Why use PayItMonthly compared to offering finance in-house?
When offering to spread customers payments, some companies will consider cutting out the middle man and offering finance in-house. This can be because they believe they will make more money doing it themselves; because they are unable to find a suitable finance company to work with them; or simply just because they think it will be easier. However, it can be incredibly difficult for a company to do this successfully.
A significant number of customers prefer to pay via monthly instalments. Therefore, if you offer finance you might have to deal with a potentially large volume of paperwork, customers who require assistance with changing details and a few defaults that require pursuing. You will also need to consider your availability outside of office hours, getting suitable systems in place, possibly taking on more staff and staff training. Because of all the other areas of a business, it can often be the case that, once signed, completing paperwork for finance is left as the last thing on the list, which can lead to agreements being missed and making the process very complicated. If you add all of this to the work you are already doing running your business, you can see why a number of businesses try and fail to manage in-house finance agreements.
That’s not to say that some companies don’t successfully offer finance in-house. Although, the time and effort that goes into it will be vast, which can have a detrimental effect on other areas of the business. To effectively manage finance agreements both a dedicated system and staff are required.
So, how would using PayItMonthly benefit you?
We can solve these problems for you. We manage your finance scheme for you and we save you money. Your ROI can be greater by using us as you receive the profit that a finance company would make by taking on the risk.
PayItMonthly is an online system, which allows you to complete the process in an effective and timely manner.
The system provides a legally binding contract between you and the customer. This takes away the need for you to spend time and money on having your own contract created, as well as having to continually update it as there are changes in legislation. Should the worst happen and a customer refuses to pay, you have the option of taking legal action based on the legally binding contract produced by our system.
We have an experienced team who are dedicated to working your accounts for you. Where your expertise lies in your business, ours lies in finance and collections. If an agreement should default, we will contact the customer via sms, email, telephone and letter. You can imagine how doing this in-house could prove to be time consuming and detract from other areas of your business.
We understand that you want to see what is going on with your customers’ accounts. Every time we have contact with your customer, the account is noted and updated. You are able to view all notes and payments on each account through the PayItMonthly system. If you have any queries or want more information, you can simply ask for it. Therefore, you will always be able to stay in the know with what is happening with your customers’ accounts.
What about all the hassle of using a finance company?
With PayItMonthly there isn’t any! If you offer your customers interest free credit with no additional charges over 12 instalments or less, you do not require FCA authorisation. Click here to read more on this. This means no expensive outlay and no waiting, you can start offering customers finance typically within 1 working day of signing up with us.