Crozet, Virginia – February 9, 2022 – SweetPay, a rapidly-growing Fintech platform, announced today the launch of “SweetPay Installments.” This new, innovative product is a fully automated business payment plan enabling businesses to effectively finance the sale of its products and/or services.
Layaway plans have been around for a long time, and so has consumer financing at the point of sale. However, businesses have rarely agreed to finance a sale using their own balance sheet for several reasons. First, businesses that sell product need capital to restock inventory to make the next sale. Second, there is a risk the consumer may default on the payments, leaving the business holding the receivable rather than collecting the cash. Third, it is a process that takes time and effort.
SweetPay Installments helps solve these dilemmas. Businesses can configure SweetPay Installments to be offered side-by-side with SweetPay’s multi-lender offers or only to be made available to the consumer if no lender offers are made or if they don’t meet certain thresholds. SweetPay manages the entire process, making it very easy for the business to offer this payment option.
SweetPay Installments is all digital, completed mostly by the consumer, and finished with SweetPay’s Assist process using the business’s predefined terms and limits. SweetPay’s business partners using SweetPay Installments book another sale and collect, on average, between 90% and 95% of the invoice amount on what might have otherwise been a lost sale.
“SweetPay is extremely focused on creating programs that move the needle for small and mid-size businesses with regards to having consumer financing work for them,” said David Weyher, SweetPay’s founder and chief executive officer. “SweetPay Installments is another example of that.”
“At first, I had my doubts about how successful SweetPay would be for my business, as I had yet to find a solution to work,” said Harry Mullen, chief executive officer of Central Sterilization Solutions. “But SweetPay has been a godsend to my business. I highly recommend to any business needing creative customer financing solutions to use SweetPay.”
About SweetPay LLC
Offering a way for consumers to pay-over-time is crucial for businesses to be competitive. But, the options available for many businesses are either too limited, too complicated, or too costly. SweetPay solves this dilemma with an affordable, easy-to-use, and highly effective platform that allows businesses to offer its customers a sweet way to pay! We accomplish this by having industry-leading consumer lenders covering most credit tiers integrated into our platform and available to consumers in a simple, streamlined application process. For more information, visit www.sweetwaytopay.com.