Pay-over-time solution provides options for consumers making big-ticket purchases online
TORONTO, Jan. 28, 2021 /CNW/ - As more Canadians turn to online shopping, RBC has launched a new way for Canadians to pay for their purchases. PayPlan by RBC offers consumers a transparent and convenient pay-over-time solution for big-ticket purchases at participating retailers and merchants throughout Canada. This new payment option is made possible through a market-leading digital payment platform provided by Bread, a division of Alliance Data.
This innovative solution is yet another example of how RBC is working with fintechs to meet the unique needs of Canadians. Launched last fall, PayPlan by RBC offers a simple way to "buy now and pay later", with a wide range of transparent terms, no late fees and greater payment flexibility, giving consumers more choice in how they manage their cash flow.
"As Canadians increasingly shop online, we're helping retailers provide greater convenience to consumers through this simple pay-over-time option," said Amit Sadhu, Vice-President of Personal Lending, RBC. "Our alliance with Bread ensures PayPlan by RBC seamlessly integrates into a consumer's existing online checkout experience as a secure and convenient e-commerce payment option. This is one of the ways we're reimagining experiences to meet the evolving expectations of Canadians, and offering them more options to pay for larger purchases at competitive rates."
Consumers can apply at participating Canadian merchants by clicking on the PayPlan by RBC button before completing checkout. The process is fast and simple, and once approved, competitive rates, terms and monthly payment amounts are provided within seconds. Shoppers select their payment term, check out and pay in simple monthly installments with no late fees, no administrative fees and no deferred interest.
"We're thrilled to work with RBC, the largest bank in Canada, to expand our reach and provide a robust digital payment solution at the point-of-sale, giving shoppers convenient payment options and more choices at checkout," said Derek Joyce, President, Bread. "We know that through this strategic alliance, we can help thousands of RBC's merchant partners increase their e-commerce sales and profits. Together with RBC, we'll work toward fulfilling our mission of offering more ways for people to pay globally."
PayPlan by RBC Fast Facts:
- 0: The number of hidden fees for customers to use PayPlan by RBC
- 0: Penalties for prepaying a loan at any time
- 3: The number of steps required for a customer to complete the online application, with approvals provided within seconds
- 30: The number of days before customers are required to make their first payments. Customers can also choose to pay down their loan at any time, penalty-free
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
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About Alliance Data
Alliance Data® (NYSE: ADS) is a leading provider of data-driven marketing, loyalty and payment solutions serving large, consumer-based industries. The Company creates and deploys customized solutions that measurably change consumer behavior while driving business growth and profitability for some of today's most recognizable brands. Alliance Data helps its partners create and increase customer loyalty across multiple touch points using traditional, digital, mobile and emerging technologies. A FORTUNE 500 and S&P MidCap 400 company headquartered in Columbus, Ohio, Alliance Data consists of businesses that together employ over 8,500 associates at more than 50 locations worldwide.
Alliance Data's Card Services business is a comprehensive provider of market-leading private label, co-brand, general purpose and business credit card programs, digital payments, including Bread®, and Comenity-branded financial services. LoyaltyOne® owns and operates the AIR MILES® Reward Program, Canada's most recognized loyalty program, and Netherlands-based BrandLoyalty, a global provider of tailor-made loyalty programs for grocers. More information about Alliance Data can be found at www.AllianceData.com.
Bread®, a division of Alliance Data®, is a leading digital payments company that partners with merchants and partners to personalize payment options for their customers. Bread's flexible platform and robust suite of APIs allow merchants and partners to integrate point-of-sale financing and other digital payment products anywhere in their customers' shopping journey. Bread's full-funnel recommendation engine serves up the right options at the right time, empowering merchants to sell more, improve conversion, and lift average-order-value. To learn more, please visit breadpayments.com.
SOURCE RBC Royal Bank