Purchases over AED 1,000 can now be paid in three monthly installments.
Online shopping portal JadoPado announced today the launch of a ‘buy now, pay later’ scheme, in partnership with EmiratesNBD.
The scheme currently allows EmiratesNBD customers to pay three monthly installments at zero cost for purchases over AED 1,000. Customers simply contact EmiratesNBD post-purchase to convert their JadoPado purchase into a three-month installment, however this installment scheme will still be at the discretion of EmiratesNBD. I caught up with Karlo Alfredo, Brand & Design Architect for JadoPado.com to find out more information about the scheme.
Can you tell me a bit more about the thought process into why you decided to launch an installment plan for purchases? Why choose ENBD as your preferred bank?
We’ve been getting a lot of requests from customers to come up with a monthly installment scheme since we started out last year. Unfortunately, we’ve been too busy working on other things on the site, thus the idea got sidetracked for a while. We were finally presented with the chance to pursue the plan when Emirates NBD contacted us a few weeks ago. It makes a lot of sense to partner with Emirates NBD since they have the largest credit card membership in the country. That will allow us to reach out to more people. The introduction of our zero percent installment scheme would give our customers an easier way to pay for their orders. Lets face it, why would you want to pay upfront when you can pay in installment for free. The installment scheme will allow us to appeal to new customer segments which we previously can’t serve due to the unavailability of zero interest installment scheme.
Will you be looking to expand this payment option to other banks, or can customers possibly ask if their bank can collaborate with you?
We’re currently in early stage discussions with other banks. If things go well, we should see us partner with one or two more banks in the near future. It will greatly help if customers become proactive and tell their bank which retailers they’d their banks to partner with. It will benefit all parties involved. The banks will get new retailer partner which will be a source of new credit card transactions; retailers can reach out to new customers and potentially increase their sales; and customer will have more selections on where to shop.
Will you possibly look at other payment options in the future such as PayPal?
We’re always open to new payment options. If the demand is big enough for a particular payment option, we’ll try to include it on the site. Surprisingly, considering PayPal’s popularity, not many customers ask for it. The cash on delivery and credit card payment options seem to serve our customers needs for the time being.
Any news on whether you’re going to spread the JadoPado love to outside the UAE?
All I can say is we’re working on it. It may sound easy to just open our gates to other countries and start shipping out from here but it isn’t the case. There are quite a lot of things that need to be addressed before we jump in to it such as the actual logistics itself; how to handle warranty claims and returns; and changes to our actual website to adapt to the local market just to name a few. We’re slowly getting there though!