When a consumer is choosing between an organisation which 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.
Paying in full with a credit card still hurts a consumer, and does not account for the most common cash flow cycles. As an example, 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 on a credit card, which they must pay in full every 4 weeks.
Genoapay has implemented a multi step process that validates the identity and credit risk of a customer using authorisation 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.
Genoapay tracks the result of every single transaction, both successful or not, and manages all payment issues directly with the customer.
Every Wednesday night funds are transferred into your nominated account for the weeks previous sales.
From time to time this may occur, when a customer can't continue their payments 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.
Yes, they can and there are no penalty fees or additional costs.
The most common reasons for a consumer to be declined using genoapay are
- Customer has a low credit score
- Customer has insufficient funds on their credit/debit card
- Customer entered details incorrectly, which fail our validation process
Genoapay will only process refunds when we are notified through the refund request on your Genoapay dashboard. You will need to search the customer and select the process refund button which is on the individual customer screen.
All refund and return request that come to Genoapay are directed back to the merchant for approval, for security reasons Genoapay does not process refunds directly to any consumer without merchant approval
- Genoapay will calculate how much to refund back into the consumer’s bank account or credit card. This will depend on how many instalments they have made.
- Genoapay will email the consumer with the details of the refund and determine how it should been applied to their Genoapay account
- The Genoapay merchant fees are non-refundable in the event of a return being processed
- The refund amount will be deducted from your next payout. You will see a specific section on refunds which will be itemized