Stretch Pay - how to pay for a pledge in installments?
Stretch Pay enables you to split payment for your pledge into smaller amounts. The number of installments depends on the creator and is the same for every backer. The creator also sets up the minimum amount of pledge that unlocks installments. For example, if the minimum amount is 100$, your pledge must be over that amount for you to see the Stretch Pay option when choosing a payment method.
If Stretch Pay is enabled for a project, you'll see proper info next to rewards*:
*minimum pledge value = 100$, 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 installments will be sent to you via email.
You can preview the payment plan at any time in your pledge.
NOTE: 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.
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 installment 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 installments.
Resigning from installments during crowdfunding
As long as the campaign is live, backers can cancel their pledges and will not be charged for any of the installments (just as in the case of backing without installments).
Resigning from installments 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 installments.
Stretch Pay in pledge manager and late pledge stage
You can't add items to Stretch Pay once you get your payment plan for crowdfunding, as it doesn't include the purchases made after crowdfunding's end. The payment plan won't include items added after crowdfunding. You can only pay for them in full at checkout. Pledges made after crowdfunding don't affect Stretch Pay in any way. This means you have to pay for these items at checkout and pay off the installments separately.