Pay-over-time solution provides options for
consumers making big-ticket purchases
online
TORONTO, Jan. 28, 2021 /CNW/ - As more Canadians turn to
online shopping, RBC has launched a new way for Canadians to pay
for their purchases. PayPlan by RBC offers consumers a
transparent and convenient pay-over-time solution for big-ticket
purchases at participating retailers and merchants throughout
Canada. This new payment option is
made possible through a market-leading digital payment platform
provided by Bread, a division of Alliance Data.
This innovative solution is yet another example of how RBC is
working with fintechs to meet the unique needs of Canadians.
Launched last fall, PayPlan by RBC offers a simple way to
"buy now and pay later", with a wide range of transparent terms, no
late fees and greater payment flexibility, giving consumers more
choice in how they manage their cash flow.
"As Canadians increasingly shop online, we're helping retailers
provide greater convenience to consumers through this simple
pay-over-time option," said Amit
Sadhu, Vice-President of Personal Lending, RBC. "Our
alliance with Bread ensures PayPlan by RBC seamlessly
integrates into a consumer's existing online checkout experience as
a secure and convenient e-commerce payment option. This is one of
the ways we're reimagining experiences to meet the evolving
expectations of Canadians, and offering them more options to pay
for larger purchases at competitive rates."
Consumers can apply at participating Canadian merchants by
clicking on the PayPlan by RBC button before completing
checkout. The process is fast and simple, and once approved,
competitive rates, terms and monthly payment amounts are provided
within seconds. Shoppers select their payment term, check out and
pay in simple monthly installments with no late fees, no
administrative fees and no deferred interest.
"We're thrilled to work with RBC, the largest bank in
Canada, to expand our reach and
provide a robust digital payment solution at the point-of-sale,
giving shoppers convenient payment options and more choices at
checkout," said Derek Joyce,
President, Bread. "We know that through this strategic alliance, we
can help thousands of RBC's merchant partners increase their
e-commerce sales and profits. Together with RBC, we'll work toward
fulfilling our mission of offering more ways for people to pay
globally."
PayPlan by RBC Fast Facts:
- 0: The number of hidden fees for customers to use
PayPlan by RBC
- 0: Penalties for prepaying a loan at any time
- 3: The number of steps required for a customer to
complete the online application, with approvals provided within
seconds
- 30: The number of days before customers are required to
make their first payments. Customers can also choose to pay down
their loan at any time, penalty-free
For more information, visit www.RBCPayPlan.com or
www.breadpayments.com.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 86,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 34 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About Alliance Data
Alliance
Data® (NYSE: ADS) is a leading provider of
data-driven marketing, loyalty and payment solutions serving large,
consumer-based industries. The Company creates and deploys
customized solutions that measurably change consumer behavior while
driving business growth and profitability for some of today's most
recognizable brands. Alliance Data helps its partners create and
increase customer loyalty across multiple touch points using
traditional, digital, mobile and emerging technologies. A FORTUNE
500 and S&P MidCap 400 company headquartered in Columbus,
Ohio, Alliance Data consists of
businesses that together employ over 8,500 associates at more than
50 locations worldwide.
Alliance Data's Card Services business is a comprehensive
provider of market-leading private label, co-brand, general purpose
and business credit card programs, digital payments,
including Bread®, and Comenity-branded financial
services. LoyaltyOne® owns and operates
the AIR MILES® Reward
Program, Canada's most recognized loyalty program,
and Netherlands-based BrandLoyalty, a global provider of
tailor-made loyalty programs for grocers. More information
about Alliance Data can be found at www.AllianceData.com.
Follow Alliance Data
on Twitter, Facebook, LinkedIn, Instagram and YouTube.
About Bread
Bread®, a division of Alliance
Data®, is a leading digital payments company that
partners with merchants and partners to personalize payment options
for their customers. Bread's flexible platform and robust suite of
APIs allow merchants and partners to integrate point-of-sale
financing and other digital payment products anywhere in their
customers' shopping journey. Bread's full-funnel recommendation
engine serves up the right options at the right time, empowering
merchants to sell more, improve conversion, and lift
average-order-value. To learn more, please visit
breadpayments.com.
SOURCE RBC Royal Bank