Payments: An Overview

Intro to payments

Let's talk about how the customer makes payments. We'll use the example of Josh wanting to purchase a mattress.

Watch the video and scroll down to learn more.

Josh has selected a mattress he wants.

Because he doesn’t have the cash on hand to actually get the one he wants, he applied for a lease-to-own agreement with Progressive Leasing and was approved. When he signs the lease-to-own agreement he will be required to make an initial payment.

The initial payment is an important part of lease-to-own and you may get lots of questions here, so here are 4 things about the initial payment that are important to remember.

After Josh signs the lease-to-own agreement and makes the initial payment he can schedule delivery or take the mattress home. He will not have to make any further payments for at least 10 days after the delivery date which is the date he is scheduled to receive his mattress.

Recurring payments will automatically be withdrawn using the pay date information and the bank account or card information Josh entered during the application process and agreed in the Payment Summary. If Josh wants to update his payment schedule or payment information, he can do so at any time by calling Progressive Leasing.

After a customer activates lease-to-own with an initial payment, the customer will be set up with automatically recurring payments.

When do payments start for the customer?

Progressive Leasing will start the customer's easy, automatic recurring payments at least 10 days from the time the customer takes the item home or the scheduled delivery date for the item.

 The recurring auto-payment schedule will begin on the next scheduled payday after they receive their items. If that first payday isn’t at least 10 days after delivery, we’ll wait until the next payday. Let's go through some of the terms to know when it comes to recurring payments.

And one last pro tip:

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