Aussie homebuyers will soon be able to “buy now, pay later” thanks to a partnership between homes listing site Domain and Limepay.
Currently in its trial stages with 40 real estate agencies across the eastern seaboard, secure online payment gateway MarketNow Payments Ltd will be rolled out to agents throughout Australia in the coming months, and will enable agencies to collect the total marketing costs from owners upfront when selling their property, while vendors can choose to defer payments of up to $25,000 until later.
Benefits to sellers include the ability to manage growing costs when trying to move, potentially unlocking more budget for improved marketing and consequently faster sales.
Limepay founder and CEO Tim Dwyer says the venture demonstrates the “broad applicability of Limepay’s native payments approach”, which can be specifically tailored to the needs of particular merchants, as opposed to the “one size fits all” approach of many BNPL marketplaces.
Managing Director and CEO at Domain Jason Pellegrino says the real estate listings site is changing the way it operates, hoping to offer a complete set of tools to buyers and sellers.
“Domain is evolving from an online classifieds portal to a property marketplace that delivers on our purpose of inspiring confidence for all of life’s property decisions.
“We’re building customer-centric solutions in-house or through strategic relationships with best-in-class technology companies.
“In the case of payments, an issue we recognised was that sellers often have a limited marketing budget, but still rely heavily on widespread exposure for their listing in order to maximise the chance of a successful sale.”
Tim says the traditional application of BNPL sees retailers offer interest-free purchases with four equal repayments, delivered by one or more third-party providers.
“In contrast, the Limepay platform has been built to create a superior and bespoke white-label payments and BNPL solution for all merchants,” he says.
“The result is that individual merchants – like Domain’s real estate agents – are able to use MarketNow to innovate around their vendor customers, and create a relationship around payments that allows them to build on and retain their own unique customer insights, relationships, and performance data.”