SELLING WITH GENOAPAY
WHY Offer Payment Plans Options ?
When a consumer is choosing between an organisation that offers payment plans and one that tells them to go and apply for a short term loan 94% of those consumers will choose a payment plan. As well as a competitive advantage payment plans lower the barrier to entry and drive customer acquisition. When a Customer purchases with a plan the standard transactional relationship instantly changes and you have created a long term relationship.
Why Genoapay as apposed to just ACCEPTING a credit card ?
Paying in full with a credit card still hurts a consumer and does not account for the most common cash flow cycles. Genoapay allows your business to offer a client the ability to pay $30pw over 10 weeks for a $300 service a significantly more attractive and affordable proposition than $300 upfront now on a credit card which they must pay in full each 4 weeks.
WHAT DOES IT COST ?
There are two pricing models to choose from when using Genoapay. Traditional model where you recieve the instalments as they come in from your customer and you hold the no payment risk pricing starts at 5%. The funded model where you receive the full value of the purchase after it takes place pricing starts at 6.5%, in this scenario Genoapay takes the non payment risk.
How does Genoapay Manage Risk ?
Genoapay has implemented a multi step process that validates the identity and credit risk of a customer using authorisations from credit card issuers and Banks. We combine the security of a pre vetted credit card holder with a digital negotiation platform and a 160 seat credit control call centre.
Who Tracks all the INSTALMENTS?
Genoapay tracks the result of every single transaction both successful or not and manages all payment issues directly with the customer.
How do i get paid ?
Under the Traditional Model Genoapay distributes funds every week as payment plan schedules are due. Every Wednesday night funds are transferred into your nominated account . With the Funded model Genoapay distributes funds based on contracts loaded every 5 working days.
Can I CrEDIt CHECK CUSTOMERS ?
Yes you can Genoapay provides you with a number of partnership relationships so you can quickly credit check at point of sale before you offer a payment plan to customers if you wish. Additional fees might apply.
WHAT HAPPENS WHEN CUSTOMERS DON'T PAY ?
From time to time this might happen when a customer can't continue due to hardship or extreme circumstances. Genoapay negotiates directly with the customer for a positive outcome which might include extension of time or instalment holidays etc.
CAN Customers Pay Everything off Early ?
Yes they can and there are no penalty fees or extra costs