Understanding the ease of accessibility to consumer finance at the point of purchase is increasingly a factor in converting sales, Meydan Group invested strategically in the development of software solutions with the capability to service this market.
Catering to this growing segment in consumer finance, Meydan Group developed Openpay, an in-store / in-home and online payment solution empowering customers to buy now and pay later, interest free.
What this means for consumers is a paperless, straightforward process that results in interest free payments. For retailers, it means converting sales where they may have been missed previously.
The idea for Openpay emerged fortuitously when one of the founders visited a kids clothing store overseas and on payment, was asked how many instalments she wanted to make for her purchases. This prompted some lateral thinking around the concept of ‘buy now, pay later’, which is actually a common and popular payment methodology in other geographies.
Back in Australia, the initial concept was floated with stakeholders in the retail sector, including business owners and consumers. Based on their feedback it was determined the concept warranted further consideration. A high level business plan was presented to Moshe, Meydan Group’s Managing Director and within just a few months, approval was given to not only pursue the concept further, but to pilot the concept within his own retail stores, Taking Shape. The commercialisation process involved an extensive research and development program that saw earlier beta versions of the software tested under Jam Payments, Evoke AutoPay and other white label brands.
Openpay was born out of this process. It is an excellent example of how Meydan Group does business. With vision to see what’s possible, we’re able to take strategic interests, maintaining a long term view that allows us to develop a business to the point where it’s ready for the next step up in growth.