Holiday finance provider Fly Now Pay Later has struck a deal with lender Honeycomb Finance as it looks to roll out the service to the sector.
London-based Fly Now Pay Later allows consumers to spread the cost of their holidays over two to 10 monthly instalments.
Jasper Dykes, chief executive and founder of Fly Now Pay Later, said: “Our partnership with Honeycomb Finance is an exciting opportunity to expand a service that is a first for the UK market giving consumers an alternative option to pay for their holidays, through a fast, flexible and secure platform.
“The service offers travel operators the opportunity to help increase conversion rates, deliver incremental revenues and introduce an additional revenue stream into their business through commission paid on each transaction and we believe it will bring great benefits, such as increasing consumer choice, boosting bookings and travel operator profitability, helping to spur travel market efficiencies and the sector’s overall growth.”
Paul Noble, chief executive of Honeycomb Finance, added: “We are focused at Honeycomb Finance on removing complexity for our partners and customers, making it easy to transact, and that’s why we are excited to be working with Fly Now Pay Later. This solution offers real customer benefit for the growing travel market which is increasingly becoming an innovative sector for lending.”
Fly Now Pay Later charges a one off transaction fee at the time of booking and offers additional consumer protection in the event of financial failure by a travel provider.
It claims there are no hidden costs and the firm charges no redemption penalties for early repayments and overpayments. It has already partnered with travel firms including Travelpack, Carlton Leisure and 360 Travel Group.
Travel agents, tour operators, airlines and hotel booking websites can integrate with the platform into their existing booking process and the firm claims conversion rates can improve by as much as 10% while transaction costs are significantly reduced.
Operators receive the full balance of the holiday at the time of booking, and receive commission on every transaction processed, improving cash flow.
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