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What if you could grow revenue by an extra 20% this year just by changing the way your customers pay?
 Studies show that businesses that offer flexibility when their customers make a payment can do just that. New payment methods such as mobile wallets and online banking have given buyers more financial freedom, meaning they are more in control and more likely to make a purchase.
Over the last few months, we’ve developed a comprehensive suite of flexible payment options powered by eLinx™, our white-label payment link technology. Flexible payments allow our partners to offer their customers even more financial freedom, promoting inclusion, transparency, and, more importantly, choice.
Our Flexible Payments suite currently consists of three main products:
Flexible Payments offer businesses a way to enhance customer satisfaction and reduce missed payments by providing different ways for users to make payments. This flexibility helps ensure that customers can manage their payments in ways that best suit their financial situation.
Flexible Payments is powered by our payment link solution, eLinx, which is popular with VoPay customers due to its ease of use and implementation. VoPay customers can send eLinx experiences directly to users via email, or embed the entire workflow into their existing platform, fully branded in line with their business identity.
Flexible Payments is an extension of the eLinx workflow, which already packs a lot of features into a single workflow, including bank account connection, digital debit agreements, and two-way transactions.
Here’s how a VoPay customer would set up a Flexible Payment workflow:
Situation: A lending customer has an outstanding loan balance of $100 due for payment. They cannot afford to make the full payment but can pay half on the due date. They communicate this to the lender, and the lender offers Flexible Payments, allowing the customer to pay part of the balance now and the rest later.
Implementation: The lender uses the VoPay platform to set up an eLinx request with Flexible Payment Options. The lender enables both Partial Payments and Installment Plans for the borrower. They set the minimum Partial Payment at $50 and an Installment Plan for $50 upfront, followed by two installments of $25 each, spaced a week apart.
Outcome: The borrower receives the eLinx request and opts for the Installment Plan. They connect their bank account and agree to the terms. The first payment is collected immediately, and the remaining installments are collected automatically.
Result: The lender receives the payments in a timely manner, avoiding default, while retaining the customer thanks to the flexible payment options. The borrower is satisfied with the flexibility and remains a loyal client.
Revenue Growth Impact:
Situation: A property manager finds that many tenants prefer to pay their rent using multiple payment methods, such as half by credit card and half via bank transfer. Handling these requests manually takes time, leading to inefficiencies and delayed payments.
Implementation: The property manager uses eLinx to send monthly rent requests, enabling the Multiple Payment Methods option. Tenants can choose to pay through a combination of bank account, credit card, or debit card.
Outcome: Tenants receive the eLinx request, input their preferred payment methods, and split the rent across different accounts. The property manager reconciles these payments as a single balance within VoPay.
Result: The property manager saves time, tenants enjoy greater flexibility, and late rental payments are reduced. As a result, cash flow improves, and tenant satisfaction increases.
Revenue Growth Impact:
Revenue Growth Impact:
Flexible payment options offer businesses a significant opportunity to drive revenue growth, reduce missed payments, and improve customer satisfaction. By leveraging multiple payment methods, partial payments, and installment plans, companies can cater to their customers' diverse financial needs while maintaining control over payment terms.
No matter your industry, VoPay’s Flexible Payments suite can be easily integrated into your platform, helping you enhance your product offerings and drive customer loyalty.
Ready to offer your customers more payment flexibility and grow your revenue? Contact us today to get started!