Monzo Flex pre payment view

Feedback & Ideas
1

Hi, I’m not sure if this has been mentioned before.

Maybe an idea when before purchasing something with Flex online that you could see how much you’ll be paying each month and the interest before you confirm the purchase, kind of the way you do with PayPal.

If you don’t like the payments just not go ahead with it then, stress free?

4 Likes
3

Pretty sure a Flex calculator has been requested a few times.

5

@AlanDoe

7

OP wants to know how much it’ll cost to flex a product, so it is a calculator.

It could be in the auth page I guess, with sliders to choose how long etc, but it’s still the same premise to the link above.

Customer has the opportunity to just flex it, choose a plan, if not happy just pay it off.

1 Like
8

It’s exactly the same.

10

Not every purchase requires you to go to the app to approve so it wouldn’t work. A simple calculator would and wouldn’t mess around with making the transaction and not approving it if you didn’t like the final numbers.

12

It would just cause more problems.

“I didn’t mean to spend £1000 at Amazon, I just wanted to see what it would cost me per month”

A calculator is a far far simpler solution. It’s not friction because you wouldn’t have to use it.

14

I’m not misunderstanding and I don’t care about either of them.

I’m pointing out that choosing a flex plan and seeing the interest during authorisation doesn’t work when you don’t 100% of the time have to make that authorisation.

If you care about working out the interest then a calculator is a better solution, more friction, but won’t result in “accidental” purchases because people wanted to see the interest costs.

15

Having the option to view the payments in the app in advance, sounds the same as viewing the payments on the website in advance, however you wouldn’t need to go through the checkout process to then reach a calculator and then decide you don’t want it.

Having the solution in the app as and when required, saves a whole bunch of time and IMO makes it more convenient.

Thus, to me, looks the same outcome.

3 Likes
17

I may be wrong, but isn’t PayPal applying for credit at that point of sale? Which understandably would give you options on how to pay.

Opposed to Flex, which you have a credit limit to spend on the card.

19

Not. Every. Single. Time.

That’s my point. Buy anything from Amazon and you only need to go to the app at some point to pick your plan. You don’t even have to do that.

If you had to auth every single payment in the app, then selecting a plan and having the option to say “actually, I don’t want to pay that interest = reject” would be a great improvement. But you don’t. So it’s not.

1 Like
21

But doesn’t given you the option to reject when you don’t :exploding_head:

23

When I buy from Amazon I only receive an active card check notification, don’t usually have to approve everything if my card is saved.

1 Like
24

If you don’t have to auth, then you’re creating more friction.

People will start to rely on this step as an interest check stage, when they don’t have to auth the payment, then it’ll go through without the chance to check.

26

Fairs, I didn’t recently.

28

It’s 100% certain it will.

Currently there is no method to check what the payments/interest would be.

If this idea was to be implemented then you have a final check, adding more confusion, problems, friction or skipping it. Either way it’s worse.

But this is a terrible idea that will not happen. For that reason, I’m out.

30

Purchase > Monzo to auth > auth & select plan > back to merchant

I agree that this a great improvement.

Purchase > no auth > don’t go to Monzo > transaction goes through when you just wanted to check payment terms

is much much worse.

Unless you’re going to force add the Monzo choose a plan early on, which I don’t think they can do on its own, but that is adding the dreaded friction.

1 Like
31

Disclaimer: I only had a brief read of the thread…

I think it’d depend on the payment path. Showing a view of what your monthly payments/ etc. would be on the 3DS screen (when you make a payment online and have to approve the payment in the app) would be possible but it’d come with a lot of caveats:

  • We don’t always do a 3DS check for online payments for various reasons - such as for things out of our control - eg. the merchant doesn’t support 3DS. This would create a level on uncertainty for customers on whether they’d see this or whether the payment would just go through without seeing this screen.
  • The goal of 3DS is perform 2 factor authentication and reduce fraud and we want customers to focus on whether they should be approving the transaction or not - so changing the context to “this is what your monthly payments look like” would be a bit of a risk
  • The 3DS flow is an extremely important payment flow and so adding complexity to this comes with risks.
  • We wouldn’t be able to show this screen for point of sale purchases where there’s a short time window (less than a second) in which we have to respond to the merchant.

TLDR; It’d be pretty cool and is feasible but hard and comes with a lot of overhead - so unlikely to be a priority i’m afraid.

9 Likes
32

Amazon pay in 3/5 stuff (with amazon directly) usually asks me to verify my chase card via 3DS but thats it.

I just ordered a swathe of stuff over black friday (and my partner did as well) and neither did 3DS at any time as we did no pay in 3/5.

34

You maybe done meet their risk appetite now, reading and all that jazz :rofl:

2 Likes