As the installment payments space becomes increasingly crowded, each provider is trying to find a way to differentiate itself or get ahead of the competition. Quadpay’s approach is to focus on expanding access to all retailers, whether they are merchant partners or not.
With the launch of Quadpay for Chrome, its new browser extension, Quadpay users can now pay for purchases in four installments at any e-commerce checkout. The extension works on both desktop and mobile checkout, as long as consumers are shopping through the Google Chrome browser. Users can add the extension in two clicks and, when on a product purchase or checkout page, a “Pay with Quadpay” button will be generated.
“Quadpay for Chrome is just another way that we provide consumers with the ability to shop anywhere, at any retailer of their choice, in four payments,” said Brad Lindenberg, co-CEO of Quadpay. “There are some retailers that haven’t partnered with a payment solution, and this extension allows for customers to have access to this payment option, even when the retailer hasn’t provided it to them.”
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This extension bypasses a common friction point in e-commerce right now, whereby consumers are only able to pay with the designated payments partner of the specific retailer. In a crowded market, this could require shoppers to sign up with multiple payments services in order to access installments at all their favorite stores.
Quadpay’s browser extension expands on the company’s previous efforts to improve accessibility. In May 2020, the company partnered with Stripe to launch a Quadpay debit card – usable at any checkout that accepts Visa. Now, the partnership with Google Chrome makes checkout with Quadpay even simpler by automatically generating a pay in installments button.
“Whether it’s shopping for a pair of shoes or ordering groceries online, the extension can be used not just for shopping but for everyday necessities,” said Lindenberg. “The Quadpay for Chrome extension is meant to allow everyone to have access to buy now, pay later, and utilize the pay-in-four installments for things they didn’t realize they could.”
The benefits for the consumer are clear – interest-free payments that can be paid out over 8 weeks – but Quadpay believes that there is also a benefit for retailers who are not currently partnered with the platform. As Quadpay fulfils the payment for the full purchase amount upfront, the merchant is never left waiting for revenue. Additionally, Lindenberg claims that integrated merchants see a 20% average increase in conversions and 60% increased average checkout value.
“The value merchants get from Quadpay is clear,” said Lindenberg. “We elevate products from exclusive Quadpay merchants and promote specific offers on a product level.
Even retailers who do not officially partner with Quadpay can see similar benefits, when shoppers utilize the budgeting tool to purchase more at once. But Quadpay is hoping that many of these merchants will decide to formally partner with them, in order to receive additional advantages such as promotion within the Quadpay platform.
For a small fee, these retailers can also promote the Quadpay payment offering throughout their e-commerce site. For shoppers who may not yet be familiar with the installments model, offering a “buy now, pay later” tool can particularly resonate with younger shoppers who are repeatedly found to be debt-averse and in favor of alternative payment options.
“Quadpay understands and caters to the millennial and Gen Z shopper,” said Lindenberg. “They are more financially savvy than any other generations before them, which is one of the reasons we’ve seen such increased demand for payment alternatives to credit cards, and explosive growth throughout the entire BNPL industry. We are able to help brands connect with this demographic in a meaningful way that attracts new customers and drives customer loyalty.”