest. LP so far has the most number of installments in a shopping loan service compared to the majority of Australian payment plans offered today.
The plan is simple with no hidden or service fees. 10 installments reduce the total into lighter and convenient weekly payments most people can easily afford. Most BNPL loan companies are offered within a few payments only. But this also means bigger installments.
Latitudepay: Easy setup and checkout in minutes
Latitude makes it easy and accessible to get their services. You can sign up online ahead of shopping, or choose it as a payment option at the checkout lane from participating in-store physical or online shops. This will also lead you to a sign-up at their website if you don’t have an account yet.
The basic requirements are:
- Open to all 18 years of age and up
- Has a major ID or any identification (such as an Australian Driver’s Licence or Passport)
- Has a Visa and Mastercard credit/debit card
Confirmation and approval will only take 10 minutes. Once done, you have a $1000 maximum credit, and you’re now ready to shop for needs and wants with flexible and lower installment plans. You just pay 10% or more upfront depending on what you can afford at this point. The remaining total will then be divided into 9 weekly installments.
Log in anytime to your Latitudepay account online to check on current totals, the running installments, and other information to keep up with your current plans. Just in case you won’t be able to make the next payments, or suddenly hit hardship, their lines are open for discussion to sort out these issues.
Right now an app would be a welcome key addition to their platform and service. In the meantime, the web-based app remains the central service and dashboard for maintaining your account.
Latitudepay’s financial services
Latitudepay was modeled after Genoapay, an earlier version of a BNPL loan shopping service that was established in New Zealand in 2017. LP is owned by Latitude Financial, which already has a network of 2.6 million customers in Australia and New Zealand. It is an umbrella company that offers loans, credit cards, and insurance services. They already have a proven track record in the world of loans and online/in-store credit shopping.
Latitudepay and other small BNPL companies such as Creditline share a financial connection; The latter uses Latitude Go Mastercard and Latitude Gem Visa, which are under Latitudepay’s main company, Latitude Financial. Its operations though are completely different. Where Creditline offers many specific options, Latitudepay is a more simple and no-frills BNPL loaning plan.
The ten-payment plan system
Although it uses the credit card (also debit card) as the main payment method for your installments, the payment plan is not bound by the credit card’s schedules, fees, and penalties. Your loan is zero-interest throughout. You pay the ten installments on the designated schedule and the set amount.
The initial payment is also light at just 10% of the total. You can easily prepare for your payments. Stick to the rest of the installment plan, and all is good. Installments are set up automatically on your registered card. You will also be notified of upcoming payments on your schedule.
In case of failure to make the next installment, you will be charged a $10 late fee. In between, you can make extra payments off your set loan with no extra fees, allowing you to finish the plan sooner. That’s it – No other fees and interest rates to worry about.
Among the known clients and business partners of Latitudepay are some of the essentials at home, needs for home improvement, computers, mobile phones, devices, and accessories; last-minute gift items, food, health needs, and some important buying needs as well. Latitudepay made sure to keep them at easy reach and accessible directly with Latitudepay’s convenient and affordable loans.
Some of them include Harvey Norman, The Good Guys, Cotton: On, Catch.com.au, Kitchen Warehouse, Bing Lee, Sports Co., AC Store. Pharmacy Online, Forty Winks, Chemist Direct, Australian Skin Clinics, Handy Truck, Naturo Best Online, MDM Australia, United Tools, Simply Wholesale, Rooboost, Cellmate, Life’s A Hamper, Westdale Meats, JPC Mobile Accessories, among many other local retailers.
These companies also have exclusive offers and discounts available exclusively only for Latitudepay users. This adds more savings to different shopping items, while still under the loan terms of 10 easy payments.
Merchants, businesses, retailers: Partner with Latitudepay
Latitudepay is also available for business partnerships. Retailers and stores can apply for a Latitudepay Merchant account which adds an alternate payment option for both online stores and in-store physical shopping. This expands the consumer market of the company or business. LP’s extensive customer base of over a million shoppers is instantly within your network.
Once a loan is initiated you get paid in 2 business days. Your customer gets the items instantly with the added convenience of paying the 10% minimum upfront only and paying off the rest in weekly payments. That’s total convenience that will attract new and returning customers while being ahead of other retailers who don’t offer any alternate payment arrangements with this kind of convenience.
Instant results are reported for companies and businesses that decide to join in:
- 16% up in sales volume
- 28% increase in basket size, especially for online shoppers, as their buying power is extended
- 18% addition in conversion, with customers going ahead with the purchase due to its convenience and affordable installments
When you join Latitudepay as a merchant business partner, they have everything you need to start right away. It includes training to use the LP platform and dashboard, and promotional items for your physical store such as stickers and fliers to indicate instant access to your store through its 10 installment payment option.
LP’s merchant account easily integrates into your business and most of the popular e-commerce platforms. The easy-to-use dashboard keeps track of your sales and helps manage your business earnings. This includes all refunds as well. You can also maintain your online store’s presence and presentation for your new offers and promos, and your advertising and marketing strategies.