Earlier this year, payment solutions provider, QuickFee expanded its business to support franchises with a new buy now pay later (BNPL) solution, on the back of a partnership with Jim’s Group.
Now QuickFee has announced a deal with Bob Jane T-Mart, which has 30 stores around the country, allowing Jim’s franchisees to purchase tyres for their vehicles on a Jim’s payment plan.
“We’ve taken what we do with Jim’s and are rolling it out one step further,” QuickFee managing director, Bruce Coombes told Retailbiz.
“Lending in March was double what it was in February and with a growth curve like that, we want to do more and continue partnering with other homeowner facing franchise businesses.
“We’ve been blessed with the opportunity to work with Jim’s Group as the largest homeowner focused franchise group in Australia with 4,500 franchisees, but there’s also opportunities with pool franchisees and businesses like Hi Pages that connect homeowners with tradies, which is part of our aspiration.”
Another measurement of success of the Franchise Payment Services BNPL solution is repeat uses after a customer signs up. “One of Jim’s Group’s merchants has used the solution seven times now, which reflects high customer satisfaction rates.”
When asked about the broader BNPL space and what makes QuickFee’s offering more unique, Coombes said most BNPL purchases are for items that customers want rather than what they need. “We are servicing products that people need such as pest control and termite treatment, or furniture removal. Not necessarily things that people aspire to buy, but things they absolutely need without compromise, and that’s the problem we’re solving.”
In addition, the Franchise Payment Services BNPL solution can be white labelled, and unlike many other BNPL options, it uses people’s existing credit or debit cards.
Coombes admits that Covid was one catalyst for the expansion to homeowner services, but it goes beyond that.
“There’s no doubt, people have invested in their homes more than ever over the last two years. But people fight hard to save for a house deposit and to qualify for a big four bank home loan, so when it comes to credit, Australians are pretty good and that’s why we want to give them the option of a 12-month payment plan as opposed to six weeks like some of the traditional BNPL providers.”