Product: Payday Express Plus
Company: Secure Payment Systems Inc.
With consumer financing a persistent challenge under prevailing economic conditions, viable alternatives can be a lifeline for customers pressed to make critical financial decisions.
Payday Express Plus, launched in 2012 by Security Payment Systems Inc., is an in-house financing solution businesses can offer customers faced with any number of financial predicaments, from pet care emergencies to urgent home repairs.
With the exception of electronics, jewelry and clothing, Payday Express Plus covers financing for most other types of businesses, including medical and dental offices, auto repair shops, veterinarians, funeral homes, furniture stores and home maintenance services, among others.
"SPS sells exclusively all of its products and services through ISOs, MLSs," stated Steve Eazell, Director of National Sales and Marketing at SPS. "This program offers sales reps an opportunity to use this service as a door opener for merchant services, generate huge revenues by leasing equipment, and offers as much as 4 percent profit residual income per transaction on every sale."
The check-based financing program utilizes a POS terminal and check imager for processing and electronically depositing funds. Upon approval, a process that takes about 5 minutes, the customer writes a single check, and SPS initiates electronic automated clearing house debits from the customer's bank account: 25 percent of the total initially, followed by 75 percent split evenly and debited over 3, 6 or 12 months, depending on which financing options the merchant chooses.
It originally designed the product to assist customers with higher-ticket purchases, but SPS has found that dollar amounts financed tend to vary. "We have many merchants that use it for purchases around $500," Eazell said. "The average is $1,100."
Eazell added that SPS ran an advertising campaign to familiarize merchants with Payday Express Plus in preparation for the holiday season. "We wanted to get people familiar with the product so that when our reps were out there, they had the advantage rather than just going in there cold," he said.
Eazell also pointed out that SPS offers "comprehensive training and support to make sure that each agent and office is 100 percent ready and comfortable selling our services. We offer training and sales materials and offer sales support with each potential merchant."
Secure Payment Systems Inc.
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