PRESS RELEASE:
Partnerships with The Mark Travel Corporation and Golden Nugget Make Low-Cost Travel Financing Available to Millions
SUNNYVALE, Calif.–(BUSINESS WIRE)–November 10, 2016–
UpLift, Inc., an innovative start-up that brings digital marketing, travel and fintech expertise to major travel brands, today announced strategic partnerships with leading travel providers. With Pay Monthly, UpLift’s new travel financing service, UpLift’s partners can enable travelers to buy now, but pay later through installment payments offered at the industry’s lowest rates. With this influential new marketing capability, travel providers can boost conversion rates, merchandise specific products and increase total trip value.
Strong Support, Promising Market
Financing has long been a common payment option in other categories, from home furnishings to automotive. Through UpLift, major travel brands will now make installment payments available to millions of U.S. consumers. Pay Monthly launch partners include The Mark Travel Corporation — the operator of leading vacation brands such as Southwest Vacations, United Vacations and Funjet Vacations — and Golden Nugget.
UpLift’s Pay Monthly has been optimized for travel’s largest, most demanding customers. Pay Monthly makes it extraordinarily easy for travel brands to offer installment payments to their customers. With UpLift’s Pay Monthly, travel companies convert lookers to bookers.
Pay Monthly is a core element of the UpLift Engine, which helps travel providers to drive substantial improvements in their economics by increasing top line revenue and decreasing transaction costs. With the UpLift Engine, travel providers can expect to reduce credit card transaction costs by seventy basis points and increase revenue by double digits.
“We are all about enhancing our customer’s vacation experience and are excited for our value proposition for consumers to extend deeper into their payment options. This program gives them the ability to realize the vacation of their dreams, and realize it now,” said Ray Snisky, EVP and Chief Commercial Officer at The Mark Travel Corporation. “With UpLift’s Pay Monthly, we can bring an even greater level of value, flexibility and service to all of our clients across our portfolio of brands.”
“UpLift understands the marketing challenges specific to travel providers,” said Rikki Tanenbaum, senior vice president of marketing, Golden Nugget, “and the UpLift Engine was purpose-built for travel companies like ours. With Pay Monthly, we can use financing to boost conversion, upsell, cross-sell, merchandise and drive incremental business. UpLift has reimagined the role of payments for travel providers, and we’re excited to put this vision to work.”
“Travel sellers have long used installment payments as a promotional tool in countries such as Brazil, Argentina and Turkey,” said Henry Harteveldt, founder of travel industry research firm Atmosphere Research Group. “The U.S. is ideally suited for travel financing. In a recent study we conducted, 41% of U.S. travelers expressed an interest in using installment payments for trips that cost $2,000 or more. We believe that in the next 2-5 years, installment payments will become a ‘must have’ feature for all consumer-focused travel sellers – suppliers and intermediaries alike.”
Marketing Focus, Travel Expertise as Key Differentiators
UpLift’s intense focus on making financing a marketing opportunity for travel providers, together with the team’s deep experience in travel, distinguish the company from others focused on generic ecommerce financing.
UpLift CEO and co-founder Brian Barth said, “Our team created one of the most valuable categories in travel, and we know the travel industry like no ordinary fintech company ever could. With Pay Monthly, we’ve reinvented online payments as a marketing tool for major travel brands. Together with our partners, we will expand the entire travel business, making trips possible for millions who otherwise would never have left home.”
UpLift was founded by Brian Barth and Stu Kelly, co-founders of SideStep. SideStep invented the travel metasearch business and was acquired by Kayak in 2007 for $200 million. In 2013, Priceline purchased Kayak for $1.8 billion.
About UpLift:
UpLift brings digital marketing, travel and fintech expertise to major travel brands such as The Mark Travel Corporation – operator of leading vacation brands such as Southwest Vacations, United Vacations and Funjet Vacations – and Golden Nugget. With the UpLift Engine, travel providers can drive substantial improvements in their economics by increasing top line revenue and decreasing transaction costs. The UpLift Engine is built to scale and is easy to implement. Investors include IDG Ventures, PAR Capital and Thayer Ventures. Learn more at www.uplift.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161110005058/en/
UpLift, Inc.
Phil Carpenter, 650-787-5444
pcarpenter@uplift.com