Blispay shuts down usage and new accounts

[lindsaydruart]

https://blog.blispay.com/temporary-suspension-1d000a6c8574

[Poppa]

Wow that was fast! To hear him tell it they're doing so good they need everyone to stop using them.

[FeeBear]

I was worried it was just me Okay who here broke Blispay

[Anonymous]

Just came on this board to say the same thing as I read my email from them this morning. Seems weird to say they are having such tremendous success but yet have to shut down lending . Wonder how long it will take for the card to open back up , and also if they will close accounts since they are tapped out right now . I just did a 650 order last month. We will see what happens .

[Spotsy]

IMHO A few potential things are in motion:

1) they wanted to prevent Black Friday purchases from clogging up lending resources. Consumers would take advantage of 6 months same as cash.

2) they are doing #1 because they are under capitalized if they hit a run of purchases due to the holidays.

3) they are doing #1 because they are under capitalized already and can’t go any deeper under any circumstances.

4) they may be bought out...kinda like Final Visa...and buyer is reducing exposure.

to close off lending and merchants at this time of year for everyone is a HUGE hit business wise. Can they recover?! If they were just short on capital...why not just trim the heard and close cards that are not used or under performing to free capital reserves. Cutting everyone off is, in my opinion, a death sentence for this type business.

[fuzzle]

Fed finally stopped pushing lending rates towards 0%, if Blispay comes back I suspect the financing will be shorter if not eliminated, I think they always called it a "promotional offer"

[Medic981]

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@Spotsy wrote:

IMHO A few potential things are in motion:

1) they wanted to prevent Black Friday purchases from clogging up lending resources. Consumers would take advantage of 6 months same as cash.

2) they are doing #1 because they are under capitalized if they hit a run of purchases due to the holidays.

3) they are doing #1 because they are under capitalized already and can’t go any deeper under any circumstances.

4) they may be bought out...kinda like Final Visa...and buyer is reducing exposure.

to close off lending and merchants at this time of year for everyone is a HUGE hit business wise. Can they recover?! If they were just short on capital...why not just trim the heard and close cards that are not used or under performing to free capital reserves. Cutting everyone off is, in my opinion, a death sentence for this type business.

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My thoughts exactly as I was reading the press release.

[Anonymous]

This really is something crazy!

[SouthJamaica]

2% cash back on purchases, no repayment for 6 months, and no interest.
The only customers who wind up being liable for interest are those who can't
pay back in 6 mos. -- i.e., those in bad financial straits.

What could possibly go wrong with a business model like that?