Payflex will now let you buy a product and pay later with zero interest

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Interest, it’s what everybody on Tinder is searching for and something those taking out credit would rather avoid.

If you fall into the latter category then there is some good news from payment gateway Payflex.

The firm has partnered up with over 500 stores to create a digital mall where you can shop from the likes of Cotton On, Superbalist and Foxytech. What makes this mall interesting is that you can shop from these stores, select Payflex as a payment method and then pay off your purchase over a few weeks.

“Traditionally paying via instalments in South Africa has been associated with high interest charges, as you are penalised for paying for the item over time. But by using Payflex, every purchase you make is interest free. You’ll know exactly when each of the four interest-free payments are due and there are no hidden costs. It puts you in control of your finances,” explains chief executive officer at Payflex, Paul Berhmann.

It’s here that we should point out that if you miss a payment you will be charged a fee.

So how does this work then?

Let’s say you want to pre-order a Gigabyte GeForce RTX 3060 Eagle OC 12GB GPU from Raru. You will need to go through the process of placing the order but, importantly, you will need to select Payflex as your payment method.

You will then be prompted to key in your ID number at which point an assessment will be done to determine whether you are able to afford to this item.

From there you will need to pay 25 percent of the item’s cost up front. In the case of our GPU, that would be R3 040.50. You will then need to make a payment every two weeks until you have fully paid for the item.

“The hassle-free Payflex option allows you to see exactly how and when you will make your payments. Provided you make your scheduled payments on time, you won’t be paying one cent extra in interest or fees for your purchase,” says Berhmann.

Payflex is also giving away a R100 discount voucher when you register an account so if this way of paying for items appeals to you then you can head to the website and register an account.

[Image – CC 0 Pixabay]

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.