Installment payment
Installment payment refers to the process of paying for goods or services over a period of time, rather than paying the full amount upfront. In the art world, installment payments are important because they provide a flexible payment option for buyers.
This payment system allows buyers to purchase artworks that may otherwise be outside their budget. For example, an artwork that costs $10,000 may be too expensive for many buyers. However, when offered through an installment plan, the buyer can break this cost down into more manageable monthly payments.
From an administrative standpoint, installment payments can help streamline the payment process and reduce paperwork. This is especially beneficial for sellers who manage a large volume of sales.
How does it work on Flamingo?
Flamingo offers installment payment for any buyer who loves to acquire artworks from the platform. To buy with payment plans, there are 2 amazing options for you:
1. Pay Later provided by Paypal:
- The payment time, number of payments and times between payment follow Paypal’s details
- May incur interest depending on the buyer choosing Pay in 4 or Pay Monthly
- The purchased physical asset and its NFT will be delivered to the buyer immediately.
2. Flamingo Payment: Please email us directly so that we can set things up for you.
- The payment time: Maximum 12 months; can be shorter depending on your request.
- Times between payment: Monthly
- There is no interest
- The purchased physical asset and its NFT will only be delivered to the buyer at the end of the payment time, after Flamingo receives 100% of the purchase price. However, Flamingo will lock the item (marked as ‘Sold’) right after the first installment payment is made.
Pros and cons between 2 options:
- Flexibility: Pay Later has a longer payment time (up to 24 months) with different repayment methods
- Interest rate: Flamingo Payment offers 0% rate for any purchase amount while Pay Later will charge the buyer 9.99% to 29.99% for purchase amount from $1,501 to $10,000.
- Purchase amount: Pay Later only allows up to $10,000 while Flamingo Payment has no limit.
- Time to receive items: The items will be delivered immediately with Pay Later while the buyer has to wait until the end of the payment time with Flamingo Payment.
Overall, installment payments are an important part of the art world. They provide more financial security for both parties, allowing for a more secure and transparent buying experience.
We hope that you find our installment payment option suitable for your need. Let’s know if you have any inquiry.
Originally posted 2023-03-07 14:49:02.