Doing right by customers is right for business, says Payright

Payright Limited welcomes today’s release of a world-first buy now pay later (BNPL) industry code of practice as validation of the company’s commitment to stringent customer protections as the basis for sustainable performance.

The company has been announced as a Code Compliant Member of AFIA’s BNPL Code of Practice. It follows Payright’s role as a founding contributor to the development of the voluntary code.

Payright co-CEO, Myles Redward, said that putting the interests of customers at the centre of the company’s market offering made “good business sense”.

“In helping to shape the voluntary code, not only are we committed to the principle of appropriate consumer protections, we’ve built our business model on that very premise based on the notion of shared success – whether it be through the nature and terms of our payment plans, our approach to fees and charges, or our robust credit decisioning processes”, he said.

“Payright customers value the ability to spread the cost of purchases across a wide range of industry types in an affordable way that suit their specific needs and lifestyle choices.”

Payright co-CEO, Piers Redward, said “there is a clear alignment between ensuring customers are not under financial difficulty, and the commercial benefits of maintaining a high-quality loan book with minimal defaults or arrears. It’s why we’re constantly investing in better systems and processes – both back-end and customer-facing.”

Payright customers are considered ‘very low risk’, with almost 90% of volume written to customers with credit scores of at least 500 based on Equifax Bureau data. More than 71% of the company’s loan volume is attributed to customers with stable and permanent employment, with three-quarters of Payright customers aged 35 years-plus.

With operations across Australia and New Zealand, Payright specialises in higher-value, more considered purchases of up to $20,000, with an average transaction value of approximately $3,000. The company’s core merchant portfolio spans retail, home improvement, health & beauty, photography, education and automotive.