How to Manage Instalment Credit Without Losing Money

Why Instalment Credit Matters

Hire purchase is a critical sales tool for electronics, appliance, and furniture retailers in Sri Lanka. Customers who cannot pay upfront can buy today and pay monthly.

The 5 Biggest Mistakes

1. No formal agreement — Verbal agreements create disputes.
2. No guarantor verification — Always verify guarantor NIC.
3. Manual reminder systems — Calling customers wastes hours.
4. No late fee policy — Define late fees upfront (5% is common).
5. Poor record keeping — Use a digital system like SwiftPOS.

Setting Up Instalment Plans with SwiftPOS

• Create agreements with 3 to 24 month terms
• Collect NIC copies and proof of address digitally
• Add up to 2 guarantors with WhatsApp OTP verification
• System auto-sends WhatsApp reminders 3 days before each due date
• Overdue alerts automatically sent to customer AND guarantors