An online payment service provider in the Arab, PAYFORT has announced the launch of its installments service via Commercial International Bank (CIB).
The new service allows ecommerce merchants to offer CIB pay-via-installment options to customers and gives consumers greater purchasing power. PAYFORT launched its installments service for the United Arab Emirates, Saudi Arabia and Egypt last year and has now integrated installment services for 15 issuer banks in the region into its payment platform.
“Installment plans are a very successful tool for online businesses to increase their conversion rates. In fact, almost one third of the merchants surveyed for our annual State of Payments Report, considered pay-by-installment plans as important or very important for their businesses,” said Omar Soudodi, Managing Director of PAYFORT. “PayFort installment services makes it easy for ecommerce websites to offer purchasing-via-installment options, simplifying the payment transaction for consumers. By integrating CIB installment services into PayFort, we help provide flexible payment options for an estimated 350,000 CIB customers.”
PAYFORT’s installments product allows customers to use their credit cards to purchase products and services via ecommerce websites and make payments in monthly installments to their choice of retail bank. By providing a simple pay-via-installments option and an optimal user experience, installments help ecommerce merchants leverage the growth in the installment payments segment.
“CIB has proven to be the bank of choice in the Egyptian market, offering a diversified bouquet of premium products and services that satisfy customers’ needs and this explains why a great number of Egyptians choose to apply for CIB credit cards,” said Ahmed Al Salahy, Regional Manager – Egypt, N. Africa & Levant for PAYFORT. “This deal with CIB gives PayFort merchants better access to hundreds of thousands of CIB customers and helps increase the purchasing power of CIB account holders.”
