Domain has partnered with a fintech to launch a ‘buy now, pay later’ product that allows property owners and vendors to defer marketing cost payments until a later date.
Property portal Domain and buy now, pay later (BNPL) provider Limepay have joined hands to launch a bespoke BNPL product called MarketNow under the joint venture MarketNow Payments.
MarketNow is a secure online payment gateway that offers a “pay later solution”, which allows real estate agencies to collect the total marketing costs from owners upfront when selling their property, while vendors have the option to defer payment of up to $25,000 until a later date.
The MarketNow solution is currently rolling out to more than 40 agencies across the eastern seaboard as a first phase.
MarketNow Payments will become more broadly available to Australian real estate agencies early in 2021, beyond those currently trialling the solution.
The partnership forms a part of Domain’s broader strategy to align with technology companies and offer property services beyond listings, including insurance, home loans and now payments, according to Domain managing director and CRO Jason Pellegrino.
“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,” Mr Pellegrino said.
“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.
“The Limepay Domain venture will enable agents to grow their business and ease cash flow strain both on and beyond the Domain platform, and help achieve better outcomes for their vendors and their business.”
According to Limepay founder and CEO Tim Dwyer, the move would allow Limepay to tailor to the needs of particular merchants, instead of offering a “one size fits all” product.
“The traditional application of BNPL sees retailers offering an interest-free purchase with four equal repayments, delivered by one or multiple third-party providers,” Mr Dwyer said.
“Our native approach has made it quite straightforward to cross over from a retail application to a real estate application.
“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.”
Limepay ended 2021 with a $21-million initial product offering (IPO) raise.
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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