If you are a business operator would you allow a customer to buy goods through installment? Are you sure of the paying credibility of the customer? For me I will only allow it after building goodwill or good friendly relations. Of he's a new customer it's critical for the business owner to allow buying through credit. What if he's not a good payor? The decision is yours.
Buying Goods Through Installment
- Thread starter Starmix
- Start date
Therefore, IF I were (because I am not) in case I had doubts about the fact that the customer might not be a good payer, obviously I would exclude a priori the possibility of paying for the goods in installments. If, however I had total credibility in the paying customer's trust, only then would I grant this opportunity.
The only condition for buying on installment is that we would sign a non refutable agreement that failure to pay within the agreed instalment periods would lead to me confiscating your properties. I would do a thorough KYC and you bring a guarantor. That's my own condition for installment sales.
- Thread starter
- #5
Buying goods or other things through installments is usually happening in appliance centers not in groceries and malls. I was able to purchase a new set of TV for my sister through 4 four-month installments and it was already fully paid.
That's true. People buy phones here on credit to pay back in monthly installments. The challenge however is that they always put interests in the monthly installments making it to be far more expensive than buying it outrightly.
I think before i would do this, i would have to make them sign some legal agreement or something like that. But in a situation where they cannot collect the item until it has been fully paid for, that's a lot more safer.
- Thread starter
- #9
That is true, there is an interest in the item we purchased through installment but when we pay in advance there is also a big discount. It is better to pay in the short term to avoid surcharges of interest.
