What happens if 1 customer stops their payments?
There are some common misconceptions of offering finance to your customers, and a few questions our user support team answer frequently are – What happens if 1 customers stops their payments? What happens if my customer misses a payment? Do I get the pay-out taken back? etc
These are all great questions, but before we go into them I want you to think about when you pay for something using your credit card.
Say you go into Currys PC World, and say that fancy new 75” OLED television catches your eye and you just cannot resist! The one with the super-duper smart pixels and connections and links to everything but the kitchen sink! So you decide to buy the television, and you use your credit card to pay for it. You take the TV home, set it up, and kick back and watch the latest Netflix season!
Now for a minute, and I am in no way condoning this are suggesting that you would do such a thing – but for a second let’s just say you decided not to pay your credit card at the end of the billing period. In fact, lets just say you don’t pay it the next month either. Hell, let’s just say that you NEVER pay it. Granted, you are going to get yourself into bother, and end up with credit issues and will struggle to use credit or borrow again.
BUT, do you think Currys will be concerned by this? No. Not in the slightest. You see when you paid with your credit card Currys received the payment straight away, and your borrowing agreement was between you and your credit card provider.
The same applies when a customer chooses to use Credabill Pay Monthly Finance. The credit agreement, and contract is between the borrower (your customer) and the lender.
This means once your are paid out for a Credabill quote that your customer has financed, the customers lack of payment, or failure to pay at all does not affect your business whatsoever.
What happens if 1 customer stops their payments? NOTHING.
What happens if my customer misses a payment? NOTHING
Do you get he pay-out taken back of you? NO
Credabill lets you get setup and offering monthly payment finance to your customers for their home improvements instantly. Find out more here