3 September 2019
LatitudePay launches with Harvey Norman, introduces a no interest payments platform and slashes merchant fees
Latitude Financial has unveiled its new digital payments platform, LatitudePay, launching first with Australia’s leading retailer, Harvey Norman.
From today, Australians can reach their shopping goals sooner by using LatitudePay to make smaller purchases online at Harvey Norman or at any of the retail giant’s 195 stores across the country.
The benefit to merchants and shoppers, including to the majority of Australians who shop in-store, will be immediate.
LatitudePay extends Latitude's highly successful payments and instalments platform, which, for more than 30 years, has been supporting customers’ larger-cost purchases through interest free instalments. Customers can now use LatitudePay for their smaller purchases, both in-store and online.
Creating a LatitudePay account at www.latitudepay.com takes 90 seconds and customers can get instant approval for spending amounts of between $150 and $1000. Every consumer undergoes a credit and ID check as part of Latitude’s ongoing commitment to acting responsibly.
Once signed-up, Australians can shop using LatitudePay on their mobile, paying for purchases over 10 instalments, with no interest. Repayments are made weekly and shoppers face no fees or charges when they pay on time.
LatitudePay’s merchant pricing also reflects Latitude’s commitment to building genuine merchant partnerships that stand the test of time. Latitude’s offer to all merchants signing up to LatitudePay will be to pay no merchant service fees on purchases up to $250 until at least January 2021 and fees for purchases from $250 to $1000 will be segment leading.
Latitude’s Managing Director and CEO Ahmed Fahour said the business was delighted to be launching LatitudePay with Harvey Norman, one of Australia’s biggest and most respected retailers. Latitude has a long and proud relationship working alongside Harvey Norman to help customers with their payment and instalment needs.
“With LatitudePay, repayments are split equally over 10 weeks, without any customer fees if payments are made on time and no interest charges, helping Australians reach their shopping goals sooner and in a more affordable way. And signing up is simple, it took me less than a minute to do,” he said.
“Meanwhile, the low merchant service fees – zero on the most popular pricing segment – means our retail partners get to keep more of the money they make with each transaction. Consumers also benefit when merchants are able to keep their costs lower.
“In the coming weeks we will make a series of announcements about other leading retailers and eCommerce partners joining the LatitudePay platform.”
Harvey Norman Executive Chairman Gerry Harvey said: "It made sense that Harvey Norman chose LatitudePay as our ‘buy now, pay later’ product. The business has worked with Latitude for decades.
“We want our customers to have choice in every regard when they shop at Harvey Norman from product range, price point, where they shop and, with the addition of LatitudePay, how they transact.
"We launched an identical product to LatitudePay in Harvey Norman New Zealand in April, so we already have an indication of how well it is working for our customers.
“We think LatitudePay will suit the customer who is looking to enjoy their new purchase same day and every day. Bluetooth speakers, Fitbits, Beats headphones and Nespresso all top the list of products purchased using the LatitudePay equivalent, Genoapay. These aren't 'big ticket' items."
LatitudePay builds on the success of Genoapay, Latitude’s digital payments platform in New Zealand, which has grown rapidly over the past 12 months, including through its relationship with Harvey Norman in New Zealand.
“LatitudePay is available to all Australians and Genoapay is for all New Zealanders over the age of 18 who pass our quick credit check,” Ahmed said.
“Latitude has 2.6 million customer accounts and 1.2 million with instant access to LatitudePay if they choose to activate this interest and account fee free product starting today”.
Latitude Financial is a leading digital payments, instalments and lending business with a network of over 1,950 merchant partners that operate more than 9,000 online and physical outlets across Australia and New Zealand.
LatitudePay is a digital payments platform, enabling customers to make purchases over 10 instalments with no interest. Late fees are capped at $10 for balances less than $50, or $50 for larger balances.
For more information visit www.latitudepay.com
P: 0412 376 817