Introductions
Very is an online retail store where customers can create and manage their accounts. It has its headquarters in the UK. In July of 2009, very was launched as a branch of Shop Direct Group known as The Very Group. They sell products like clothing, home accessories, gaming, and toys, to name a few. Let us know ‘Very Payment Options’.
The store has four methods of payment that we are going to examine in detail:
Very Payment Options
Very Pay is excellent and flexible. It provides you with the choice to pay now or pay later; it is entirely up to you. You can also keep cost interest on your procurement at arm’s length.
The store has an application called the Very App that can download from the google play store or apple store. This app makes managing your account easy. With this app, you can view your credit limit and the amount you have spent, save items for later, and Very will let you know if the price drops, and keep track of due dates for your payment and the amount you should pay.
At Very Pay, there are four payment options that you can select from depending on what you think is suitable for you. To be able to decide what is best for you, we are going to give you a quick guide to the payment options available at very Pay. They are:
- Pay Now
The first option you will see is the Pay now option. In this option, all you need to do is to pay fully for every good using either a credit or a debit card.
- Pay in 3
Also known as Pay in 3 with taking 3, you purchase a product and then spread the payment over three months at no cost. Pay in 3 works as follows:
- With this payment, you can pay in 3 with taking 3; it helps you share the price of any item over three months.
- In addition, you will not pay anything for a couple of days.
- If you decide not to fulfill all 3 Take 3 payments, you will pay extra on your balance at the bank rate.
An example of how it works is if an item costs you $150. On the day of purchase, you pay in the second month you pay $50, in the third month you pay $50 again, and in the fourth month, you pay another $50 to complete your dept.It is also good you note that you can use Take 3 as many times as possible. You don’t need to complete all three payments to use this option again. The only limit you have is your credit or debit card.
- Buy Now Pay Later
With Buy Now Pay Later(BNPL), you could decide to hold up the payment of your purchase for a year. BNPL is an interest comportment option that allows you to hold back payments for twelve months. The delayed period starts from the time you ordered the goods. This option has a minimum order value to help you qualify for the Buy Now Pay Later.
How Does Buy Now Pay Later Work and How Can You Avoid Interest?
- How to calculate interest
The interest calculation begins the day you purchased the goods, and it compounds daily. This extra money will be added to your account as a mass sum at the end of the delayed pay period.
- How to avoid paying Buy Now Pay Later interest
You can avoid all the added money by removing all the debt before the expiration of the transaction, and you can do this once or multiple payments. Paying partially without canceling out the debt in full will minimize the whole sum of charges that you have to pay at the end of everything.
You should bear in mind that if you select not to settle payment before the deadline expires, any remaining balance in addition to the whole sum of compound interest will be deducted from your account.
- How to make Buy Now Pay Later payment
All you have to do to make full or partial payment is to log in to “My Account” and choose the “Make a payment” option and then select “Buy Now Pay Later” to allocate your payment to specific items you want to pay off.
- Things excluded from Buy Now Pay Later
The delivery and installation service cost is not placed on Buy Now Pay Later.Pay Monthly
You can decide to make payments monthly with these payment options.
- Significantly pay’s monthly payment option gives you a choice to buy what you want now and spend at least 20 days from now.
- They send you statements each month to let you know what is due. So you have to wait for their message.
- The Pay Monthly option payments are due on the same date to make planning and budgeting easier.
- With this option, you can pay a sum that suits you each month, at least £5 or 7% of your balance (Whichever is greater). The least payment is via your statement.
- If you pay higher than the minimum, you will pay less interest.
Conclusion
In conclusion, Very payment options are made in such a way to assist you to pay for the items you want in a way that is suitable for you. So, whenever you shop using this medium, you can either pay immediately or share the purchase cost over a given time.
Frequently asked questions
- Can I use Take 3 more than once?
Yes, there is no regulation on the times you can utilize it. Always remember that the only limitation is on your credit card.
- What will happen if I miss a payment in Taking 3?
Missing a payment means that you are no longer eligible for the option, and hence you will charge interest.
- Can I use both Buy Now and Take 3 at the same time?
No, you can’t. Buy Now can not apply to anything bought on Taking 3 and Vice versa.
