Update to Payment Plan Program - Changes to Down Payment Requirements

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Glenn Airoldi (Faithlife) | Forum Activity | Posted: Thu, Jan 14 2016 9:09 AM

We’ve heard from many users that the 25% down payment requirement on payment plans is prohibitive.

In an effort to  improve our payment plan program and responsibly meet our business obligations, without placing undue burden on customers, we’re making two changes to the existing program today.

1 - Custom down payments will now be a calculated per order, taking into consideration, the dollar amount and the length of the payment plan being established.

  • For normal plans over 4 months in length, the minimum downpayment required will be less than 25%.
  • For payment plans of 10 months or less, all payments, including the first, will be equal (within pennies).
  • For payment plans between 11 and 20 months, the calculated downpayment will be lower when customers elect to establish shorter payment plans, while still allowing those who select longer plans to get started with less than 25% down.

2 – The $500 cap on down payments is being removed.

  • Payment plans on purchases over $2330 may require a down payment over $500 when placed on a 19 month schedule.
  • That same $2330 purchase would only require a down payment of approx. $345 when placed on a 12 month schedule.
  • That same $2330 purchase put on a  10 month plan would require 10 equal payments of approximately $238. 
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SineNomine | Forum Activity | Replied: Thu, Jan 14 2016 9:18 AM

I think that this is all excellent news. Smile

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Justin Gatlin | Forum Activity | Replied: Thu, Jan 14 2016 9:32 AM

Nice balance. I think this works out the last of the big bugs in the new payment plan system. Thanks for always tweaking and improving, Faithlife.

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Matthew C Jones | Forum Activity | Replied: Thu, Jan 14 2016 10:09 AM

Glenn Airoldi:
The $500 cap on down payments is being removed.

No more $3000 purchases...........

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Mattillo | Forum Activity | Replied: Thu, Jan 14 2016 10:30 AM

Good news indeed... wish I waited until today to add books to my library as I added the NIVAC set yesterday to a plan but oh wells.  Thank you FL/Logos

Posts 111
Filipe Moreira | Forum Activity | Replied: Fri, Jan 15 2016 3:10 AM

Hi Glenn,

Glenn Airoldi:

  • For normal plans over 4 months in length, the minimum downpayment required will be less than 25%.

You said it would be less than 25% but how much less?

Glenn Airoldi:

  • For payment plans of 10 months or less, all payments, including the first, will be equal (within pennies).

Does it mean that no down payments are required? Just the first payment plan when the plan is established?

I would appreciate some clarification as this affects my ability to add resources to my library. 

Thank you.

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Mark Barnes | Forum Activity | Replied: Fri, Jan 15 2016 3:28 AM

Filipe Moreira:
You said it would be less than 25% but how much less?

That's explained by the rest of the message. The new policy is that for payment plans of ten months or less, the first monthly payment is due immediately. That's the new 'downpayment'.

So a 6-month plan has a 'downpayment' of 16.67%. An 8-month plan has a 'downpayment' of 12.5%, and so on.

Filipe Moreira:

Glenn Airoldi:

  • For payment plans of 10 months or less, all payments, including the first, will be equal (within pennies).

Does it mean that no down payments are required? Just the first payment plan when the plan is established?

Yes.

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Mark Barnes | Forum Activity | Replied: Fri, Jan 15 2016 3:35 AM

Super.Tramp:

Glenn Airoldi:
The $500 cap on down payments is being removed.

No more $3000 purchases...........

On a ten month plan, a $3,000 purchase still only requires a $305 down payment. Even over 13-14 months, I doubt the downpayment would be more than $500.

Posts 111
Filipe Moreira | Forum Activity | Replied: Fri, Jan 15 2016 7:04 AM

Thank you Mark for clarifying that. I'm glad these changes were made.

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Rob | Forum Activity | Replied: Fri, Jan 15 2016 10:31 AM

It's good to see the fine tuning. Now all we need is Canadian Dollar at par!  Sad

Thanks

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Bruce Dunning | Forum Activity | Replied: Sun, Jan 17 2016 4:16 PM

Rob:
Now all we need is Canadian Dollar at par!  Sad

If only! I'm sure that this is becoming a major factor for many Canadians.

Using adventure and community to challenge young people to continually say "yes" to God

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DAL | Forum Activity | Replied: Sun, Jan 17 2016 5:37 PM

Bruce Dunning:

Rob:
Now all we need is Canadian Dollar at par!  Sad

If only! I'm sure that this is becoming a major factor for many Canadians.

How bad is the economy in Canada? I've been wanting to live there for at least a year or two, but I'm not sure how to go about it -- is just me so no kids or family. I'm sure is not like people are going poor there. I like Montreal or Nova Scotia, not sure which one is colder or more expensive, though.

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Bruce Dunning | Forum Activity | Replied: Sun, Jan 17 2016 6:35 PM

DAL:
How bad is the economy in Canada?

It really depends what industry you are in. Those relying on selling their goods to the States benefit from the low dollar but those purchasing US goods and services have to pay 1/3 more than they used to not so long ago. So unless Logos products are less more than 30% off they are not really on sale for us.

DAL:
I've been wanting to live there for at least a year or two

Canada is a great country in spite of the current challenge with the dollar.

Using adventure and community to challenge young people to continually say "yes" to God

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