This new payment method hides two enormous risks, yet millions of French people use it regularly

Offered by thousands of brands, particularly on the Internet, and used by millions of French people, this payment method hides unsuspected risks.

Popular with hundreds of thousands of buyers in France, this payment method can have serious consequences. However, it is increasingly offered by online sales sites. Some brands also give the possibility of using this payment method to their customers who physically visit the store.

One of the advantages of this practice is that it allows you to purchase most of the items sold by many merchants. Furniture, computer equipment, electronics… Only food remains relatively spared from this trend. Another strong point of this technique is that it is particularly economical. A major advantage during this period when the inflation rate continues to be around 4%, according to INSEE. Indeed, in this context of general price increases, any aid to purchasing power seems welcome.

Result, “one in four French people have already used this payment method during the year 2023”, affirms a study by Toluna and Harris Interactive for the Federation of e-commerce and online sales (Fevad ). According to the professional federation, the method of purchasing items is particularly popular among people on low budgets and mainly young people. “43% of them would have already used it during the year 2023”, confirms the study carried out for Fevad. However, it is this same precarious public that is most exposed to the dangers of this means of payment.

This is split payment, also called “payment in three installments (or four installments) without fees”. As a reminder, this service allows you to purchase an item by spreading payments over time. Clearly, it is possible to divide the amount into 3 or 4 then make a transfer every month until the product in question is fully paid. The advantage is that the buyer can benefit from the item from the first payment.

Problem: “few French people know the clauses hidden behind these automatically programmed direct debits”, warns a manager from Sofinco, a Crédit Agricole subsidiary specializing in split payments. “This practice lacks supervision: anyone can multiply split payments, without limit, even if that person is already overdrawn,” she warns. Clearly, banks almost never check the solvency of buyers who use split payments, which increases the risk of over-indebtedness.

However, with this method of payment, consumers often fall into the second little-known trap of bank penalties. In the event of non-honored payment, the buyer may be forced to pay a financial penalty which may amount to 15% of the amount remaining to be paid.