FlexxBuy Easy Financing Frequently Asked
Questions
What
is FlexxBuy ?
Flexx
Buyis a relatively new
alternative to traditional financing. A customer can make a purchase today and have up
to 3,6,12, 48, or 72 months to pay for it. We even have true NO CREDIT CHECK
or NO INCOME CHECK programs available. FlexxBuyprovides
the merchant with business they would normally not get.
What company is behind FlexxBuy
?
The company behind FlexxBuy is
The Tranz Group. The Tranz Group works with well established lenders and investors that
provide the funds to make its programs
possible.
How does someone qualify for
FlexxBuy
?
The programs are based primarily on the customer's current
ability to make the payments. For most programs, the customer will need to provide evidence of
income such as a pay stub or bank statement showing direct deposits from employment. In some
cases, we even have a no-income check program that businesses can offer their customers. Along with
demonstrating an ability to pay, the customer will also need a bank account in good
standing.
My business already
offers financing options, do I still need to offer FlexxBuy
?
Absolutely, and here is why.
FlexxBuy is
not intended to replace existing finance options, but to supplement them. Today, a high
percentage of people are getting turned down for conventional credit based financing. There
are people that would have gotten approved in the past. FlexxBuy can
help the majority of those people achieve their objective and do business with you. Also,
there are many people who don't bother coming into your store because they know their credit
is bad and won't qualify for traditional finance options. FlexxBuy will
help those as well. So the bottom line is, keep on using your existing finance options and
use FlexxBuy when
appropriate. You'll be amazed at how often it is
required.
Do all businesses get the same
programs?
That is the strength of FlexxBuy.
Since each business is different, so too is their consumer financing needs. We won't provide you
with a pre-packaged program. First, we'll spend a few minutes to learn all about your
business. Second, we prepare a proposal that we feel best fills your needs. And finally, we'll go
over the proposal with you in detail and come up with a final package that will cover
you on most of your
customers.
How does it work for
the
customer?
When you have a consumer that may require financing, the consumer completes the simple
financing application for the appropriate lender. The application is then processed and a
pre-approval, rejection, or other designation is achieved. If pre-approved, the appropriate support
documentation is collected and sent to the appropriate lender for final approval. Once finalized,
the first payment or deposit is processed and you are able to provide the product or
service.
With our "My Financing Manager" feature, you can have us work with the consumer and
process the file for you.
Who handles all the
loan transactions and customer service for the customers
?
Once financing is finalized, the lender behind the
program handles the customer service for the merchant. The merchant never has to directly take a
payment from the
customer.
How is this program
different from traditional
financing?
FlexxBuy
offers finance plans that cater to individuals that have needs that generally do not
qualify them for traditional financing. We can even offer TRUE No Credit Check and No Income
Check financing
options.
What payment terms are
available?
Depending on the program you
choose to offer your customers, the time period can be from three months to six
years.
How does the merchant get
paid?
Once an approval is issued to the merchant indicating that the sale was accepted and in
some cases, the work or service completed, the payments to the business are made in full
within 3 to 5 business
days.
W
hat
are the qualifying criteria for a merchant/business to offer FlexxBuy
?
Most businesses can qualify for one of the
FlexxBuy programs though there are some
restricted business types. If your business type is unacceptable or restricted, we will tell
you. With most of our programs, approval is in no way based on the strengths or weaknesses of
the individual business or the business owner.
What is the customer
charged?
The fees vary depending on the program
offered and the risk determined by the lender. Typical rates are from 9% to 19%. In some cases, we
can even offer promotions such as 12 months 0% interest or deferred
payments.
What is the acceptance
rate?
In most cases, you should expect 70 to
80 percent of your applying customers you put through the system to be approved in
minutes. This is pretty significant because these are generally customers you would never get
otherwise.
What happens if a customer's payment
bounces?
With some of our programs, the financing is
100 percent non recourse, which means you are paid unconditionally. With other programs, your
funds are guaranteed, even if the customer's payment bounces but a guarantee can be unwound if
it's discovered that something that would have impacted the customer's ability to pay and the
decision making was not reported accurately. If the funds are not guaranteed, you will get paid
after the funds are collected (which happens in most cases on bounced
payments).
What is the cost to my
business?
The cost varies depending on the program you
select and whether or not you decide to use a terminal or the FlexxBuyon-line
system. In all cases, the cost to the business is very nominal particularly since it is not unusual
for a business to experience a 20 to 30 percent increase in revenue through the offering and
marketing of these programs.
Does my business have to process the
payments?
No. The system does it all for you electronically. That is the beauty of this
program.
Are there risks to my business?
In business, there are always risks. With credit transactions, charge backs and
fraud are always a possibility as well as first pay defaults on new extended credit. Even
with cash, counterfeit bills do happen. So yes, FlexxBuy does
present minimal risks but the risks usually relate to human error. As long as the transaction
is done correctly and the merchant conducts standard due diligence, there should be
few problems. While bounced checks do occur, if the transaction was done properly,
guaranteed payments will be covered regardless of collection. Even non-guaranteed payments
will be collected 80 to 90 percent of the time.
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