Introducing QPay Later - Buy Now, Pay Later Financing for Your Customers

financing customers QPay later

Introducing QPay Later - Buy Now, Pay Later Financing for Your Customers

QPay Later is an exciting new customer financing offering from QFloors!

Most of you know about, and many of you already use, QPay. QPay is QFloors’ integrated credit card payment processing. It allows you to charge a card, tokenize a card (for future processing), charge a customer’s bank account directly through eCheck (ACH) processing, or send a request for payment that a customer can initiate on a secure website. With QPay you can access all those features right from the Sales Order payment window inside QFloors.

We are happy to announce that we are introducing a new customer payment option. QPay Later is QFloors' BNPL (Buy Now Pay Later) flooring financing option, and it will work right alongside QPay. (Note: Currently, QPay Later is available as a stand-alone product but will eventually be integrated into QFloors’ payment window next year.)

Most of you already use consumer financing through banks or other lending institutions to supplement your customer payment options. BNPL is becoming a larger chunk of consumer payment dollars at the expense of credit card payments. In 2019, 50% of all consumer spending came through credit card purchases, which decreased to 42% in 2022. Much of the decrease in credit card spending can be attributed to more people using BNPL options.

One survey found that “…when making new purchases, 44% of credit card customers say they would consider other financial options like BNPL, installment loans, or personal loans. 28% of respondents say they would consider BNPL for a major purchase for its reasonable fees and competitive interest rates.” (J. D. Power’s 2022 U.S. Credit Card Satisfaction Study)

Here are some of the features and benefits of QPay Later:

  • You can customize the financing offer to your flooring customers. Choose from 30 different finance plans. For example, you can provide a 6-Month Same-As-Cash (SAC) financing option with no interest and no payments*, a 12-Month 0% APR option, and a 6.99% APR 5-Year fixed payment plan option to fit your customer needs. Each of these plans costs the flooring dealer between 4-5% in fees**. The more enticing terms to the customer, the higher the costs to the dealer, and vice versa. You get to decide what you want to offer your flooring customers with the fees you can afford.
    *On approved credit. Interest is waived when loan is repaid in full within the "same-as-cash" period.
    **Rates subject to change.
  • We can provide marketing materials for your website and store.
  • Customers can easily fill out an application at your store via EnerBank's Mobile Loan App, Loan-by-Phone, or at home through the Online Application. Most applications are approved within minutes. QFloors customers using this service tell us their average ticket size has increased when they utilize their BNPL financing options.
  • Quickly and easily check the status of funding requests, loan amounts, application statuses, detailed reports, and more, through your unique company portal.
  • Upfront funding is available. Once a customer is approved and the amount is confirmed, you can log in to your portal and submit a funding request. You can receive up to 50% upfront, and make additional funding requests throughout different stages of the project. QPay Later allows you to request up to 5 funding disbursements per loan. This is particularly helpful for large or multi-faceted flooring projects.
  • Once you request funds, your money will be deposited directly into your bank account, usually within 24 hours via ACH.
  • Soon, QPay Later will integrate with your QFloors system through the customer accounts, proposal/sales order, and payments screens. And when a customer is filling out an application at your store, fields will be auto-filled from the information already in your system, saving time and mistakes.

If you’d like more information or want to try out QPay Later, visit this page and fill out the contact form. We’re excited about this new payment option, and hope it can significantly benefit your business.

Credit and loans provided byt Regions Bank d/b/a EnerBank USA, Member FDIC