Pay4Later or alternative

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M

minskin

  • #1
    Hi folks,

    I have a Ltd company with a retail shop and online presence and am looking into being able to offer my customers credit facilities both in-store and online. I would estimate a financed order value to be from as little as £300 up to around £2000.

    A company that came up were Pay4Later, mainly for the ability to integrate their user friendly credit application tool into an existing website and their slick presentation. On the surface they seem to be eactly what we need. However, I was more than a little alarmed by some of their T&Cs when I read them and it's left me incredibly wary of them.

    Has anyone had any experience of them or similar companies or does anyone have any recommendations?

    Many thanks, Minskin
     
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    M

    minskin

  • #3
    I did look at Hitachi Sparx but sadly I don't quite meet their criteria with regard to turnover. Not quite at the £1m point yet, though I probably would be if I could offer credit facilities.

    Typical :(
     
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    M

    minskin

  • #5
    Are you seriously suggesting I advise my customers to do this?

    Typical Loan Example:     Borrowing £180 over 28 days. Total to be repaid would be £225. 1737% (default) p.a interest rate. Total interest on loan £45. Representative APR 1737%

    Anyway, back to the original question if anyone has any realistic suggestions....
     
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    M

    minskin

  • #7
    Thanks Horton, will do.

    I also found White Rose Finance, GE Capital and Money Solutions UK so I'll contact them all and see how I go.

    Many thanks, Minskin

    BTW, ignore my post #5, it was in response to a post that's now been removed. I'm glad the mods saw fit to remove that one.
     
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    M

    minskin

  • #9
    Funnily enough DB I was just thinking about that as I sent enquiries to all the companies mentioned above but haven't rceeived one response yet..... Might chase a couple up. I'll let you know how I get on. Maybe you could do the same if you make any progress.
     
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    Dogsbody1

  • #10
    Hya ,Thanks for reply,I contacted pay4 yesterday and they were busy and said would call me back....still waiting.Will try ezipay now.They all seem to want so many charges tho.dont know why as we are taking business to them!
    Thanks again will contact you if any info.
    Dogsbody
     
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    Dogsbody1

  • #11
    Hya,Been in touch with Ezipay and are sending agent to see us Fri.27th April Sounds like no transaction charges,just monthly payment ?? Customer pays deposit of 25% min.which is kept by us(vendor)and balance paid by Ezipay 4 weeks later. Will know more when spoken to agent.
    Cheers Dogsbody.
     
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    M

    minskin

  • #12
    As far as I can tell, Pay4Later charge a setup fee of £195 then there's a monthly charge of £40.00 and a percentage charge per transaction but they don't tell you what that is until you have applied and paid the non-refundable setup fee! There were some other terms that I really didn't like the look of so I'll certainly be asking questions to other suppliers about a few things.

    Contract length, P4L have a rolling contract;

    9.1. Unless otherwise specifically agreed by the parties hereto, this Agreement shall come into force immediately on the date hereof as recorded in Our system records. At the end of the Initial Period, the term of this Agreement shall be automatically extended for additional consecutive periods of one year without notice save that a party may terminate this Agreement by the provision of written notice to the other party no less than thirty-days before the end of a then current one-year period, where such termination is effective from the end of that one-year period in which notice was properly given.

    What happens if the client defaults on payments, does a chargeback etc... P4L:

    6. Exceptions (Chargebacks, Cancellations, Disputed Transactions & Refunds)
    6.1. In the event of Exceptions in respect of your Transactions the Lender will immediately be entitled to debit Your account or to recover from You by other means the amount paid in respect of the relevant Transaction(s). The Lender's decision shall be conclusive as to the determination of any Exception. Wherever possible, notice to You of an Exception shall be accompanied by an explanation of the reason for it.
    6.2. Where We are notified of any Exceptions We will notify You of the same by email, fax or letter accompanied by an explanation of the reason for it. We will flag the transaction as disputed and the Lender will debit it back to You. You agree to investigate Exceptions and take all reasonable steps to resolve disputes with Consumers in a timely manner and follow the procedures for handling Exceptions that We advise from time to time. We have the right to suspend the processing of any Transaction or withhold Settlement Transactions to You of the amount of that Transaction until satisfactory completion of any investigation.
    6.3. In the event that We consider in good faith that there is a high risk of Exceptions We shall retain funds from any Settlement Transactions to cover the potential amount of such Exceptions and You shall on request provide additional funds as We may specify in good faith to cover Exceptions and potential Exceptions.
    6.4. We shall process Refunds only to the extent of the anticipated aggregate value of prospective Settlement Transactions based on Transactions actually processed after allowing for actual Exceptions and prospective Exceptions.

    Let me know how you get on. I've tried White Rose who are ringing me in the morning so we can compare notes... :)

    Minskin
     
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    Dogsbody1

  • #13
    Hello Minskin, I dont like the sound of that one!! I shall steer clear. EZIPAY did not say what the monthly charges were but did say no transaction charges It will probably turn out to be just as bad,but we will see.
    Cheers.
    Dogsbody1
     
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    M

    minskin

  • #16
    Well, dissapointingly after I completed online enquiries for Eazipay, White Rose Finance, GE Capital and Money Solutions UK, NONE of them have contacted me. I rang White Rose after a few days and they apologised and promised someone would be in touch the next morning but still nothing.

    TBH I've been too busy to deal with it since then anyway as I've had a couple of staff off sick but I'll be getting back on to it next week.

    I'd be interested to know your thoughts on Eazipay in the meantime, how did it seem?

    Minskin
     
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    M

    minskin

  • #19
    Ezipay appears to be a trading name of Certigy Ltd based at Edgbaston, West Mids. Can't find a website for them though....

    I saw someone from another company called WeCredit the other day and it appeared on the surface to be ideal for me, and other small retailers probably, but some words of warning....

    I could only find this review on line which wasn't a good start but it was only one review so I emailed a couple of on line retailers that are already using them and the feedback got worse I'm afraid so I thought I'd better post their comments here so that it may help others to make an informed decision.

    1.) we've only just started with them to be fair n as of yet haven't needed there facility but have tried a test application and found that some details may be a bit personal and people may not want to share certain info like how much they owe on there mortgage etc but without this info the application wouldn't go through.

    2.) We have not had much experience with the Wecredit site yet although one person tried it and had trouble with the form and complained that once he had entered his details he was contacted by many other credit firms without really wanting to be so I am still skeptical about them to be honest.

    3.) I started with them around September. Their rep told me how fantastic they were at getting people passed on finance. I decided to give it a try.Signed the two year contract and paid for the first year and after the rep left noticed that I had to start paying for the second year this January. I called their office and told them that it had been agreed that I would not pay for the second year until the start of that year. They agreed to this.
    Then checked my bank statement to find they have just started taking payments from me. Explained what had been agreed but they are not interested and not responding to my emails.

    I would also like to say that you would be told about the point of sale that they provide. its a handful of very ordinary leaflets.
    To date not one of my clients has been passed on finance. Not one. The ones that called in had to keep leaving messages as they could not get through to anyone. One client was told they had been accepted. Sent the paperwork in which was then lost. Had to start the application again and was then told he would need a guarantor who was then declined. Another guarantor was proposed who was also declined. Guaranteed finance said the rep. A load of rubbish.

    My advice would be to not waste your money. It all sounds good but isn't. I checked up on them as much as I could but hoped there would be some kind of website with some independent info but couldn't find anything. This is the second company I have used and had no success. (First company - Ideal For Finance - dreadful)

    So, still no luck finding anyone! There must be someone that can do this and do it well!!

    Minskin
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