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.
We will deposit the total purchase price for any new payment plans within 48 business hours into your bank account. Refunds you have requested will be deducted from this payout and we will provide a thorough breakdown for each payout.
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
Refunds need to be requested through the Genoapay merchant dashboard. We will refund the customer’s money into their account. For security reasons, this is the only way Genoapay can process refunds or returns.
To request a refund:
- login to your Genoapay merchant account and click on the Dashboard tab at the top of the screen
- Then, click “View Sales” and search for the customer (using their mobile number, name or date range of purchase)
- Locate the purchase line you would like to refund and then click “Refund”
- Enter the amount and reason for the refund. Click “Refund” again and we will refund the specified amount to the customer within 5 business days
- The refund amount will be deducted from your next payout. The Genoapay merchant fees are non-refundable in the event of a return being processed