Anyone use Ezi-pay to offer customers 0% interest?

[RobertB]

I run a window blind company and have been contacted by this company (Fidelity National Information Services) offering me the facility of giving customers 3, 6, 9 or 12 months interest free credit. There is no set up fee, however, the transaction cost is high ranging from 8 – 10% of sale price.

Any advice on this company would be gratefully received.

Thanks,

Robert

 

[redfizz]

We are using Ezipay to offer 0% finance to our customers, the 8 - 10% commission isn't too bad, if you look about at other finance companies they are all pretty much the same. What you have to appreciate is that you are prepaying for the Ezipay services and they will commit you to a base amount of credit every month that you must pay for whether you use it or not, so you need to decide how many times a month will you be offering finance.
Also once an agreement has been sent off on behalf of one of your customers then it is 20 days to process it, and then dependant on which day of the month the customer has decided to make there payment it is another 5 days after this before you get paid, this potentially could be upto 2 months before you get paid but you may have made 2 payments to ezipay. We found it took the first 3 months before we started to see a profit from the Ezipay system. Message me if you want further information.

Cheers,

Mick