Funding to help drivers get back on the road

Founded in 2013, Payment Assist introduced the UK’s first “buy now, pay later” finance option for customers facing an unexpected vehicle repair bill. Ranked 49th in the FT’s 1000: Europe’s Fastest Growing Companies 2020, Payment Assist continues to grow every month.

With over 375,000 customers and a network of over 7,000 partner garages, Payment Assist process 10,000+ transactions every month.

Challenge

Type of product: IWFA

Payment Assist Ltd provides interest-free retail finance to the automotive after-market. By spreading the cost of vehicle repairs over monthly instalments, they make unexpected garage bills affordable for customers.

Products to suit emerging business needs

Initially, Payment Assist didn’t know which direction their business was going to go in. They needed a lender who could tailor products to suit their emerging needs.

An alternative to main street banks

Payment Assist knew that the main street banks wouldn’t be interested in their offering and so they conducted research into lenders who were willing to lend into their market.

A champion for continuing growth

The company needed a supportive funder who would get behind its continuing growth.

Since its launch, Payment Assist has grown rapidly – and continues to grow each month.

Solution

Conister was recommended to Payment Assist by contacts within the industry who had already had facilities with us – and who suggested it would be worth them getting in touch.

Safe hands for sustained business growth

Payment Assist report that our thorough onboarding process made them realise they were in safe hands. As Payment Assist’s business has grown, so has their facility with us and we’ve provided additional assistance to tailor more suitable facilities to help the business grow and achieve its targets.

Responsive support

Very early on in the COVID-19 pandemic, Payment Assist flagged that they may have an issue. We made an amendment to their facility at once to assist with cashflow. Ironically, they weren’t hit as hard as they had anticipated and, due to our quick response and support, the business was largely unaffected. As one of their initial funders, we have a long-standing relationship with Payment Assist.

Strong client relationships

“We often recommend Conister – and will continue to do so. The people we deal with, whether it be on a day to day basis or an ad hoc basis, are engaging and we aren’t treated like we’re just a number. Conister has enabled us to grow our business and throughout the years we’ve developed a good relationship with the Managing Director who will ask challenging questions which we welcome and appreciate.”

Colin Ellard, Director, Payment Assist

Website:https://www.payment-assist.co.uk