Payflex: No interest, no fees, 4x instalments over 6 weeks

RazedInBlack

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I just saw this on Raru while checking out the Pre-Order for Star Wars Jedi: Fallen Order.

Has anyone used Payflex before?

733259
 

Okty

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Hmmm... interesting - who is going to guinea pig for us?
 

Gaz{M}

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Mmm, sort of a digital layby, but you actually get the items immediately. Or, since it's Raru, you will probably end up paying it off before receiving it.
 

Snyper564

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lol... maybe don't buy if you haven't got the cash... it also means you cannot afford said item in the first place
 

Gaz{M}

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Allows you to spread black Friday purchases into December pay day :p
 

verge

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Does anyone know what the ''commission'' is that payflex charge the merchants
 

naeem

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Does anyone know what the ''commission'' is that payflex charge the merchants

4.5%

We've been using them for a few months now, cool guys with solid customer support. And customers seem to love the 6 week payment plan with 0% interest.

Merchants are usually paid the next day
 

r4nd0m

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For those that get remunerated monthly, does this make any sense? Why not just put it on the CC and pay it off in full before the due date?

Who's the target market supposed to be?
 

cr@zydude

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For those that get remunerated monthly, does this make any sense? Why not just put it on the CC and pay it off in full before the due date?

Who's the target market supposed to be?

It will let you push more of your purchase beyond the end of the credit card's monthly cycle.

Anything which I buy before 10 December needs to be paid for by 2 January. If I can 'flex' part of the payment beyond 10 December, I will only pay for it on 2 February. This means that I earn more interest by holding onto my cash.
 

Snyper564

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It will let you push more of your purchase beyond the end of the credit card's monthly cycle.

Anything which I buy before 10 December needs to be paid for by 2 January. If I can 'flex' part of the payment beyond 10 December, I will only pay for it on 2 February. This means that I earn more interest by holding onto my cash.
But seriously that amount of interest is virtually nothing...
 

verge

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4.5%

We've been using them for a few months now, cool guys with solid customer support. And customers seem to love the 6 week payment plan with 0% interest.

Merchants are usually paid the next day
Thank you!
 

cr@zydude

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But seriously that amount of interest is virtually nothing...

It's low. I work on 1% per month as a rule of thumb. I'm suprised that the retailers accept a 4.5% fee and hope that it includes the card fee, not get added to it.
 

enerdude

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lol... maybe don't buy if you haven't got the cash... it also means you cannot afford said item in the first place

Not in all cases. If you are one of those people that can budget and just have temporary cash flow issues this can come in handy.

Allows you to spread black Friday purchases into December pay day :p

Exactly what I did this year when I bought stuff on geewiz...wanted to test the concept and I must say it really seems to work well in cases one has cash flow issues....not everyone gets paid on the 25th of the month.

For those that get remunerated monthly, does this make any sense? Why not just put it on the CC and pay it off in full before the due date?

Who's the target market supposed to be?
Not all people have credit cards or might even qualify for one due to bad debt / sequestration. If you have learnt your lesson the hard way and are buying everything cash using mostly a debit card and are waiting for a salary to come in, payflex can really come in handy
 
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