The easier way to pay: FlexiGroup launches Oxipay

Traditional layby payments can take up unnecessary time for both retailers and consumers. NZ Retail speaks to FlexiGroup – New Zealand chief executive, Chris Lamers, about the upcoming launch of Oxipay. Oxipay is about giving your customers the freedom to buy what you want now and split the payments over four easily managed payments.

With Oxipay, retailers don’t need to devote additional administration time to track payments as Oxipay creates a breathing space that allows your customers to shop now, take control and enjoy the moment.

Oxipay is part of FlexiGroup, a trusted ASX listed Top 200 Company founded more than 25 years ago.

How is Oxipay beneficial to both retailers and their customers?

As we know, how people shop continues to change, and Oxipay is one way we are working to meet these changing needs.  We all know the feeling, we see something we really want, and we could save up for it, but we really want it now. Oxipay makes that possible.  You get what you want straight away, but can pay it off over six weeks without it costing you more.

For retailers, it makes what used to be a difficult and expensive transaction into something simple.  We believe that Oxipay is a smarter and easier way to purchase items that consumers want now and spread the cost over four easy payments.

What was the initial thinking behind the creation of the Oxipay product?

We’re launching Oxipay in response to demand from younger consumers for a product that lets them buy the things they want, now, while also allowing them to be smart with their cashflow and not build up ongoing debt. While we are responding to the needs of Millennials, we believe the audience appeal will be much wider. I know there are times that I see something I would like, and the ability to pay it off over a couple of pay cycles is a great option – and I am definitely not a Millennial.

What are some of the ways retailers can customise their Oxipay experience?

Oxipay works best online, and easily integrates with all leading shopping carts.  It is really easy to configure to suit different needs. Our experience suggests the more it is integrated into the sales process, the better it works. So taking a bit of time to think this through is really valuable and, of course, we can help with that.

How does being backed by FlexiGroup ensure the trust and quality of your services?

FlexiGroup NZ (previously Fisher & Paykel Finance) is a trusted and specialist financial services company with a 40 year history in New Zealand.  With more than 20,000 distribution points, its product range includes Q Card, Farmers Finance Card and, since 2016, Q Mastercard® and Flight Centre Mastercard. We will always make sure we look after our retail partners, and their customers. It’s important to remember that Oxipay, like other similar products, is a debt product and therefore we take our responsibilities very seriously to ensure the customer can afford to pay for the goods.

The launch of Oxipay is further demonstration of our ongoing commitment to innovation and market leadership and given FlexiGroup’s strength and experience, retailers can expect peace of mind knowing they’re backed by a trusted and secure New Zealand company.

How does Oxipay make processing payments safer for both parties with regards to security measures and possible fraud?

Oxipay invests in the latest security technologies to protect customers’ personal information and adheres to the latest best-practice global standards (known as PCI DSS).

This is really critical to protect our retail partners as well as the sensitive information customers share.

Importantly, all consumers who shop with Oxipay are screened and credit-checked, and all merchants are vetted to ensure that consumer’s rights are protected under New Zealand law.

How does Oxipay make it easier for both retailers and customers to manage their payments?

By spreading the purchase cost over four instalments, customers have more control over their cashflow while the retailer gets the entire sale paid up front.

The minimum age for customers to sign up is 18 and they undergo a real-time instant credit check. Being a responsible financial services provider, Oxipay has set a $1,000 limit across five separate purchases. Each fortnightly payment will be limited to no more than $250. The structure of the Oxipay product means there are inbuilt limits as we are trying to help customers manage their money.

What are some difficulties within the retail industry that are made easier with this time payment system?

Providing more options to your customers on how to pay for something opens up new sales opportunities which in today’s very competitive retail market can only be a good thing.  By integrating into retailers’ ecommerce sites, we are assisting them to develop new sales opportunities and helping them to grow a key target demographic.

What makes Oxipay different to other players in the market?

Retailers are dealing with an experienced multi-national New Zealand based expert financial services company. This is important as ultimately we will be managing a critical part of the customer experience for a retailer, so how we act reflects on all of us and we take this very seriously.

In addition, this is one of our many payment solutions, so partnering with a company with a broad range of payment options available gives retailers future flexibility.

For customers: four easy payments, no interest and no hidden fees and it is all managed by a trusted financial services company with a 40 year history in New Zealand. While this is only online at present, we‘re going instore in time for Christmas – a key advantage for our audience.

Tell us about why the traditional layby practice is now outdated for retailers.

Oxipay is a great option and has some big advantages over traditional layby, as it doesn’t require significant retailer time and space to manage properly and ultimately Oxipay costs less than layby and provides a much better customer experience.

What are customers’ expectations around convenient time payment systems and how is Oxipay delivering those expectations?

We know customers want flexibility and convenience without the traditional penalties (such as interest and time delays). Oxipay provides retailers the peace of mind they need to provide customers with payment convenience and flexibility.

We’ve noticed an influx of buy now-pay later services in New Zealand over the past three months. Tell us about the market conditions that have enabled that.

With sky-high house prices and student loans, we recognise that younger Kiwis want to purchase the goods they desire while managing their money without long-term debt. They will use credit to buy the things they want but like to pay them off in instalments, rather than throwing multiple purchases onto a credit card.

Young people have access to more information about products than ever before and are savvy about all their purchase decisions.

For more information about Oxipay and to enquire about becoming an Oxipay merchant visit: https://oxipay.co.nz/merchants/

  • This story is part of a content partnership between The Register and Oxipay. It was originally published on The Register.

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