Q: What is Payaca?
Payaca is a platform connecting customers to simple, fast finance options.
We wanted to level the playing field and allow businesses of all sizes provide their customers an option to finance the work they want to undertake.
Q: How do I join Payaca?
Simply sign up on the website or download our app and create your account - we only need a few details to get started and joining us takes just a couple of minutes.
Q: Do I have to pay to join Payaca?
We price based on number of monthly jobs, for more details please see https://www.payaca.com/pricing/
Q: How do I send a quote/estimate to my customer?
Head to the app, tap the + widget at the bottom of the screen and follow the simple steps to send your quote. You’ll need your customer’s name and email address to create and send a quote.
Q: How does a customer accept my quote/estimate?
Customers receive a quote/estimate with a button to accept. They can add their digital signature and agree to your terms of business (add these via the "My Company" section). You will be sent copies of all documents for your records.
Q: Do I need FCA authorisation to use Payaca?
No - Payaca is authorised and regulated by the FCA so you don’t have to be. Our platform enables you to give your customers information on Payaca finance without you needing to be FCA authorised.
Q: What rate will my customer get?
We aim to always get the best rates on the open market for your customers. The rates they are offered is dependent on their personal circumstances. The range starts at 2.8% APR, you can see more details here: https://www.payaca.com/apply/.
Q: How will I get paid from my customer?
You get paid in the normal way. If your customer takes finance from one of Payaca’s trusted lenders the lender will pay the customer, and the customer will pay you directly - there’s no change to how you are paid.
Q: What happens if my customer misses a repayment?
This has no affect on your business. The finance arrangement is between the customer and lender directly.
Q: Do you offer 0% finance?
Yes, we've added the simplest way to do this which is via credit cards. This is the only way for the customer to get truly interest free deals and you do not need to subsidise it.
Q: Are there other ways for us to use Payaca or just through the quoting tool?
Q: Is there a mobile app for Payaca?
Yes - search "Payaca" in the app store or see the links at payaca.com.
Q: How quickly do customers find out if they can get finance from your lenders?
Decisions on finance are instant and in some cases funds can be processed the same day, meaning you can get work booked and started even faster.
Q: Who are your lenders?
We’ve searched the market and only partner with trusted lenders who all have outstanding customer feedback scores and some of the best rates on the market.
Q: Do I get notified when my customers have applied for, or are approved for finance?
No - you won’t get a notification when/if your customer has applied for finance, or if they have/have not been approved - only your customer will hear from us. However, your customer has the option to notify you through the platform, so you’ll receive a notification if they choose this. If they don’t, you’ll need to continue your conversations with your customer about their specific job as usual.
Q: How much can people borrow?
Customers can borrow between £1,000 and £35,000 as an unsecured loan or apply for a credit card with 0% interest on purchases for up to 2 years.
Q: Does Payaca offer secured loans?
No - our lenders only offer unsecured loans.
Q: Will Payaca advertise my services to other potential customers?
No - at this stage we don’t advertise any businesses on our website.
Q: How do you make money?
Some of our lenders pay us a small commission but the majority don't, we want to ensure customers get the best rate for them so we keep access open to the best lenders. We charge a subscription fee to use our software based on the number of jobs created and sent per month, full details here: https://www.payaca.com/pricing/.