Payflex is a payment solution that allows consumers to buy products online and pay for them in 4 equal, interest-free instalments over six weeks. The customer pays 25% of the purchase upfront at checkout, and the remaining 75% is split into three instalments paid every two weeks. The customer receives their goods immediately after the initial payment. For merchants, Payflex pays the full amount upfront (minus a commission), so they do not have to wait for instalment payments. Payflex also takes on the credit and fraud risk, collecting payments from customers over time. Customers must be approved instantly during checkout after providing some basic information, and the payments are made automatically without any interest or fees, unless a customer misses a payment.
How Payflex Works for Customers
- Customers select Payflex as the payment method at checkout.
- They pay 25% of the total price immediately with a credit or debit card.
- They get their goods delivered after the first payment.
- The remaining balance is paid in three equal instalments every two weeks over six weeks.
- No interest or extra fees are charged if payments are made on time.
How Payflex Works for Merchants
- Merchants integrate Payflex at checkout on their eCommerce sites.
- After purchase approval, Payflex pays merchants the full sale amount upfront, minus a commission.
- Merchants do not bear the risk of non-payment as Payflex assumes credit and fraud risk.
- Payment solutions like Payflex increase sales, reduce cart abandonment, and improve conversion rates.
Payment Flexibility
- Customers have the choice to either pay the full amount upfront or use Payflex to pay in instalments.
- The application process is quick and automated with no paperwork, requiring only an ID number for assessment.
In summary, Payflex provides a flexible, interest-free "buy now, pay later" payment option that benefits both customers, who gain budgeting flexibility, and merchants, who get immediate payment and increased sales conversion.
