Well, we’ll be hog-tied: Jewelry Television is offering some merchandise on what QVC calls “Easy Pay,” HSN calls “Flex Pay,” and ShopNBC calls “ValuePay.”
JTV even has a trademarked name for it: StretchPay.
For the uninitiated, StretchPay, ValuePay, etc., all mean that you get to pay for your item in several installments, which are charged to your credit card each month.
So instead of having to fork over $500 for a diamond ring in one shot, you may have five Flex Pays of $100. It makes it easier to make those big-ticket purchases. Of course, if you are like us, you lose track of all your Flex Pays and Easy Pays, and you wind up with a whopping AMEX or Visa bill.
JTV hosts have always pooh-poohed Flex Pays and Easy Pays. Their advice was always to divide the cost of a big-ticket item and put it on several credit cards. But JTV changed its tune.
On Tuesday for the first time we heard about StretchPay on JTV. Here is what the network’s website says about it.
What is StretchPay™?
StretchPay™ is a program offered by Jewelry Television® that allows you to purchase certain items in installments over a specified number of months.
When you’re shopping online, any participating product will show the StretchPay™ logo or graphic on the product detail pages and in your shopping cart. If you’re shopping through our broadcast, our show hosts will indicate which items are eligible, and you’ll see a StretchPay™ logo or graphic displayed with the item.
When purchasing with StretchPay™ we will charge your method of payment for the first installment on the day your item ships. Any additional installment(s) will be charged every 30 days thereafter until the price of the item is paid in full.
The first installment will include the product price divided by the number of installments. Shipping and handling, applicable taxes and all services (such as Jewel Safe™ warranties, appraisals and sizing) are added to the first installment. Because of this, your first installment will always be higher than any subsequent installment(s).
Accepted methods of payment include Visa, MasterCard, American Express, Discover Card and the JTV Preferred Account.
It looks to us like JTV customers were getting reluctant to pay for merchandise in one lump sum, and JTV saw the light.
We like that StretchPay name. Cute.