Payva: Buy Now, Pay Later (BNPL) Service
Overview
Payva is a financial service that offers a Buy Now, Pay Later (BNPL) option, allowing consumers to make purchases and pay for them over time instead of upfront. This service enables customers to split their total purchase amount into smaller, manageable instalments, which can be paid over a specified period.
Key features of Payva's BNPL Option
Flexible Payment Plans: Customers can select the number of instalments they wish to make, typically ranging from a few weeks to several months.
Instant Approval: The application process is streamlined, providing instant approval decisions that allow customers to complete their purchases without lengthy credit checks.
Benefits of using Payva
Improved Cash Flow: Customers can manage their finances more effectively by spreading out payments, making larger purchases more accessible.
Increased Purchasing Power: BNPL options empower consumers to buy products they might not afford to pay for in full upfront.
Convenience: The ability to pay over time enhances the shopping experience, making it more appealing and manageable for consumers.
Advantages of using Payva with CopeCart
High Transaction Limits: Up to $20,000 per transaction.
High Approval Rates: Approximately 90 % of customers are approved for financing.
Flexible Payment Terms: Options for payment terms of up to 12 months.
Manageable Default Rate: A great option for vendors maintaining a default rate of 3% or less.
Payva for Vendors
Payva is exclusively available for vendors with businesses based in the U.S. and holding a U.S. bank account. Eligible businesses must be structured as LLCs, C corporations, or S corporations. If you meet these criteria, you can apply for Payva from your CopeCart account.
This Loom video provides a clear, step-by-step walkthrough of the application from your CopeCart Dashboard.
Payva for Buyers
Payva is accessible to any U.S. resident who is of legal age and possesses a Social Security Number (SSN).