Today – along with the release of the beta version of our iPad app – we launched the ability for merchants to split the cost of marketing programs with the customer. The all-new Split-Cost Marketing Program offers increased cost flexibility for merchants who offer marketing programs. As a partner you can set a percentage of the marketing program cost that will get charged to the borrower (0%, 50%, or 100%).
These borrower costs will be added to the loan principal as an additional fee. Partner costs will continue to be deducted from the disbursed amount of the loan. The details of the marketing program fee will be included in the loan agreement between the lender and customer.
The new feature can be accessed via the “Account Settings” tab from within your account.
From here the merchant can select whether to share 0%, 50% or 100% with the borrower.
Returning to the “Loans” tab, the merchant can see the Split-Cost Marketing Program in effect from within the Loan Principal Amount section. The change in percentage in the accounts tab does not affect existing loans with marketing programs; only newly selected marketing programs will have the cost-splitting percentage applied to them.
From the “Update Loan” page you can access a breakdown of the following: the costs associated with the Split-Marketing Program, how the cost is split between merchant and customer, the Program Duration, and Loan Amortization.
Split-Cost Marketing options will be included in the beta FinanceIt iPad Application, allowing merchants more convenience than ever to run their business.