Mailpac launches financing arm, price tool
Mailpac is now offering financing of up to $200,000 to online shoppers who buy goods through its platform.
The online shopping company also invested $275 million in a 'landed price tool' that will make it easier for customers to ascertain their final bill for items ordered prior to pickup.
The tool is a collaborative project with 21 entities operating in the Aeropost regional network, Mailpac said in a statement. The tool was developed in consultation with Amazon and other webstores, the company said.
"You can now pay with local credit or debit card, local top-up card, mobile wallet, or cash," said Mailpac Services chairman Khary Robinson. "More importantly, that item can be financed," he said.
The financing to be offered through Mailpac Financing Services will be priced anywhere from 10 per cent to 55 per cent, depending on the customer's risk profile, Robinson said.
Mailpac Financing "allows Jamaicans to get financing online in the same manner as in local stores" and comes with "instant approval," he said.
Robinson estimates that just 1.4 per cent of Jamaican households shop online. His company has also eliminated membership fees in order to attract new business.