Payo is Australia's first eat now, pay later app exclusive to hospitality.

Payo's mission is to support the hospitality industry by encouraging more people to dine out and enjoy more. Payo customers can eat and drink at payo partner restaurants, cafes and bars and pay the bill in four fortnightly instalments with zero interest simply by scanning a QR code. Payo also offers users access to exclusive, limited time offers at participating venues.

Payo is the pioneer of Buy Now, Pay Later (BNPL) in the hospitality industry in Australia and even worldwide. Launching in Australia in March 2021, payo is currently available in Brisbane, Sydney, Melbourne and the Gold Coast with plans to expand nationwide.

And if the stats from our first year are anything to go by, BNPL for hospo is only going to get bigger:

- We have increased the average order value across our partners by 50%.
- Our users are going back 4-5 times to the same venue after making a transaction on Payo.

Our purpose will continue to be focused on creating a win-win for both the customer and merchant. Payo customers have a better experience by being able to dine out with the financial flexibility to split the bill in four payments. We also support growth for our merchants by delivering higher spending customers through increased average order values, loyalty, winning new customers, and improving restaurant efficiencies.

Payo has also recently launched payo checkout - a self-checkout technology that allows customers to scan a QR code at their table to pay their bill in seconds.

 

QSRs are hopping on the Eat Now, Pay Later bandwagon, here’s why

QSRs, or quick-service restaurants, are known for being an affordable option when it comes to eating out. But over the last year, more and more QSRs in Australia are offering Eat Now, Pay Later options to their customers.

Royal Stacks, a popular burger chain in Melbourne, is the latest quick-service restaurant (QSR) to offer an Eat Now, Pay Later option to its customers. The burger chain has teamed up with payo, an Australian provider of Eat Now, Pay Later services, to offer the option to its customers in its Emporium venue.

Eat Now, Pay Later is the hospitality industry's version of Buy Now, Pay Later, and payo's offering allows customers to pay for their meal over time, interest-free. So, why are QSRs getting on board with this trend?

Benefits of offering ENPL

There are a few reasons why this trend is catching on. For one, it can help attract new customers. By offering the option to pay later, QSRs make it easier for people to eat out more often and enjoy their dining-out experiences.

Another reason why this trend is growing in popularity is that it can help increase sales and the average order value. When customers know that they can pay for their meals over time, they may be more likely to visit restaurants more often, supporting the hospitality industry. This can be a great way for QSRs to boost their profits.

Finally, ENPL can help grow loyalty among customers. When customers have the option to pay later, they may be more likely to visit the same restaurant again in the future. This is because they know that they can easily pay off their bill without having to worry about interest or fees. They only need to think about what they want to eat and how they can upgrade their meal!

How payo helps QSRs with ENPL

Payo is the only Eat Now, Pay Later service in Australia that is exclusive to hospitality. Taf Chiwanza, CEO and co-founder of payo, said that “The partnership between payo and QSRs is a win-win, as it helps customers manage their finances better while also growing the QSR’s business.”

Payo offers a few different ways to help QSRs with ENPL. For one, payo offers free setup and onboarding. This means that QSRs can get started with offering ENPL to their customers right away, without having to worry about any upfront costs.

"Payo is all about convenience, so we also want our onboarding process to be as simple and straightforward as possible. We are here to support the hospitality industry, so QSRs can sign up and start offering ENPL to their customers without any hassle," said Chiwanza.

Payo features QSRs on the app, which helps with search and discovery. This is a great way for QSRs to get more exposure and attract new customers.

Finally, payo offers marketing support through its marketing channels, including email marketing, social media, push notifications, and SMS. This means that QSRs can reach a wider audience and attract new potential customers.

Looking Forward

As more and more QSRs start to offer Eat Now, Pay Later options, it's clear that this trend is here to stay. This is good news for customers, who can enjoy more affordable and convenient dining experiences. It's also good news for QSRs, who can boost their sales and grow their businesses.

To make the experience even more convenient, payo is soon to launch a virtual card that can be added into a customer’s mobile phone. This will make it even easier for customers to use payo as they can use the platform at any hospitality venue where credit cards are accepted.

"The way Australians like to pay is changing as payments are moving more and more to digital. Gen Z and millennial audiences are embracing BNPL as over 6 million Australians have a BNPL account. Credit card applications are also at an all-time low which indicates that customers are embracing new payment types. Our advice is to embrace new technologies and look at industry trends and provide solutions that your customers want," Chiwanza concluded

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