Finance provider Fly Now Pay Later has signed an agreement to offer its credit payment plan service to an online portal and travel agency.
The credit plan provider has signed with Moresand Group, the owner of online portal Crystal Travel and agency Travel CenterUK to offer instant credit and pre-departure payment plans to customers.
In addition to these platforms, the Fly Now Pay Later service will also be integrated over the next few weeks into a number of subsidiary travel groups, including Tour Center, Mabuhay Travel, Sam Travel and Worldairfares.
Fly Now Pay Later’s service allows consumers to spread the cost of their booking over two to 10 monthly instalments, paying a one-off transaction fee at the time of booking.
It also offers additional consumer protection in the event of financial failure by a travel provider.
Its new Pre Departure Payment Plan allows consumers to spread the cost of their booking over the period before they depart in bi-weekly or monthly instalments, allowing consumers to lock in the price of their travel arrangement or flight early.
For the first time in the industry, Payment Plan allows small and medium sized travel brands to roll out their own pay monthly option and compete with the payment terms offered by larger tour operators using Fly Now Pay Later’s innovative solution, without the need to worry about chasing customer payments or being exposed to credit risk.
In October last year the company secured a £20m funding partnership with consumer finance provider Honeycomb Finance, which has helped Fly Now Pay Later to roll out its online holiday credit service more widely across the travel sector.
Fly Now Pay Later has already partnered with Travelpack, Carlton Leisure, Benz Travel and independent travel company 360 Travel Group.
Jasper Dykes, CEO and founder of Fly Now Pay Later, said: "Our partnership with Moresand Group is an exciting opportunity for us to further expand our service, one that is a first for the UK market giving consumers an alternative option to pay for their holidays, through a fast, flexible and secure platform.
Moresand Group finance director Sukh Kang said: "Fly Now Pay Later’s innovative solution offers a valuable product to travel groups like ourselves, as well as tangible customer benefits.
"We’re confident our customer base will see the appeal of a seamless credit decision, delivered instantaneously and without any noticeable disruption to the booking process – both online and offline."
