Stretch Pay enables you to split the payment for your pledge into smaller amounts. The number of instalments depends on the creator and is the same for every backer. The creator also sets up the minimum amount of pledge that unlocks instalments. For example, if the minimum amount is 100$, your pledge must be over that amount for you to see the Stretch Pay option when choosing a payment method. The number of instalments is pre-defined at the start and will decrease as time passes.
NOTE: please keep in mind that Stretch Pay won’t influence your credit score whatsoever.
If Stretch Pay is enabled for a project, you'll see proper info next to rewards*:
*minimum pledge value = 100$, 5 installments
If your pledge can be settled with Stretch Pay, you'll see the following window with the payment plan:
All info concerning the instalments will be sent to you via email.
You can preview the payment plan at any time in your pledge.
If Stretch Pay was enabled during the campaign and you want to switch your payment from a regular method to split payment, you have to make changes to products in your pledge (e.g., add an item and then remove it), save changes and choose Stretch Pay as your payment method.
Please note that Stretch Pay is time-limited. The closer the project is to production, the less time there is to cover the total cost in full, which means fewer instalments are available. Near the Pledge Manager closing date, there might only be time for one instalment left, which means Stretch Pay will no longer be available.
Repayment
The payment processor will make three attempts at intervals of 48h to draw the money from the backer's account. If the attempts are unsuccessful, the backer can remotely pay the missing instalment with one click in the "Your pledge" view. We'll send email notifications after every unsuccessful attempt. The backer can also pay off the whole amount at once.
It is possible to switch to another card to pay off the instalments.
Resigning from instalments during crowdfunding
As long as the campaign is live, backers can cancel their pledges and will not be charged for any of the instalments (just as in the case of backing without instalments).
Resigning from instalments after crowdfunding
The backer can either pay off the whole amount and ignore the payment plan or contact the creator to discuss the possibility of a refund (if there is any). Each project has its own rules for refunds and instalments.