What is Genoapay?

Genoapay is a buy now pay later (or installment payments) website designed to help you pay for goods in installments.Other ‘buy now, pay later’ plans are available at major and big-name retailers, but Genoapay is offered at a variety of smaller, less-known retailers.Genoapay is more commonly seen at service-based businesses, with many dentists, automotive, health and beauty, and education providers accepting it.

Genoapay also stands out because your payments are stretched out over ten weeks, rather than the six or eight weeks that most similar suppliers offer.

What is Genoapay and how does it work?

Genopay works in a similar way to other “buy now, pay later” schemes.

Once you’ve signed up, you can use Genoapay to make purchases in-store and online worth up to $1,000.10% of the total purchase price will be charged right now, with the remainder spread out over the next nine weeks.If you pay with Genoapay for a $100 purchase, you’ll be charged $10 at checkout and $10 each week for the next 9 weeks.Your weekly payment is withdrawn automatically from the debit or credit card you provided when you signed up.

Check whether a participating retailer accepts Genoapay online or in-store when you wish to use it.Each choice has a somewhat different procedure.

In-store.Tell the person at the register that you’d want to use Genoapay.A text message will be issued to you with a link to confirm your payment.

Online.When you get to the payment page, choose Genoapay as your method of payment.You’ll be taken to a page where you can sign in or create an account.For your order to be fulfilled, you can confirm the payment plan.

What stores take Genoapay?

As previously stated, Genoapay is accepted by many smaller organisations with only one branch or retail store, but it is also accepted by certain national enterprises.In comparison to fashion boutiques, you’ll find a lot more service-based enterprises.

Some of the companies you may be familiar with are:

Bedpost, Beaurepaires, Beds 4 U, Baby Box, Dollar Dealers, Furniture Zone, MusicWorks, Payless Plastics, The ToolShed, AA Auto Centre,.

Genoapay has a number of advantages when it comes to buying.

There isn’t any interest.When you use Genoapay to make a purchase, you will not be charged interest.

There are no ongoing fees.Genoapay is a completely free service.Your account is free to join and there are no monthly or annual fees.

Change the date of your payment.You can modify the day on which your payments are made by logging into your online account.

Pay off your debt.You are free to pay down your balance or make additional payments at any time.

The procedure is straightforward.It takes less than two minutes to sign up, and making purchases, both online and in-store, is simple and straightforward.

The payment period is ten weeks.Other similar companies only allow you to pay for your purchase for 6 or 8 weeks.Genoapay allows you to pay in 10 weekly installments.

Account access over the internet.You can alter your payment day, examine prior and forthcoming payments, and pay off your debt when you login in to your account.

How much does it set you back?

Genoapay is completely free to use, with no sign-up fees, monthly or annual fees, or interest charges.All you have to do now is make sure you have enough money to cover your automatic installments.You will receive an SMS if one of your payments is refused.You have until the end of the day to make the payment, or you will be charged a $10 late payment fee.

How do I register?

It takes less than two minutes to sign up for Genoapay, and you can do so at any time or shortly before you want to make a purchase.To be considered, you must meet the following criteria:

You must be at least 18 years old.

You must have a New Zealand driver’s license or a passport to enter New Zealand.

You need a decent credit score as well, Genoapay doesn’t work with low credit scores.

Does Genoapay do a credit check?

To complete any transaction, you must supply Genoapay with information, and Genoapay will conduct a credit check on you before releasing the Loan to the Merchant.You will not be charged a fee for submitting a Loan Application.

Generally, when you sign up or make a purchase with a BNPL provider, they usually do not do a thorough credit check on you.They don’t require you to follow the same responsible lending guidelines as credit card and personal loan providers because they aren’t regulated lenders in the traditional sense.

They can get away with a short check that doesn’t leave a lasting note on your credit report instead of a thorough full, or hard, credit check that puts a mark on your record.This is why the application procedure is so simple and straightforward.

While they may not conduct thorough credit checks, their terms and conditions grant them the ability to do so.When you agree to the terms of service of a BNPL provider, you authorize the company to undertake any inquiries it deems necessary to assess your capacity to pay, which may include ordering a credit report.

You also give them permission to share any information they have regarding your late payments, missed payments, defaults, or penalty payments with credit reporting agencies.This implies that if you miss payments or engage in other undesirable behavior, your credit score may suffer.

Do you have a credit or debit card?

You’ll need to input your identifying information, personal information, and debit or credit card number when you sign up.Genoapay will do a credit check on you, and if you are authorized, you will be given a credit limit that you can use to make purchases.You may be issued a lesser credit limit at initially, but once you have established a strong payback history with various transactions, your credit limit can be extended.

How does Genoapay compare to other buy now pay later companies?

4Fortnightly$10 then $7 each week25% of item cost
5/10Weekly/Fortnightly$10 per missed paymentNone
10Weekly$10 per missed paymentNone
6Weekly$10 per missed payment$40
4Fortnightly$3-$15 per missed payment$9-$45
4Fortnightly$8 per missed payment$40