THG introduces new BNPL scheme to improve checkout experience
THG has partnered with financial services company NewDay to offer its customers a "flexible and regulated way to pay at checkout".
The company's Newpay system has been integrated into the checkout experience of several THG businesses, including beauty retailer Lookfantastic and sports nutrition brand MyProtein.
Newpay allows customers to break down online purchases over six months, whilst undertaking affordability checks to ensure shoppers are only offered credit they can afford to pay back. The service is also fully regulated by the Financial Conduct Authority (FCA).
Once a customer has applied for a Newpay account, they can choose to pay through Newpay at checkout. Customers can then select payment a plan from the range of fixed monthly instalments. Multiple payment plans are consolidated into a single monthly payment
A spokesperson from THG said: “We want our customers to have the best shopping experience and flexibility at every stage of their purchasing journey. Newpay supports this by offering a comprehensive range of payment options and seamless integration into our checkout experience.”
Lisa Gervis, Director of Merchant Offering at NewDay, added: “Newpay is an offering that benefits the retailer as well as their customers. For customers, it offers regulated and flexible credit through a single account, allowing them to see all Newpay purchases in one place, either online via the Newpay website or in the Newpay App. We look forward to expanding our relationship with THG and its customers.”