You don't have a penny in your pocket and you're still dying to treat yourself to a vacation in the sun? Know that, for better or for worse, the “buy now, pay later” fad is now extending to the travel industry.
Founded eight years ago in the United United, the Californian Uplift quickly established itself in the sector, offering anyone wishing to set sail the possibility of quickly booking a flight or a package, without necessarily having the funds necessary for its purchase.
Air Canada, Transat et cie
A bit like buying a fridge or a television in a big-box store, fintech offers broke travelers to pay for their trip later, over several months or years, according to a method of predetermined equal payments.
Landed in Canada in 2019, the technology company has concluded commercial agreements with almost all the major carriers in the country, such as Air Canada, Air Transat, Sunwing or even Porter. Local travel agencies, such as Voyages Bergeron, Discount Travel and iTravel2000.com are also technology partners.
Obviously, this payment flexibility is not free. Uplift charges financing fees that range from 7.99% to 31.99%, based on the purchase amount, the chosen repayment period (from six weeks to two years) and each customer's credit history. .
Do customers like it, despite the cost? Hard to know. But for companies approached to become partners, Uplift promises an increase in the average conversion rate of 17% and an average value of their transactions up by 22%.
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Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128