In collaboration with Collector Bank AB, we offer instalment payments via invoice. When you select this payment method, you receive your goods before you pay. All your purchases in a given month are listed on one invoice, which is sent the following month. Payments can then be scheduled over
<NumberOfInstalments> months. An invoice fee of
<Currency> is added. Delivery can only be made to your registered address when you select instalment payment and you must be at least 18 years of age to place an order.
When you receive the invoice, you pay the lowest amount stated on the invoice. An interest rate of
<NominalAnnualInterestRate> percent is added. The instalment payment is always 1/
<NumberOfInstalments> of the total amount plus interest and fees, although always a minimum of 50
<Currency>. If you wish to pay off the debt in full, you simply pay the total amount stated on the invoice.
A minor credit check is carried out, which in some cases requires credit information. In the event of delayed or missed payments, a late payment fee and penalty interest is charged.
To see the full terms and conditions for Collector's instalment payment via invoice, see the links below:
Standardised European consumer credit information
When choosing Collector Account all your purchases in a month will be listed in one invoice. You can then choose to pay the whole amount at once or to break up the payments into smaller instalments. You must be at least 18 years of age when using this payment method. Visit www.collector.se for more information.
[Checkbox] I hereby confirm that I have read and accept Collectors general terms for invoice and account credit, Standard European Consumer Credit. I have also taken part of Collectors information of data protection.
<NumberOfInstalments> - The agreed number of instalments, e.g. "12"
<InvoiceFee> - The invoice fee, e.g. "29 kr"
<Currency> - The currency, e.g. "SEK"
<NominalAnnualInterestRate> - Nominal annual interest rate, e.g. “19,9”
Calculating monthly cost to display on product page
If you are going to use Collector Account you can use the following algorithm to calculate the products part payment cost (in the end customers native currency):
(Product cost / Number of months) + (Product cost * Interest rate) + Monthly fee
For example: A product which costs 199 SEK, divided on 12 months, with an interest rate of 1,6583%, and a monthly fee of 29 SEK would give the following algorithm:
(199 / 12) + (199 * 1,6583%) + 29 = 50 SEK per month
(The actual lowest amount to pay in the example would be 48,88 SEK, but the lowest accepted payment is 50 SEK)
Calculating monthly cost to display on the checkout page
The same algorithm can be applied on the checkout page, but the two occurrences of product cost needs to be replaced by the total purchase amount including shipping fees:
(Total purchase amount / Number of months) + (Total purchase amount * Interest rate) + Monthly fee
For example: The customer orders two products which cost 199 SEK (each) and a shipping fee of 59 SEK is added. This algorithm would then apply:
(457 / 12) + (457 * 1,6583%) + 29 = 75 SEK per month
Please note that the amount to pay per month should be rounded up to the nearest integer, and the lowest amount is always 50 SEK.
Collectors general terms for invoice and account credit https://cdn.collector.se/upload/Partners/Agreements/AGREEMENTCODE/Credit*terms_All*COUNTRYCODE.pdf
Standard European Consumer Credit https://cdn.collector.se/upload/Partners/Agreements/AGREEMENTCODE/SECCI/_COUNTRYCODE.pdf
Collectors information of data protection https://www.collector.se/en/about-collector/data-protection/
You’ll receive your specific
AGREEMENTCODEfrom your Partner Integration Manager during the setup.