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Customers spreading the cost of their purchase is proven to increase sales and order value

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Simple pricing with no hidden fees for your or your customers.

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We have various different options from plugins, paybylink and our full API

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You do not need FCA authorisation to offer you customer instalments through PayItMonthly

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Articles giving you a bit more information about us, what we do and how we can help you grow


Support Articles for everyone who uses PayItMonthly

Interest Free or Not Interest Free

by | 18th January 2017 | Analysis


Having recently read an article on interest free deals, it made me think about how important it is for customers to understand exactly what they are signing up for. Interest free should mean just that.

Now, of course, most of these deals have the caveat of “interest free for X number of months” and customers are generally aware of this, happy to sign up and pay before the interest kicks in. But what happens if something unforeseen happens along the way and the customer finds themselves struggling due to these circumstances?

The article looks at specific cases including a customer who signed up for £675 worth of goods. He was unexpectedly made redundant meaning that he was unable to meet his repayments on time. Due to interest and charges he ended up paying a total of £1130, almost double what he had borrowed. Read the full article here http://bit.ly/2fWj3Ia.


So, the question is this: Is it better to start charging a customer extra when their circumstances have changed meaning they can’t afford the original payment? What does this achieve?

The way I see it, putting extra financial strain on the customer won’t help. The likelihood is that they will end up not paying anything as they cannot manage the increased monthly instalment amount; or they will visit a debt management company who will offer small instalment amounts, leaving you right back where you were to begin with.

Another issue caused by charging interest and/or fees is the possible loss of a loyal customer. Just because the gentleman in the article was made redundant does not mean that he was an unreliable payer. He may have gone on to get a bigger and better job with an increased salary; but unlikely to ever use that same service again. Customers don’t forget how they have been treated and good treatment results in customer loyalty – it’s common sense. And let’s not forget word of mouth. If you work with your customers to get the best for both you and them, they will happily recommend your service to others.


This is exactly what we do at PayItMonthly. We help to enable you to offer interest free instalments to your customers. There is never interest added on, so when we say interest free – we mean interest free! We work with your customers to get the best results for you and for them. We are so often thanked on the phone for how we have dealt with the customer’s circumstances. And if they like us, it also reflects well on you.

We believe there is a way to get the best for everybody. We want your customers to be happy and loyal to your business. Offering completely interest free credit is a good way to stay ahead of the competition. If you want to know more about how you can offer interest free credit without FCA authorisation, click here. To open your free account, click here.


Remember, letting your customers know that there are no hidden charges, no interest and no fees could see an increase in sales due to customers who want to PayItMonthly.