Deko, the retail finance platform, has announced a partnership with Zip, the global Buy Now, Pay Later (BNPL) pioneer, which has been added to Deko’s multi-lender platform. The partnership allows customers to pay over four interest-free instalments, supporting merchants seeking to expand their turnover as the UK’s economic recovery accelerates.
Deko currently works with thousands of merchants across the UK, and since its inception has processed over £3billion worth of credit applications. Through the partnership, Deko customers will be able to seamlessly access Zip’s BNPL service as well as the wider Deko product suite.
The firm’s existing suite of products enables merchants to offer customers a range of finance options – all integrated into the merchant’s own website checkout.
In contrast to the single finance providers, Deko’s multi-lender platform utilises multiple lenders to deliver the right credit product for each merchant and customer. This enables customers to receive a financial decision that is most appropriate for their needs within seconds, and importantly for merchants, boosts their sales.
The partnership with Zip will allow more merchants to participate in the growing BNPL sector. Globally, more than 6.4 million people choose to pay with Zip online and in-store. Zip, founded in Sydney in 2013, processes $7.5billion in payments every year and partners with merchants across a range of sectors – from homeware and entertainment to fashion, sport, health and beauty, groceries and travel.
This continued expansion by Deko is in response to the growing need for a range of finance solutions to support both consumers and merchants.
Mike Dawson, CEO of Deko, commented: “We are delighted to be entering into a growth partnership with Zip. They have been a huge success story internationally and have ambitious growth plans in the UK.
“Because we develop a deep relationship with our merchant partners, which gives us the insight and understanding of their operations, we are able to provide them with the most suitable payment solutions. By partnering with ZIP, we are further enhancing our merchant’s finance offerings which in turn delivers more spending power to the end customer and greater sales to them.”
Belinda Mackey, Senior Partnerships Manager at Zip, said: “Forging partnerships with innovative platforms like Deko is a major part of our strategy to support merchants in the UK. We look forward to working with many of Deko’s merchants to help fuel their growth and provide their customers a better, more flexible way to pay.”