By using Quadpay, customers can split any purchase into four interest-free installments, paid over six weeks via a credit card or debit card. It’s available for purchases made both online and in stores.
“As we continue to find new ways to expand the purchasing choices for our customers, we are pleased to partner with Quadpay to offer a new flexible payment option that will enable customers to affordably purchase the products they want from us,” said Newegg Chief Technology Officer Montaque Hou in the release.
Newegg’s strategy is to build out its global digital ecosystem with more payment options, the release stated.
“We are still seeing a growing demand in eCommerce shopping for the home and home office, even as people return to the workplace,” said Quadpay Co-CEO Brad Lindenberg in the release. “With more smart home purchases and tech appliances for their home offices, Newegg can provide shoppers with all their tech needs. We are thrilled to be partnering with Newegg to offer their customers a simple and flexible way to pay for these everyday purchases over time.”
Quadpay’s BNPL solution was also implemented by ChargeAfter, a point-of-sale (POS) financing platform, PYMNTS reported in April. That service connects retailers with lenders through its BNPL network. Some of the retailers included are those working in consumer electronics, home appliance, furniture, automotive and mattress sales.
BNPL use has been up in general across the country, helping drive sales on eCommerce websites as well as at physical stores. Quadpay said at the time that offering its installment option has helped merchants boost their sales conversions by up to 20 percent. PYMNTS reported that 47 percent of consumers had increased their used BNPL services last year.