Benzinga | Nov 22, 2021 08:25AM EST

Newegg And Zip Announce Exclusive Partnership To Offer Buy Now, Pay Later In Canada

"Zip Co Limited ('Zip')" a global leader in Buy Now, Pay Later, announced today an exclusive partnership with Newegg Commerce, Inc. (NASDAQ:NEGG), an online retailer of computer hardware and consumer electronics, to give Newegg customers in Canada access to Zip's innovative Buy Now, Pay Later installment payment service.

Newegg, is a leading tech-focused e-retailer in North America, with global reach in Europe, Asia Pacific, Latin America, and the Middle East. Founded in 2001, Newegg offers its millions of registered customers a comprehensive selection of the latest consumer electronics, as well as entertainment, smart home, and gaming solutions.

Zip Canada's Managing Director, Steve Croth, said,

"We're meeting a growing demand in eCommerce shopping for home tech, gaming, and electronics as people start their holiday shopping. We're excited to be Newegg's exclusive Canadian partner and offer their customers a simple and flexible way to pay for these every-day purchases over time."

Zip lets consumers split qualifying purchases made on newegg.ca into four interest-free instalments paid over six weeks.

New Egg's Chief Technology Officer Montaque Hou said,

"The success we enjoy as a company is positively influenced by the strong collaboration with our extensive network of partners and service providers. At Newegg, we take an innovative approach to leveraging existing technology and platforms, while keeping sight of the future and emerging technologies to deliver a superior online shopping experience. Our partnership with Zip fits well into our overall business strategy of optimizing customer experience, improving shopping convenience and expanding payment flexibility."

Newegg joins more than 55,000 retailers that are part of the Zip global merchant network. Within days of implementing Zip, merchants typically see up to a 20% increase in conversion rates and up to a 60% increase in order values.