Pricing

Schedule of Late Payment Fees and Interest

Customer pays no interest if paid on time

The Rainchq fee is 2% and deducted from the collection cycles, and payable by the seller.

98% is automatically deposited in seller’s nominated bank account. No further action is required.

If payment fails

  • Day 0

    Agreed Instalment Date

    If the payment fails on the collection date loaded in the dynamic cycles, 25% interest is added to instalment.

  • Day 7

    Missed Agreed Instalment Date Plus 7 Days

    Another attempt is made to collect at day seven (7) after the failure date. If successful, then the collections are back on track.

  • Day 8

    Missed Agreed Instalment Date Plus 8 Days

    At day eight (8) after the failure to collect, $50 administration fee is added to the instalment, and the total is rolled over to the next collection cycle.

  • Day 21

    Customer Fails to Pay Any Installment

    If the final collection fails, Rainchq pays the seller 80% of the original or missed transaction value, minus all interest and administration fees, typically less than twenty (20) days from failure.

Automatic Collection

All late payment fees, both interest and administration are collected automatically by Rainchq and are payable by the buyer only.

The allocation of all penalties is.

  • 60% to the Seller
  • 40% to Rainchq

When the missed payments fall outside the final dynamic cycle collection, Rainchq settles 80% of the remaining instalment(s) minus all penalty fees and interest capped at $5,000 per transaction only (T&C’s apply).

Free Trial

Maximum Late Payment Fees &

Interest Payable by the Buyer

Transaction Value $300
Dynamic Cycle Collections 3
Instalment value per cycle $100
All instalments paid on time Interest/Fee free Nil
Maximum late payment Interest 25% $75
Maximum late payment administration Fees 3 x $50 $150
Maximum total for this transaction   $525

Example Seller Transaction

$300 over 3 dynamic collection cycles

Customer fails to pay 1st instalment but pays 2nd & 3rd on time or less than 8 days late

1 Day 8 past the Dynamic cycle collection date Seller  $                              –
Rainchq  $                              –
ROLLOVER
2 Dynamic cycle collection date Seller  $                     269.50
Rainchq  $                          5.50
or
2  7 days past  Dynamic cycle date Seller  $                     284.50
Rainchq  $                       15.50
BACK ON TRACK
3 Dynamic cycle collection date Seller  $                       98.00
Rainchq  $                          2.00
or
3  7 days past  Dynamic cycle date seller  $                     113.00
Rainchq  $                       12.00
PAYMENT COMPLETE
TOTAL Dynamic cycle collection date SELLER  $                     367.50
RAINCHQ  $                          7.50
 7 days past  Dynamic cycle date SELLER  $                     397.50
RAINCHQ  $                       27.50

Customer fails to pay 1st and 2nd instalment but pays 3rd on time or less than 8 days late

1 Day 8 past the Dynamic cycle collection date Seller  $                              –
Rainchq  $                              –
ROLLOVER
2 Day 8 past the Dynamic cycle collection date Seller  $                              –
Rainchq  $                              –
ROLLOVER
3 Dynamic cycle collection date Seller  $                     343.00
Rainchq  $                          7.00
or
3  7 days past  Dynamic cycle date seller  $                     456.00
Rainchq  $                       19.00
PAYMENT COMPLETE
TOTAL Dynamic cycle collection date SELLER  $                     343.00
RAINCHQ  $                          7.00
 7 days past  Dynamic cycle date SELLER  $                     456.00
RAINCHQ  $                       19.00

Customer fails to pay ALL instalments

1 Day 8 past the Dynamic cycle collection date Seller  $                              –
Rainchq  $                              –
ROLLOVER
2 Day 8 past the Dynamic cycle collection date Seller  $                              –
Rainchq  $                              –
ROLLOVER
3 Day 8 past the Dynamic cycle collection date Seller  $                              –
Rainchq  $                              –
RAINCHQ PAYOUT TO SELLER
0 INSURED DEBT SELLER  $                     240.00
TRANSACTION COMPLETE