What is Laybuy and how does it work?

Laybuy is one of the newer Buy Now Pay Later shopping credit service providers. It was created as a BNPL startup for the New Zealand market. Their system: pay off your total in six weekly payments, at zero interest, and with no hidden fees.

Laybuy’s system is different from its peers. Their six weekly payments are long enough to cover your total and fit the budget, but short enough to pay back LB. Compared to longer and smaller instalment arrangements (such as Latitudepay’s 10 instalment plan) and the average shorter payment plans of four instalments, Laybuy is the median BNPL loan shopping service.

Read on for all the details so we can help you decide if this might be the right BNPL loan service for you.

Laybuy: Company Profile

Laybuy or Laybuy Holdings Australia Proprietary Limited was created in 2017 by the father and son team of Gary and Alex Rohloff. It was started in New Zealand as a way of offering a convenient and affordable payment arrangement for online and in-store shopping. They figured out their payment system by offering to break up the total in six payments at zero interest and with no fees. The company has now expanded to the UK and Europe as well.

The concept of Laybuy originated from their research (originally in the UK) on the spending habits of their target market: The age group of 16 to 55-year-old shoppers who manage their spending weekly. Their shoppers can more easily pay off their loans and finish them faster by offering six lighter weekly instalments. The duration of the loan is just about right, remaining as the median plan among other local BNPL services.

Laybuy’s Payment Plan set-up

Laybuy maintains an easy and uncomplicated setup. Like most modern BNPL services, you just need to sign up online through the website, or by downloading the app. You can also choose it as the payment option upon checkout for your online and in-store shopping.

LB is a little bit more strict in its operations. A basic credit score and ID check will be done, and you will get approval and your assigned LayBuy credit limit. The basic requirements are:

• Aged 18 years old and up
• Is a New Zealand, United Kingdom (excluding Ireland), Australia, or the United States, resident
• Has a valid and working email address and mobile phone
• Debit or credit card fund source
• Licence or passport from the country where you are signing up
  

Having a Laybuy app with iOS and Android versions makes it even easier to manage your purchases, schedules, and remaining payments. From here you can adjust the payment days and keep track of your loans.

Easy set-up, Six easy instalments

You can sign up through LB’s website and by downloading the app available for both iOS and Android. You can also choose it directly as a payment option from any of their participating retail partners. Once your initial credit check and customer ID are done, you are ready to shop. You only need to pay the first instalment at the time of purchase and continue the rest on your plan.

The credit limit will be assigned to you based on your credit rating and level of allowable spending. This is a good way to control finances and make sure that you can commit to your weekly instalments: A good control to avoid the deadly debt trap. It allows shoppers to enjoy shopping or buy important items but stay in control of their finances.

LB’s app makes sure this is taken care of with extra convenience: choose your payday, track payments, and get notifications. For late and missed payments you will be charged a fee of £6 / $8 US Dollars / $10 NZ Dollars or AU Dollars. Further failure to pay the rest can result in credit collectors or a hit on your credit score. It is recommended to call LB in advance if you won’t be able to make the payment.

Selection of stores and retailers

Laybuy was created as a lifestyle brand. In 4 years LB has collected a selection of retail shops that offer high-end items and services, plus some home essentials and important daily needs in the mix. They have made these shops easy to access without breaking your budget. You have over 6,000+ retailers worldwide to choose from.

Among these well known big names that LB has curated in their network are the likes of Ezibuy, Huffer, Jacobs Digital, Caliad Boutique, Emma Lewisham, Olivia Wakefield Photography, Rebel Sport, Briscoes Homeware, Postie, Grabone, PB Tech, Cotton:On, Typo, Ruby, Jucy, Nevertheless NZ, Wild Poppies, Saola, Frankly and Co., Homesense, David Marriot Dental, Animates, Culture Kings, EB Games, The Brand Outlet, Stirling Sports, RepCo, Bed Bath & Beyond, GrabeOne, and more.

Join Laybuy as a Merchant

When you join forces with Laybuy your business gets all the advantages with the least effort. You instantly have access to its wide customer base: 250,000++ in Australia and New Zealand with 153,000 UK customers. You also enjoy its benefits with merchant guarantees, such as:

• Instant Payment: automatically get paid for each plan initiated,
• Fraud risk removed: Worry only about maintenance and marketing, LB keeps transactions safe.
• Easy payment options: Affordable and convenient plans paid in six repayments.
• Omni-channel: You are covered for both online and in-store payments.
• Laybuy Boost: If your purchase is beyond your set limit, you can pay the negative balance as the upfront first payment, and the rest will be set on the remaining instalments.
• Laybuy Global: The ability to shop from New Zealand, Australia, and UK stores where Laybuy is available.
• Seamless integration: Easy integration to most e-commerce platforms and programs
• LaybuyGO: You can also choose the standalone, per-transaction method with no need to integrate it into your web store or POS facilities. It is available from all Laybuy affiliate merchants or service providers.

Laybuy for Investors

Laybuy has also opened itself for stock investments on top of its merchant business partnerships. With their high performance in the BNPL and credit industry already known in the UK, New Zealand, and Australia, they can maintain their market value.

The current LBY stock statistics are at $0.96 AU Dollars per stock, with the current highest value posted at $0.97 and a market low of $0.95. You can contact Laybuy directly to inquire about purchasing stocks for investment. Meanwhile, Laybuy’s share registrar, Link Market Services Limited handles the inquiries regarding the dividends, certificates, or changes of address requests.