What is Collection Only (CO)?

Our Collection Only (CO) product allows you to offer finance to customers who may not qualify under PayItMonthly's standard lending criteria.

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With CO, your business accepts the lending risk for the finance agreement, while PayItMonthly continues to manage the customer journey. We'll create the finance agreement, collect repayments from your customer and handle the ongoing administration, with payments being released to you as they're successfully collected.

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CO gives you the opportunity to approve more customers while choosing how much control you'd like over the approval process.

Choose How CO Works

CO can be configured in one of three ways, depending on how much control you'd like over customer approvals.

Option 1 – Accept Every Application

Every customer who applies is automatically accepted under CO.

This provides the highest possible approval rate and requires no manual review from your team.

Option 2 – Set Your Own Acceptance Criteria

Automatically approve customers who meet criteria chosen by your business.

For example, you may decide to only accept customers who:

• Have no County Court Judgments (CCJs).  

• Have no previous defaults.  

• Meet a minimum credit score.  

• Meet other criteria agreed with PayItMonthly.  

Applications that don't meet your chosen criteria will be declined automatically.

This option helps you increase approvals while keeping control over your lending exposure.

Option 3 – Review Every Application Manually

Every CO application is referred to your team before a finance agreement is created.

You'll be able to review each application and decide whether to:

• Accept the agreement.  

• Reject the agreement.  

This option gives you complete control over every CO application.

How Payments Work

Unlike our PayItMonthly Risk products, payments are released to you as your customer repays their finance agreement.

Here's how it works:

• We collect the customer's first payment when they complete their finance agreement.  

• Once the funds have cleared, the payment is included in your next scheduled payout.  

• Future repayments are paid to you as each successful payment is collected.  

Most partners choose to offer 12 monthly repayments, as there's no difference in CO fees between shorter and longer repayment plans.

Missed Payments

If a customer misses a payment, our UK-based Collections Team will manage the recovery process on your behalf.

We'll contact the customer by email, SMS and telephone to recover outstanding payments, helping reduce the administration for your business.

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Important

Under CO, your business accepts the lending risk.

PayItMonthly manages the finance agreement, collects repayments and carries out collections activity on your behalf. While we'll make every reasonable effort to recover outstanding payments, your business remains responsible for any unrecovered debt.

CO Fee

CO is charged at a simple flat rate of 9.9%, regardless of whether the customer chooses between 2 and 12 monthly repayments.

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Why Choose CO?

CO is ideal if you'd like to:

• Approve more customers.  

• Increase completed sales.  

• Decide how much lending risk you're comfortable taking.  

• Continue benefiting from PayItMonthly's finance agreement management, payment collection and UK-based customer support.  

• Tailor your approval process to suit your business.  

Can I Change My CO Settings?

Yes. You can switch between accepting every application, setting your own acceptance criteria or manually reviewing every application at any time.

Simply contact our Partner Support Team and we'll update your CO settings to suit your business.

Interested in CO?

If you'd like to enable CO or discuss which setup option is right for your business, our Partner Support Team will be happy to help.

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📧 support@payitmonthly.uk

📞 0333 212 3914