IQ ZoodPay Integration on Switch Payment Gateway
ZoodPay entered into another strategic partnership agreement with Iraq Electronic Gate for Financial Services Company (SWITCH), a leading payment gateway licensed by Mastercard International and Visa International, which facilitates e-payment services across the country.
This partnership sees ZoodPay's BNPL enabled for Switch's network of more than 100 online merchants with a web/app presence; it will also allow millions of Iraqis to enjoy buying products and services and paying in monthly installments without interest or hidden fees.
For merchants already using the Switch payment gateway, ZoodPay's payment solution will be available immediately and will not require any additional technical integration, just a quick onboarding process with ZoodPay.
For new merchants, Switch will offer a complete package, including the payment gateway solution and an add-on module allowing merchants to provide ZoodPay installment payments to their users.
This partnership allows Switch merchants in Iraq to add the ZoodPay payment option to their checkout, enabling customers to pay in easy installment plans without incurring interest charges.
This flexible payment option will help merchants provide a better shopping experience to their customers. It will also help increase basket value and conversion rate, decrease returns and expand the customer base.
Customers who choose ZoodPay's 'Buy now pay later payment option will have a seamless experience. When shopping on a merchant web or app using the Switch payment gateway, they need to select ZoodPay as their payment method at checkout, provide the requested information and apply for instant approval. If approved, the customers will have access to flexible short-time financing and pay in monthly installments with their regular debit or credit cards. Only 25% of the value will be debited at the time of purchase, while the remaining amount will be debited automatically from the customer's bank card every 30 days over a period of three months, with no commission nor additional charges.