What is a credit limit from Hofy?
Hofy provides its customer base a credit allowance with an individually assigned credit limit. We have been able to do this by partnering with Two, a B2B credit provider.
Credit limits are seamlessly integrated into the platform, and they allow organisations to pay monthly and annually.
Your organisation's credit allowance limit is individually calculated based on the results of your financial credit check. As a Hofy Manager, you can view your organisation's credit limit and its remaining credit within the Hofy platform at any time. Click on your name in the bottom left-hand corner and choose 'Settings', then 'Payments & Billing'.
Note: While Hofy will continue to send your invoices, the bank details may be updated to those of our credit partner, Two.inc.
[ACCORDION] How Hofy calculates credit limit
By default, any new organisation is set to upfront payments at first. You can then apply for a credit allowance that allows monthly or annual payments. To apply for this, contact the Hofy team and we will send you an online request form to fill out.
If your application is successful, we will notify you to confirm your credit limit and it will also be visible within the platform.
Once your request has been reviewed and approved, you will be able to update your rental payment terms in 'Settings' > 'Payments & Billing.' For more information about rental terms, please visit our article here.
Your credit usage is calculated using the monthly price of each item you are renting, including discounts and country multipliers, if applicable.
Example: You are provided $1000 credit per month. So if you order a laptop at $30 per month over 36 months, it means your remaining credit for this month is $970.
Note: Credit is provided at the absolute discretion of Hofy and partners.
[ACCORDION] Renewing your company's credit limit
If your billing frequency is set to monthly and you successfully complete your latest outstanding payment, the next month your credit will renew.
If your billing frequency is set to annual, your available credit will renew once you’ve cleared your final payment.
Annual Billing Frequency:
6 or 12 months rental terms - your available credit will renew next month, as this is treated as upfront
24 months - your available credit will renew on month 13
36 months - your available credit will renew on month 25
[ACCORDION] Insufficient credit and increasing your credit allowance
If you exceed your credit limit, you will not be able to approve a new order on monthly or annual payments until your credit is renewed. You will still have the option to pay for new orders upfront.
Your options in this case are:
Switch your Default Billing Frequency to Upfront
Reach out to Hofy to request an increase to your credit limit
Wait until the following month when your available credit renews
By paying on time each month, the available credit limit you have will increase. You can also apply directly to Hofy in order to increase your credit limit.
If you have questions about your credit limit, please contact your dedicated Account Manager or Account Executive.
Please fill this contact form and select Deel IT. If you have a question about Two, invoices or payments.