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.