Payright welcomes Competition Tribunal ruling for energy sector merchants and consumers

Payright has welcomed the decision by the Australian Competition Tribunal allowing consumers to continue to access buy now pay later options for the installation of solar solutions.

Payright co-CEO, Piers Redward, described the ruling as a “win for providers of alternative energy solutions such as solar power, and a win for their customers.

“While consumers tend to take a medium-to-long term view when considering whether to invest in solar, at up to $10,000 for 10kW of power it can present a significant outlay up front.

“It’s where buy now pay later options like Payright make sense – offering consumers the ability to make manageable payments. In the case of solar, it can present an opportunity for consumers to save on their energy bills.”

As a specialist in higher-value transactions, typically in the range of $3,000-$5,000 and up to $20,000, Payright is the buy now pay later option for higher value purchases across sectors such as dental, medical and personal care services, retail, and home improvement products such as solar.

With 118 solar retailers on its platform, Payright has seen increasing demand for these products through its energy sector merchant partners.

Payright co-CEO, Myles Redward added, “We help solar providers build their businesses by opening the door to a new and growing segment of BNPL customers, at time when more consumers are looking for flexible, affordable and transparent payment arrangements.

“In the three months to September, we’ve seen an almost 300 percent increase in demand though this category. The ruling ensures that consumers can continue to take advantage of this rapidly-growing and exciting industry.”