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A Bright Idea Comes to Canada with PayBright Purchase Financing

For many years, Canada has suffered under a purchase financing capability gap. The United Kingdom, Europe, and Asia have used consumer purchase financing, or rent to own financing, for everyday essentials such as furniture financing and auto loans. In the United States there is Progressive Leasing, Affirm Financial, and Synchrony Financial for when consumers wanted to purchase on credit, available in most major retailers and online storefronts. Canada has lacked this consumer financing capability, leaving millions of dollars on the table for online stores, retail stores, furniture stores, car dealerships, and other businesses. With no lease to own financing option existing for people to buy with bad credit or no credit, it’s left thousands without the ability to finance their shopping and stores with lost sales and profits.

Then a bright idea arrived in the Canadian Financial Technology industry, and PayBright became the purchase financing solution Canadians missed for many years. Thanks to PayBright, Canadian consumers have the power to buy on credit through over 4,300 merchants throughout Canada. PayBright is also responsible for approving up to $600 million in consumer credit since they launched it in the fall of 2016.

What is PayBright and how did they start? PayBright is a consumer lender, specializing in point-of-sale instant financing for both brick-and-mortar stores and e-commerce stores throughout Canada. But PayBright didn’t start out that way.

PayBright was originally Health Smart Financial Services Inc., founded by Dr. James Hyssen. Health Smart’s original mission was to provide consumer lending for healthcare providers such as veterinary clinics, dentists, plastic surgery, fertility treatments, mobility devices, and audiology. Based in Toronto, Ontario with headquarters right on Bay Street, Health Smart was a leading provider of personal healthcare financing with over $170 million in consumer credit approvals since opening its doors in 2009.

But it wasn’t enough. Though Health Smart Financial Services provided instant financing for healthcare procedures, they still saw a need to extend those instant financing services for everyday purchases. The addition of current President and CEO Wayne Pommen, and Senior Vice President and Marketing & Business Development head Vassil Chalashkanov, oversaw the introduction of purchase financing for the retail market. Financial technology companies, or fintech, such as Progressive Leasing, Synchrony Financial, and Affirm Financial are popular in the United States. Each offer rent-to-own payments on everything from furniture financing to automotive financing, instant credit for online shopping to retail brick instant financing in-store.

While online shoppers and retailers were enjoying the benefits of instant purchase financing in the United States, Europe, and Asia, leaving Canadians with fewer options besides the traditional loan applications, requiring a good credit score, or financing a purchase through high interest credit cards. And since purchase financing required a good Equifax or TransUnion credit score, this left customers with bad credit or no credit with no options to finance their purchases, leaving Canadian consumers out in the cold when it came to instant financing.

It was a niche PayBright sought to fill, and in fall 2016 became the first Canadian Fintech company to offer instant consumer financing in Canada. By January 2017, PayBright officially launched for the retail market. Later that year PayBright expanded into e-commerce platforms for online stores.

PayBright’s secret to success is their use of product pricing and using online e-commerce technology to bring about more flexible and simpler point-of-sale financing so that anyone can finance a purchase online, even a O Mattress from Omni Mattress!

To make the PayBright payments extra sweet for customers and stores alike, PayBright doesn’t charge any retroactive interest or hidden fees to the customer. There’s no credit cards or memberships needed to join. They offer customers a payment program while the merchant pays the fee for the payment service instead of using a discount or promotion. Merchants have the flexibility of offering a interest rate or a payment plan without an interest rate. The flexibility keeps customers and merchants alike thrilled. Who doesn’t like options?

And the best part all is the approval and setup of the payment options happens in seconds, with PayBright’s fully automated loan process. They do fraud detection and approval is done instantly and online, not to mentioned its AI powered.

Since PayBright burst onto the scene in 2017, their e-commerce solutions approved over $600 million in consumer credit, with over 4000 merchants using PayBright for their instant consumer financing (including yours truly, Mattress Omni). They were first to bring consumer purchase financing to the Canadian market, and it attracted the attention of investors. In September 2019, PayBright raised $34 million in growth equity from Goeasy Ltd. Adding to other investors such as iA Financial Group. Not only is PayBright already wildly successful, it also set them for years of future growth. And they’re already being recognized for their achievements.Paybright was recently named a Top 50 Fintech Company in Canada by the Digital Finance Institute.


PayBright, Omni Mattress, and You!

But where does that leave you, the mattress buyer? Thanks to PayBright and their instant purchase financing, you have more options to choose from when buying a mattress online through Omni Mattress!

Not only do you have the O Powerline™ for up to $3000 spending limit on your O Mattress™, O Mattress Onyx™, or O Mattress Platinum™ purchase, you also have the quick approval and purchase financing of PayBright to buy your brand new O Mattress™ memory foam mattress online!

Think about the great sleep you’ll get from an O Mattress™ memory foam mattress, with three layers of comfort wrapped in a breathable cover that keeps you cool and dry throughout the night. Just don’t worry about the financing, because thanks to Omni Mattress and PayBright, you can buy now pay later on the memory foam mattress of your choice without having to worry about approval, even with bad credit or no credit!

You shouldn’t be sleeping on your old innerspring mattress. Neither should a brand new memory foam mattress from Omni Mattress be out of reach financially, for you or your family. Get a king-sized mattress for you and your spouse, and a twin-sized mattress for the kids. Everyone wins, thanks to Omni Mattress and Paybright, partners in affordable mattresses!



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