Small business owners please read!
The positive reviews seem to be from those who have borrowed, rather than those who have paid to essentially market and provide this company with customers.
As a small business, we paid a "one off set up fee" to get started with Payl8r when they were a fairly new company. In the contract there were NO ongoing fees (only a % APR for those borrowing which makes sense, and where most finance companies would make their income). After helping this company build up via marketing they are now terminating our contract unless we start to pay a monthly fee. It would make a little sense if this was a % fee based on the customer payments that Payl8r accepts. However, having a set fee leaves their service open to abuse. They could potentially not accept ANYONE and still take the monthly fee - regardless of having already paid a large set up cost.
Please also bear in mind that the acceptance rate was already much MUCH lower than they advertise. We have less than 5% of applicants accepted (I think they advertised around 80-90% at the time). We raised this with Payl8r at the beginning, and on many occasions since, but they were not willing to help. Their advertising is certainly not accurate. However, since we had already paid the fee it made no sense to remove this as an option for customers. In hindsight, it has possibly put customers off trying to purchase again after they have been rejected. You are better off just offering the standard payments in the first place, then there are no surprises or set backs for your customers.
Please, please do not be sucked into the false promises this company offers, for them to charge you for a service that they are not guaranteeing and then change the goalposts on what you have agreed once they have taken your money.
Luke - please do not try to respond to this review pretending you are going to help via telephone or email. We have emailed back and forth for a solution and your team was not willing to help or offer any support to it's long standing and loyal customers who have helped to take this business from a start up to a recognised industry name through our own marketing! We don't seem to be the only ones looking at the recent reviews from businesses either...
Reviewed on: 24th February 2022
