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Square Installments — An easy way to offer monthly payment plans to your customers
The simplest way for small businesses to offer monthly payment plans to their customers.
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Amrith
Hunter
From the site:
Your customers can buy what they want, when they want it, with a monthly payment plan.
- Short application. It takes a few steps and basic information to apply.
- Up-front everything. They see their monthly plans and total fees before they accept.
- No nonsense. No deferred interest, prepayment penalty, or surprises.
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Payments seems like a negative thing to offer to clients. Enables bad behavior? There are probably scenarios where it is a good thing, but I can think of many.
Im curious though, what happens when the customer decides to not pay after their first installment? Who has to go after them for payment? Affirm gives the company the upfront money and then makes sure the customer pays the bill. The hassle is in getting the customer to pay consistent payments.
@devon_devo_frohne I haven't read their terms but that video says "credit risk is on us" being square. So that should mean Square does it all and covers the cost.
@devon_devo_frohne @jokergreeting AFAIK the risk is on the Card Issuer (or issuing bank) for providing credit line to the customer. Merchant Bank (i.e. Square) doesn't have liability on this.
@jokergreeting @kostgx Ah this makes sense. So the vendor gets the full payment up front. Ok this sounds cool then.
will this break out to UK soon? @mntgmry
"Where is Square Installments available?
At this time, Square Installments is only available to residents in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kentucky, Louisiana, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington who make purchases at select Square businesses."
@abhi_shek1994 not sure if it is except that square has become a payment platform that people trust to buy coffee, buy bitcoin, send friends money, pay at restaurants, get email receipts, and probably more. This is just one more step towards making the platform more versatile and from a company we already use.
@adamwillis Apart from buying bitcoins, none of them seem so cost intensive that people would like to pay in instalments and pay for interests. Would be great if Sqaure partners up with electronic stores, luxury retail/e-commerce stores etc. One major challenge would be recovering the amount from people, they can't expect a 100% recovery rate.
@blossomshirts Sell more when your customers pay with Square Installments.
Customers pay over time. You get paid in full and up front.
https://squareup.com/us/en/insta...
Is there a date for release in the UK ? What credit reporting agency is used atm ?
