Homeowners’ passion for renovations and upgrades — galvanized by the pandemic — has found an ally in buy now/pay later plans, says Michael Garrity, CEO of Financeit, one of Canada’s growing fintech companies“It has been a year of contrasts,” said Garrity. The merchants that choose BNPL programs for their customers pay a fee to make these programs available. Financeit, for example, has enrolled about 3,000 home appliance/improvement merchants nationwide and continues to grow, financing $500 million in home improvements last year. “Using our services generally increases their sales success by 30 to 40 per cent,” said Garrity. “In addition, if anyone asks for a deposit of more than 10 per cent, be wary,” Garrity said.

Source: thestar August 04, 2021 12:00 UTC