As you begin offering your own payment plan through Bill & Buy, be sure that you understand the process and how you can best offer this payment option to your customers. As a result, here’s a step-by-step guide to offering your payment plan through Bill & Buy:
Step 1: Set up your account with our team
Once you’ve enrolled in Bill & Buy, be sure that you set up your account preferences with our Solution Executive team. We’ll help you set finance charge and down payment requirements for your account, which will be implemented on every contract you create.
Step 2: Offer your payment plan upon decline
If your customer is declined for a loan, you’ll be prompted to offer your own payment plan through Bill & Buy. Simply select that you’d like to offer the payment plan to continue. On the next screen, your customer will need to check their own consent boxes.
Step 3: Build your contract
If your customer is pre-approved, you’ll begin building your contract by creating an itemized list of the purchase. Please be as detailed as possible in the description of the goods and services. Simply input each item with its pre-tax dollar amount. You’ll notice below that based on the requirements you’ve set for your down payment, an initial down payment will be automatically calculated for you.
Once you’ve added all of your items, add your sales tax amount, plus any additional down payment you and the customer agree on. The total amount financed will adjust as you continue building your contract.
Step 4: Select an offer
Once you’ve built the contract, your customer may select the available offer that works best for them.
Step 5: Sign the contract
Once an offer has been selected, continue to sign the contract. Depending on whether your customer is in-store or not, you may choose to email the contract to the customer, or both parties can sign right on the screen. Please note that both the merchant and customer must sign the contract on the same calendar day. Please also be aware that you may not be able to offer a payment plan to residents of every state if the contract is not signed in-store.
You’re all set!
Once both parties have signed the contract, you are all set. Be sure to collect your down payment amount, and your payment plan accounts will be serviced by ServicingUSA.
Still have more questions? Reach out to us for assistance at (888) 387-7036.