Offering customer financing solutions

As a business owner, having the ability to offer credit to your customers is incredibly beneficial. Providing customer credit at checkout can help deliver an increase in sales and revenue, a higher average transaction value and a reduced cart abandonment rate. Consumer finance can be offered in several ways.

Many business owners wonder how they can offer credit to their customers, allowing shoppers to spread the cost of their purchases. The good news is that there are several ways that you can offer customer financing solutions to your consumer base. One of the most popular ways to offer your customers finance is through 0% interest free credit. This is because it can be an attractive customer credit solution for those who may not have the funds available to purchase in full. Almost 50% of people are currently using a form of customer finance, and the vast majority of these select an interest free option at checkout. Offering interest bearing credit options is also something to consider if you want customers to be able to spread the cost over a longer period of time. 

Our unique customer credit solution lets you offer both interest free and interest bearing options, and doesn’t require us to be connected to multiple lenders. After choosing their items and selecting DivideBuy, the customer is taken to a sleek application where they can apply for finance without leaving the website or store.

What is consumer finance?

Consumer finance is a payment plan option that allows consumers to spread the cost of their purchases or services from your business. Our interest free customer finance product provides finance to the consumer directly from us, allowing them to receive their goods upfront and pay off the purchase over time. 

When your customer chooses DivideBuy as a credit option online, they are asked a few simple questions before being given their personalised credit decision. Once approved, the transaction is processed and a sale is complete.

As the retailer, 100% of the funds for the transaction are received (minus our pre-agreed rate) once you send us proof of delivery of goods. –The financial relationship exists directly between us and the customer, so we’ll handle collecting repayment, while you can sit back and relax.

What are the benefits of offering customer financing?

There are some obvious ways that offering a consumer finance solution is beneficial to a business, and some which may be less obvious.

When you use consumer finance technology, you’ll see a direct impact on your sales. When you introduce financing options to your customer base, you can help customers access higher-ticket items more affordably. 

Providing customer financing can also lead to an increase in the average value of an order. For instance, you may be able to provide your customers with an upgrade or additional product with only a slight increase in monthly repayments meaning that they are more likely to purchase more, while you can sell more.

Improved cash flow is another vital benefit to your business that consumer finance technology can bring. While the customer is spreading the cost monthly, the retailer receives the full value of the product.

Another is to improve cash flow. A retailer receives the full purchase amount whilst the customer spreads the cost monthly. Not only does that help a business maintain a healthy cash flow, but it also reduces any risk associated with financing independently. 

One benefit which many might not consider is the ability to attract new customers. Inevitably, not everyone has the money available to make a purchase outright. Customer financing solutions break down larger purchases into manageable payments, widening the pool of potential customers available to your business.

Another benefit to using a consumer finance provider is earning repeat business. Customer loyalty plays a huge part in modern retail and a finance program can encourage customers to return for future purchases. Once customer credit is offered, they’re more likely to return rather than go to competitors that might not offer the same financing options.

How to offer your customers finance online and in-store

With DivideBuy, offering finance to your customers through your preferred sales channel couldn’t be easier. As one of the UK’s leading consumer finance companies, once you’re registered as a retail partner, you’ll have the ability to offer customer finance online and in-store. From there it’s easy; customers can select DivideBuy at checkout in one seamless application. If the customer already has an account, they can simply use their credit limit to make a purchase.

Our consumer credit solution is available in-store and online and integrates easily with the most popular UK ecommerce platforms. It’s a simple, beneficial solution that all businesses should consider. There’s no time wasted working out terms of sale or chasing consumers for payment. All you need to focus on is building your business.

One-step integration

Our industry-leading technology integrates seamlessly with your eCommerce software.

Customer checks out

Customers choose DivideBuy’s interest free or interest bearing credit options at checkout and commit to paying in monthly instalments. We handle all application and credit processing.

Get paid!

When you deliver the goods, simply confirm the details in your portal and receive fast payment. As the credit provider, we bear the credit and fraud risk, not you.

Book your free 20 minute online demo

Tell us about you
Please note, a minimum turnover of £2.5M and minimum trading period of 24 months is required to offer DivideBuy finance solutions.

Please note, a minimum turnover of £2.5M and minimum trading of 24 months is required to work with DivideBuy.

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