Late payment of bills results in late fees and account issues and impacts your credit score. The Deferit app allows users to upload a bill and have it paid in full. They can then split the payment cost into four installments every two weeks. No interest is charged, and there are no late fees.
What is Deferit?
Deferit is a bill-payment app that allows people to manage their finances better, avoid paying late fees, and helps to build their credit score. It enables users to pay their bills in installments over a period of time, all without having to worry about interest or late fees.
What Services Does Deferit Offer?
Deferit offers bill-paying services to both private customers and businesses, including:
Bill Payment Service
Aimed at private customers, Deferit’s bill-paying service allows customers to upload the details of an upcoming bill they currently don’t have the means to pay. Deferit then pays that bill for them and recovers the funds through a series of flexible, interest-free repayments.
Deferit Business
Deferit Business allows companies to allow their customers to pay in 4 flexible installments. When the customer makes a purchase, Deferit pays the amount to the businesses upfront and then recovers the funds from the customer through a flexible repayment schedule.
How Does Deferit Work?
The bill payment service from Deferit is straightforward and streamlined.
Upload Bill
If the customer has a bill they cannot afford to pay, or it would be more manageable to pay in installments, they take a picture of it and upload it to the Deferit app. The app then isolates the important payment details from the uploaded bill.
We Pay Your Bill for You
Once the bill has been uploaded and verified, Deferit pays the amount the user specifies upfront. The customer then pays Deferit back through a series of flexible payments, taken in 4 installments every two weeks. No interest is charged on these installments.
Get Cashflow Flexibility
The ability to use Deferit to pay bills that would otherwise have gone unpaid, or to split costs into affordable, flexible installments, enables customers to manage their monthly cash flow better. It also allows them to avoid late fees and any impact that late payments might have on their credit score.
What are the Benefits of Using Deferit?
There is a range of benefits to using Deferit, including:
- Greater control over your finances.
- The option to avoid costly late fees.
- Mitigating the impact of late payment on your credit score.
- Helping to rebuild your credit score through consistent bill payments.
There is also a range of benefits for companies using Deferit Business, including:
- A 20% improvement in one-time payments and fewer overdue payments.
- A 74% percent increase in customer re-engagement and repeat purchases.
- An 80% increase in customers paying their next bill on time.
- Full payment support from Deferit at zero extra cost.
- Deferit absorbs all credit and non-payment risks.
How Deferit Compares
Several other companies and platforms are offering a similar installment system already on the market, including Klarna, Laybuy, and PayPal.
What differentiates Deferit from these companies is that it can be used to pay any kind of bill, including household bills, and doesn’t charge interest on those installments.
This makes it hugely practical for those customers who struggle to fit their bills into their budget, as it allows them to spread out the cost of a bill over a number of installments without incurring additional costs.
Deferit also offers an extra layer of security for businesses, as there is no risk associated with non-payment. Companies don’t need to worry about customers defaulting on payments, as Deferit will shoulder the risk of unpaid bills.
Should You Use Deferit?
If you struggle to make payments on time or have difficulty keeping up with your bills, using a payment deferment platform such as Deferit can be an excellent way to ease the burden of bill payments. Deferit’s reviews are positive, the platform is trustworthy and reliable, and the payment process is easy and streamlined.
If you’re a business, Deferit can also provide your company with an added layer of protection. With Deferit, you don’t need to worry about customers defaulting on payments, as the platform will shoulder any unpaid bills. This means you can offer flexible payments and attract more customers without exposing yourself to additional risk.
How to Get Started with Deferit
Getting started with Deferit is remarkably easy. The platform works on a subscription service. Users pay $14.99 a month to pay bills and build up to a $2,000 total balance that can be used to split bills into installments.
You’ll never be charged interest for splitting bills into installments with Deferit, and there are never any hidden fees to worry about.
