Enterprise payments fintech, Limepay, has been selected by Domain Group to jointly deliver a bespoke ‘Buy Now Pay Later” (BNPL) product called “MarketNow”.
The MarketNow platform offers a pay later solution similar to other platforms who ensure property marketing costs don’t get in the way of preparing a home for sale.
Vendors will have the option to defer payment of up to $25,000 until a later date.
The move is consistent with Domain’s broader strategy to offer a marketplace of property services beyond property listings, including insurance, home loans, and now payments.
“The traditional application of BNPL sees retailers offering an interest-free purchase with four equal repayments, delivered by one or multiple third-party providers,” said Limepay’s founder and CEO Tim Dwyer.
“In contrast, the Limepay platform has been built to create a superior and bespoke white-label payments and BNPL solution for all merchants. Our native approach has made it quite straightforward to cross over from a retail application to a real estate application.”
The companies say the solution is currently rolling out to more than 40 agencies across the eastern seaboard as a first phase.
“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,” said Domain’s CEO Jason Pellegrino.
“We are building customer-centric solutions inhouse 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.
“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.
“MarketNow Payments Pty Ltd” is a joint venture between Domain and Limepay, and will become more broadly available to Australian real estate agencies early in 2021, beyond those currently trialling the solution.