Frequently Asked Questions
Here is a list of frequently asked questions. You are welcome to contact us on 0861 FINYOU (346968) and one of our consultants will answer your questions.
How do I become a FinYou participating Merchant?
Contact us on firstname.lastname@example.org for a FinYou official to arrange a meeting or contact us on 0861 FINYOU (346968).
One of our sales staff will visit you to implement and finalise the necessary documentation.
Is there a monthly subscription fee to FinYou?
There is no monthly subscription fee! The only finance arrangement between FinYou and our participating merchants is a trade fee raised upon successful loan origination for your customer payable upon settlement for the purchased product or service.
What exactly will be covered by the loans?
A loan to your customers can cover the cost of any of your individual or bundled products or services.
How long does it take to approve an application?
It usually takes around 48 business hours for a loan to be approved, depending on the correctness of the documentation submitted by the applicant.
What happens if a customer cancels his purchase?
The entire loan application will be cancelled. Where the loan has been approved and FinYou has already settled you as per your invoice, the transaction will be reversed provided that the goods or services haven’t been released. It is important that customers are aware of your return policy.
Do I need to implement any devices or software applications?
No special devices or special software is needed. For online applications, internet access will be sufficient. Even if you only have access to a fax machine you will be able to assist your customer with his application. Our experience indicates that a website link with you is the most effortless way for your customers to apply for their finance.
How will I know that an application has been loaded correctly if I decide to do it on the system?
You will be able to follow the steps on the system. If you enter any field incorrectly the system will automatically indicate so to you. If you abort whilst capturing an application, you will have to start the process from the beginning. There are 5 easy and user friendly steps to complete for an application to be successfully submitted to the credit providers: Client Details, Basket, Authorize Method, Terms & Conditions and Finish.
A successfully created application will be listed under the Applications section on your dashboard. The Application section indicates all the applications loaded under your company name. You will be able to see all details regarding the application including any notes between the admin office and client relations.
Should you struggle with an application you can refer to the Merchant manual or get in contact with your agent or the FinYou office for assistance.
Does the loan amount get paid to the client?
Once the client receives a final approval FinYou will request an invoice from the merchant. The funds are released and transferred into a Bureau Account. On receipt of the invoice, FinYou transfers the agreed amount into the Merchant’s bank account.
Will a client be able to apply for a loan in my store and spend it somewhere else?
No. The client can only spend the amount requested on the Merchants Unique Code in that merchants store.
How can I market FinYou to my existing clients?
Marketing can be done via SMS messages and email. We also create a link to be placed on the Merchant’s website. This gives the client access to an online application form which they can complete, enter their OTP (One Time Pin) and send directly to the FinYou system. We also provide marketing material for display in-store.
Should I make out the invoice to FinYou or the client?
The final invoice requested from FinYou should be made out to the client as per the initial transaction between the client and the merchant.