Fairfirst Insurance offers comprehensive online payment gateway
View(s):Fairfirst Insurance recently signed a Memorandum of Understanding with the Internet payment gateway PayHere. Approved by the Central Bank, PayHere enables businesses to accept online payments from customers from all over the world.
Fairfirst is home to the only, fully fledged online insurance purchasing platform – www.fairfirst.lk. Now in its growth phase, the Online Shop has been attracting the attention of people for its convenience and shelf of novel insurance solutions. Offering the very basic third party cover to the make your own vehicle insurance policy, motorbike insurance and pet insurance, Fairfirst has been at the forefront of giving insurance a renewed meaning, the company said in a media release.
Moving away from the traditional payment methods that would require the customer to pay their premium in full, the PayHere tie-up allows for secure, installment and subscription-based payments for customers. The subscription payment option in particular gives customers the ability to continue transacting with their credit card without hitting their credit limit subsequent to one major transaction. More importantly it simplifies the entire payment and payment collection process for both customers and Fairfirst, since the act of drawing up cheques, depositing them, travelling to a branch to hand over cash, etc is completely eliminated in an online payment system. Furthermore, once the customer selects the frequency of payment and specifies the time period, the rest is automated.
Commenting on this initiative, Sasith Bambaradeniya – Head of Marketing and Digital Solutions at Fairfirst Insurance, said: “We are aggressively pushing our online agenda and in doing so, felt that our platform had to be supported by a fully-fledged Internet payment gateway that would enable customers to pay in installments or subscriptions via their credit/debit card and from anywhere in the world.”
Dhanika Perera, Founder and CEO of PayHere, added: “We launched PayHere with a vision to empower Sri Lankan businesses with modern and futuristic payment technologies, which were not available in Sri Lanka before. It’s exciting to see how Fairfirst has leveraged on innovative payment technologies to deliver an outstanding user experience for their customers. We hope this will be a game changer for Fairfirst.”
Fairfirst Insurance is part of the Canadian-based Fairfax Group. Fairfax, through its subsidiaries, has an international insurance and reinsurance business with a global underwriting reach, longstanding relationships and a broad product range. Fairfax has a strong foothold in the growing insurance and reinsurance markets of Southeast Asia, Eastern Europe, West Asia, and Brazil.