Fragbox Financing
 

We are in the early stages of setting up the first available coral financing service : )

It will be available to anyone across Canada
on our entire online store
on minimum orders of $100
available on Halo by Lightbox
can finance the shipping
can finance for up to 6 months and make monthly payments
it will be interest free
small down payment required


more details to come in the near future

http://i1092.photobucket.com/albums/...ps5713a929.jpg

...why?

Hmmm. if you need to finance a coral, then maybe you shouldn't have the tank.

Very weird, but I guess some will take advantage of this.

I don't think this thread is serious....

within 30 minutes of posting someone has already emailed us with an order and requesting more details on financing thats why : )

some people would prefer to pay it off month by month

also its interest free and we try to be innovative and offer things our competitors dont

@hydrologist
"I don't think this thread is serious...."

It absolutely is....

It seems like a good idea, but what about the guys that kill the "financed" coral before its payed off. You may have a hard time collecting. Just my two cents

@slyguy00
yes we have thought about this it was the biggest consideration when deciding whether to move forward or not
we offer stay alive guarantee for 10 days and only sell healthy frags. If a piece dies within the finance period the person is still responsible for it

I work in finance and my two cents are bad idea. And what is your exit strategy?
Do you take a credit card number for collections?

We all like "high end pieces" but if you can't afford save your pennies

Obviously, you will be aligning with a collection agency as non payment on smaller orders plagued every online financing site. I can see financing on larger orders of hardware etc. but on a small order, it's more work for you book-wise, and should someone actually default on payment, it could take sometime before you see any money, meaning you will have to cover the costs while you wait. It then starts spiraling from there, one more, then one more.... It saddening to realize that some ppl will try to burn you, and some accts you may never recover. You just gave coral away.
I would say to do some deep research about interest free loans and think of every possible bad scenario resulting from non payment. It's been thought of before, with little to limited success...IMO. Your intentions sound great, but the intentions of thieves should be considered. Non the less, frag box has been my coral source of choice, and the drive to exceed customer service only solidifies my return business!!!

Well said

We really appreciate the kind words JmeJreefer and appreciate your business !

We decided to offer financing from a customer service stand point and to offer a convenient/ different way to pay for frags and perhaps attract new customers. We know we are not the cheapest store out there ; )

We realize that not everyone is honest. With any kind of loan there is the risk of loss but it can have its advantages. We hope to experience an increase in sales, monthly inflow of $ and we hope to move a larger amount of frags rather than sit on them


If it doesn't work and we end up losing more than we are making then it will shutdown but we wont know without trying! No risk no reward.
We are always thinking of new ways to improve our service and offer things competition wouldn't dare try.

We appreciate all the feedback and insight
please feel free to message us any ideas to help out or improvements

Lol. Bad idea IMO but good luck.

I think it's a novel idea. Some people spend as much (or more) on marine corals/equipment as they do on new furniture. Why not allow them to finance the purchase? It's simply an option, not a requirement.

Fragbox has treated me great and we have already talked about financing with amazing results.

For anyone interested I do suggest it as an option. Great store to be a part of through this or fully paid orders. Love the products like there HALO bulbs and the coral has always been stupendous. Refunds are literally the best I've heard of.

I by personal choice won't shoo for coral online anywhere else.

Not a horrible idea IMO....I would never use it but some might.

Are you implementing this yourself March or does a 3rd party take care of the details, collection etc. and thus get the up front processing fee or what ever you called it.

now we can all hoo hoo hold the payments.

Ummm isn't that what credit cards are for?

Credit cards have interest lol!

March, I know you personally so I know you're here for the long haul, but maybe you should at least allow a customer to establish a bit of a history with your business before allowing credit privileges, like say after a couple of purchases. Let's face it, most do have credit cards. I do see one huge advantage for this and that is to encourage large purchases at once to save on what would otherwise be multiple shipping costs over a period of time.

Hey, good luck and good on you for thinking outside the 'fragbox'!!

thanks for the words of encouragement !
I missed you this evening still want to trade : ) ?

Dang right!!...nanny on her honeymoon so I'm having to rush home to the babies after work lately. This week for sure.