DEKO EXPANDS MULTI-LENDER RETAIL FINANCE ECOSYSTEM WITH NEWPAY
Powered by leading UK credit provider NewDay, Newpay is the latest product to join Deko’s multi-lender and multi-product platform
Newpay seamlessly integrates into the merchant checkout experience, offering access to a range of finance options.
Leading retail finance platform Deko has today announced the expansion of its lender panel with the addition of Newpay, a new-to-market digital credit account. This innovative product is designed to help consumers responsibly spread the cost of larger purchases with an easy, simple and flexible way to pay.
Shoppers can check their eligibility for Newpay before they apply without impacting their credit rating. Once approved, merchants can offer a range of repayment options at checkout, including monthly instalment plans, flexible credit and interest-free finance. Newpay is specifically designed for larger baskets, and has the ability to manage multiple purchases. Once approved, customers are not required to reapply in order to make further purchases.
Newpay is accessed exclusively through the Deko platform, which is integrated across a growing retailer network. The addition of Newpay is the latest expansion of the Deko multi-lender ecosystem, which features interest-free deferred payment options or an instalment credit product – all integrated into a merchant’s checkout. New partner announcements are expected throughout 2021.
Deko is now the only retail finance platform that can cater to its clients with a range of different financing products. Not only does this offer more flexibility to merchants and their customers, but it also promotes financing opportunities across a broader range of basket sizes. Coupled with its multi-lender approach, Deko’s financial ecosystem provides the benefits of more frequent and quicker approvals.
Deko has worked with thousands of merchants across the UK, and since its inception has processed over £3bn worth of credit applications. The introduction of Newpay is part of Deko's commitment to enhancing a merchant’s ability to grow its customer base and unlock customer loyalty.
Mike Dawson, CEO of Deko, commented: “It is perhaps one of the most critical times in recent memory for merchants in the UK. After the turbulence and uncertainty of the past 18 months customers are finding their feet again. Today it is all about speed and ease for customers. By adding Newpay to our lender panel, we are helping merchants deliver flexible finance options to their customers, all within a matter of seconds.
“Responsible retail finance is an increasing priority for merchants up and down the UK, and the addition of Newpay to our platform will support our merchant partners and their customers.”
Ian Corfield, Chief Commercial Officer of NewDay, commented: “We are excited to launch our Newpay product through the Deko platform. We know that merchants are looking for seamless ways to make the shopping experience effortless while driving sustainable growth. Newpay is designed to help consumers responsibly spread the cost of bigger baskets at check-out, a need largely underserved in the existing retail finance space. Through Deko’s impressive technology, we can offer more responsible finance options to merchants, supporting businesses of all sizes navigate an ever-changing digital landscape.”