SA Fintech Startup Payflex Launches Buy Now Pay Later Feature in SA

South African-based fintech startup Payflex has launched a new offering that offers an online payment gateway solution to South African merchants that allows shoppers to pay over 6 weeks, interest-free. Therefore, local consumers will be able to purchase items from over 500 well-known stores such as Cotton-on, Superbalist, and more. 

Payflex is a brilliant new way to pay. With Payflex, you can shop now and pay later – and it won’t cost you a cent more. That’s right, with Payflex its zero interest, zero fees and zero catch – all the way to the bank.

Paul Behrmann, CEO, and founder of Payflex explains that utilising the fintech’s innovative platform to purchase items is interest-free. 

“Traditionally paying via installments in South Africa has been associated with high-interest charges, as you are penalised for paying for the item over time. But by using Payflex, every purchase you make is interest-free. You’ll know exactly when each of the four interest-free payments are due and there are no hidden costs. It puts you in control of your finances.” 

The buy now pay later feature is interest-free for six weeks and payments are split over four interest-free instalments. Payflex is better than online credit. It a debt-free spending plan for smart spenders who want to get what they want today without getting into debt.

How does it work?

An example provided by the fintech on how the buy now pay later scheme works. For example, if a consumer purchases a watch for R 1000, the first payment upfront will be R250 and the three additional payments will be R250 every two weeks for a period of six weeks. 

The platform has been developed to inform users on how and when payments are required, creating a transparent buy now pay later system with consumers. 

“The hassle-free Payflex option allows you to see exactly how and when you will make your payments. Provided you make your scheduled payments on time, you won’t be paying one cent extra in interest or fees for your purchase,” Behrmann explains. 

In addition, new users who sign up on Payflex will receive a R 100 discount coupon to use on their first purchase.