Allows Consumers to Pay for Accommodations Through Interest-free Installments with Convenient and Flexible Payment Options when Booking Travel
Seamless Integration Enables Marketing Opportunities in Social Media Travel Package Campaigns and Direct-to-Consumer Marketing Channels to Drive Sales and Conversion Rates
SUNRISE, FL / ACCESSWIRE / July 11, 2024 / NextTrip, Inc. (NASDAQ:NTRP) ("NextTrip," "we," "our," or the "Company"), a travel technology company, today announced the launch of FlexPay, a proprietary technology for its direct-to-consumer travel booking website giving customers new flexible payment options and exclusive deals.
FlexPay is a flexible form of short-term financing that allows customers to pay for accommodations over time through interest-free installments. FlexPay differentiates itself from other travel booking sites with flexible payment and deposit options, exclusive deals, and does not run credit checks or charge interest. Offered as a payment option at checkout, travelers can now book their vacation for as little as $1.00 down at eligible properties.
"The timing of our FlexPay launch aligns perfectly with the increasing popularity of ‘buy now, pay later' (BNPL) with consumers, and our ongoing website layout and technology enhancements," said Bill Kerby, Chief Executive Officer of NextTrip. "Consumers continue to utilize ‘buy now, pay later' services across a variety of platforms, accounting for 4% of 2021 e-commerce transaction value in Canada and the US, which is expected to more than double to 9% by 2025, according to the FIS-Worldpay Global Payments Report 2023. According to TravelBoom, consumers are open to flexible payment options, with 58% likely to choose a hotel offering 'buy now, pay later' option. They also report that alternate payments are very likely to increase bookings from younger travelers, with 82% of travelers ages 25-34 influenced by alternative payment methods.
"Our new FlexPay technology is designed to be seamlessly integrated into the booking experience and enables marketing opportunities throughout the path to purchase. FlexPay will also be utilized in social media market travel package campaigns and direct-to-consumer marketing channels. We believe that by expanding affordability and flexibility for our customers, FlexPay will drive sales and conversion rates. FlexPay and our other development initiatives are now positioned to support and amplify enhanced marketing campaigns, which are expected to gain momentum this summer and extend into the fall booking season," concluded Kerby.
About NextTrip
NextTrip (NASDAQ:NTRP) is a technology-driven platform delivering innovative travel booking and travel media solutions. NextTrip Leisure provides individual and group travelers with vacations to the most popular and sought-after destinations in Mexico, the Caribbean and across the world. NextTrip Media platform - Travel Magazine offers a social media platform for viewers to explore, educate and share with friends their "bucket list" travel. Additionally, NextTrip is launching an end-to-end content ecosystem that uses AI assisted travel planning capturing advertising, building brand awareness, rewarding loyalty and driving bookings. For more information and to book a trip, visit www.nexttrip.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including continuing risks relating to the Company's acquisition of the NextTrip business. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, integration and other post-closing matters related to the NextTrip acquisition; changes in domestic and foreign business, market, financial, political and legal conditions; unanticipated conditions that could adversely affect the combined company or the expected benefits of the NextTrip acquisition; failure to realize the anticipated benefits thereof; the overall level of consumer demand for NextTrip's products/services; general economic conditions and other factors affecting consumer confidence, preferences, and behavior in the travel industry; disruption and volatility in the global currency, capital, and credit markets; the financial strength of NextTrip's customers; NextTrip's ability to implement its business strategy; changes in governmental regulation; NextTrip's exposure to litigation claims and other loss contingencies; stability of consumer demand for NextTrip's products; any breaches of, or interruptions in, NextTrip's information systems; fluctuations in the price, availability and quality of products as well as foreign currency fluctuations; NextTrip's ability to maintain its Nasdaq listing; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. NextTrip disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise, except as required by applicable law. For additional information regarding risks and uncertainties that could impact NextTrip's forward-looking statements, please see disclosures contained in the Definitive Proxy Statement filed with the SEC on December 1, 2023 and our other filings with the SEC which may be viewed at www.sec.gov.
Contacts
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
NTRP@mzgroup.us
www.mzgroup.us
SOURCE: NextTrip, Inc.
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