PicPay offers the option to pay in installments for purchases and boletos. However, this modality involves fees and interest, which make bills more expensive and require attention. For those who are shopkeepers, it is also possible to join the PRO plan. With it, customers can pay in installments without interest, but the rate for the entrepreneur increases.
Payment of tickets for individuals
PicPay allows you to pay slips in installments and pay with your credit card, either the company’s own PicPay Card or another administrator. By doing this, you see the simulation in up to 12 equal installments. The service charge is 4.99%. Interest is 4.49% per month.
The company says it is possible to pay water, electricity, telephone and gas bills, rent, vehicle debts, taxes and credit card bills with the app. The latter type, however, is not always accepted.
When buying an Xbox Series X worth R$ 4,349.00, for example, the payment of the boleto with a card costs R$ 4,566.02 in cash or in up to 12 installments of R$ 500.45, totaling R$ 6,005, 40.
For you to understand better, we made a simulation with a round value.
Let’s see the simulation:
- Purchase price – BRL 100;
- Number of installments – 10 (you will pay in 10x);
|Number of installments||installment value||Extra amount paid at the end of the installment||% of fees and total interest|
|1||BRL 104.99||BRL 4.99||4.99%|
|two||BRL 56.06||BRL 12.12||12.12%|
|3||BRL 38.19||BRL 14.57||14.57%|
|4||BRL 28.03||BRL 12.12||12.12%|
|5||BRL 23.91||BRL 19.55||19.55%|
|6||BRL 20.35||BRL 22.10||22.1%|
|7||BRL 17.81||BRL 24.67||24.67%|
|8||BRL 15.91||BRL 27.28||27.28%|
|9||BRL 14.44||BRL 29.96||29.96%|
|10||BRL 13.26||BRL 32.60||32.6%|
|11||BRL 12.30||BRL 35.30||35.3%|
|12||BRL 11.51||BRL 38.12||38.12%|
Is it worth paying in installments to earn cashback?
PicPay is famous for its cash back promotions. On some occasions, the company offers the return of a percentage paid in an installment payment slip.
But, as we show here, dividing the payment into installments generates interest, which makes the account more expensive.
To be worth it, the cashback has to be greater than the additional paid in interest and fees. Otherwise, it makes more sense to pay the boleto in cash with the account balance so you don’t have to spend on fees.
PicPay Card Invoice Installment
Another account that you can pay in installments on PicPay is the PicPay Card invoice. To do this, you need to give an input and divide the remainder. The installments must be at least R$ 10.
When choosing this option, additional charges such as a fine, interest on late payment (if the invoice was not paid by the due date), interest on installments and Tax on Financial Operations (IOF) are charged.
Interest on invoice financing is 1.99% per month and 26.67% per year. The IOF tax is 0.38% on the installment amount plus 0.0082% per day. Putting it all together, we have a Total Effective Cost (CET) of 38.61% per year.
The calculation is based on the total amount and all interest in the period in which the installment is made, uses amortization to make the installments equal.
When making an installment, the PicPay Card limit is “busy” and gradually becomes available again, as the debt is paid off. If the customer wants, he can anticipate the payment of the next invoices to release it.
Another way is to anticipate payment of the installments. To do this, you must have paid at least one of them. PicPay indicates contact by phones 4003-3939 (capitals) or 0800 800 3939 (other regions) to learn more about the subject.
It is only possible to cancel the invoice installment within seven days after contracting. It is not possible to change the number of installments.
How does it work for the merchant?
PicPay offers its PRO plan, which has no monthly fees or rent, but discounts 4.29% on the value of each sale. Customers can pay via transfer or QR Code, payment link, using PicPay or Pix.
This option is aimed at professionals and small merchants, for example, so they can give customers more payment options.
Advantages of PRO
With PRO, there is no limit on receiving via credit card. The amount is made available in cash in the wallet with no advance or transfer fees, even if the customer has paid in installments.
One of the differentials is to offer the consumer the interest-free installment in up to 12 installments.
In this model, who pays the fees is the professional or shopkeeper. The basic 4.29% is charged plus the installment payment, which depends on the number of installments.
|Number of installments||Additional fee charged on the sale amount|
|2x interest free||6.78%|
|3x interest free||9.11%|
|4x interest free||11.47%|
|5x interest free||13.86%|
|6x interest free||16.29%|
|7x interest free||18.75%|
|8x interest free||21.24%|
|9x interest free||23.76%|
|10x interest free||26.32%|
|11x interest free||28.90%|
|12x interest free||31.52%|
For customers and shopkeepers, PicPay offers several ways to buy and sell in installments. Fees vary, and you’ll have to do the math to understand what it’s worth in your case.
Yup. When you pay a bill in installments, for example, it is as if you were making a purchase in full, including interest. You must have this limit available on the card.
Yes you can! PicPay has a feed function, which shows what you and your friends are spending, but it is possible hide payments.
Yes you can installment Pix. PicPay offers the feature, which works like this: you make a Pix, the person receives the view, and you pay in installments using your credit card. However, you will pay fees and interest on this. The charge is 4.99%, plus 4.49% monthly per installment.