MARKETNOW PAYLATER

TARGET MARKET DETERMINATION

This TMD and the MarketNow PayLater product are issued by Limepay Credit Pty Ltd ABN 13 631 002 714 (we, us or our). This document was prepared by us on 5 October 2021.

1. Purpose of the TMD

This target market determination (TMD) document has been designed to help our customers, representatives and our staff understand who the MarketNow PayLater product is suitable for (target market).  

This TMD also describes:

  • How the product can be distributed to our customers;
  • How often we will review this TMD and when the next review will be;
  • The events and circumstances that could mean we need to review whether this TMD is still appropriate;
  • The information we would need in order to decide that this TMD is no longer appropriate; and
  • How we record information related to the MarketNow PayLater product and how this information is reported.

2. Our Product

This document considers the target market for the MarketNow PayLater product. The product is designed for vendors of real property as a way to fund marketing and styling costs associated with listing real property for sale. The MarketNow PayLater product offers up to AUD $25,000 funding for marketing, styling and minor improvements in relation to a property sale incurred by the vendors and is generally repaid at settlement. We may review this TMD at any time. 

3. Who is the Target Market

The MarketNow PayLater product is designed for vendors who are looking to sell their properties and who want or need to defer their expenses relating to marketing, styling and minor improvements as part of preparing the property for listing. The MarketNow PayLater product allows customers to proceed with marketing campaigns with their real estate agents without upfront payment of the costs.

3.1 This product is suitable for:

  • Customers who are individuals aged over 18;
  • Customers who are citizens or permanent residents of Australia;
  • Customers who are owners of real property located in Australia for sale;
  • Customers who:
    -   Cannot afford the marketing campaign recommended by the real estate agent; or
    -   Wish to defer the marketing campaign costs payable to their real estate agents for cashflow or other reasons; and
  • Customers whose marketing campaign costs do not exceed $25,000.

3.2 This product is not suitable for:

  • Customers who are not citizens or permanent residents of Australia;
  • Customers who are not owners of real property located in Australia for sale;
  • Customers who prefer to pay the marketing campaign costs upfront; and
  • Customers whose marketing campaign costs are more than $25,000.

4. Distributing this product

The MarketNow PayLater product is distributed direct to vendors by us via a website we operate under the MarketNow name. 

We strictly control the application process to ensure that the product is only provided to persons within the target market. It is only offered to vendors of real property who have signed up to real estate agents who accept MarketNow PayLater as a payment option (as approved by us) – this assists to ensure that applicants form part of the target market by virtue of being owners of real property who have engaged a real estate agent to sell their property. 

MarketNow Payments Pty Ltd ABN 68 645 651 967 (MarketNow Payments) plays an administrative role in signing up real estate agents to accept MarketNow PayLater as an acceptable form of payment but does not play any role in distributing the MarketNow PayLater product to consumers. Such real estate agents accept the MarketNow PayLater product as an acceptable form of payment (and inform vendors accordingly) but do not play any role in the application for, or approval of, the MarketNow PayLater product for vendors. 

5. Distribution conditions

The MarketNow PayLater product can only be offered to customers whose real estate agency who can accept the MarketNow PayLater product as a payment option. The product cannot be sold through any other distribution channel. 

The online platform is strictly controlled to ensure  that the product is provided only to people who are in the target market. This is also reflected in the product terms and conditions. 

These conditions make it likely that the MarketNow PayLater product will only be distributed to customers within the target market for this product because we and MarketNow have knowledge of the product, terms and conditions and processes designed to identify instances where the product may not be suitable to a customer.

6. Reviewing our target market

It is important that we review this TMD to make sure it is appropriate for the needs of our potential and existing customers. When we review this TMD, we will consider information collected by MarketNow. This information covers:

  • Eligibility for the MarketNow PayLater product;
  • Sales information;
  • Customer information;
  • Payment information;
  • Feedback and complaints; and
  • Default information.

Each year on or around the anniversary of this TMD, we will review this TMD to ensure it is still appropriate. The next review will take place by 5 October 2022.

7. Review triggers

Certain events and circumstances taking place could mean that a review should take place earlier than the annual review. This is because the TMD may no longer be appropriate. These events and circumstances are called review triggers. Below is a list of review triggers for this TMD:

  • We make a significant change to the eligibility criteria for the MarketNow PayLayer Product;
  • We make a significant change to the MarketNow PayLater product, including the product features and costs;
  • We make a significant change to the way the MarketNow PayLater product is distributed;
  • We receive a significant number of complaints;
  • We receive a significant number of defaults;
  • We identify that the product has been distributed other than in accordance with the TMD; and
  • There is a significant change in the Australian real estate market and we reasonably believe it may adversely impact the product.

MarketNow must also consider whether a review trigger has taken place. If they think an event or occurrence is a review trigger, they must tell us within 10 business days.

If we decide we have enough information to determine a review has been triggered, we will review this TMD within 10 business days of our decision.

8. Records

We will keep records of any actions we take to make sure this product is distributed only to customers who fit this TMD. We will also keep records of any decisions and reasons for:

  • The TMD for the MarketNow PayLater product;
  • How we set review triggers;
  • How we decide if a review trigger has taken place;
  • How often we review this TMD; and
  • The general information in this TMD.

9. Reporting

We record all complaints that we receive about the MarketNow PayLater product. We require MarketNow Payments to also record any complaints related to the MarketNow PayLater product of which they become aware. They must report these complaints to us as they are received in addition to providing a summary register of all complaints every three months.