eCommerce financing is known by many names. It can be described as point-of-sale financing, point-of-sale lending, alternative financing, “buy now, pay later”, interest-bearing loans and interest free credit. The bottom line is that offering an eCommerce finance solution has the power to increase eCommerce sales.
Businesses are now no longer limited to the age-old brick and mortar shop locations to sell their goods or services. The world of eCommerce has allowed businesses to expand past their four walls and into the online world. We provide your customers with a seamless and secure checkout process that helps reduce shopping cart abandonment and enhance the customer experience.
eCommerce financing isn’t a new concept; larger businesses have been doing it for years, offering to spread the cost of big-ticket items using store cards and credit cards. But a retailers’ dependence on physical cards and paper bills are long gone. eCommerce financing today is online, simple, and gives shoppers instantaneous access to pay over time. Global eCommerce sales are estimated to reach £3.5 trillion by the end of 2021.
Online credit providers have created a frictionless shopping experience, addressing today’s impatient consumer crowd and integrating them into already existing eCommerce platforms.
Whether a customer is purchasing a big-ticket item, buying a gift, or even donating online, the eCommerce transaction occurs by entering their credit or debit card numbers into the checkout page or form on a website.
With an eCommerce finance solution, retailers can quickly integrate financing through their eCommerce platforms. At DivideBuy we integrate with some of the largest UK eCommerce platforms such as Shopify, Magento and WooCommerce.
Financing can be advertised from product pages through to the checkout process. Customers can apply for financing and instantly see whether they qualify to pay for items over time. Once a customer completes a checkout process, retailers get paid upfront and ourselves, as the eCommerce financing solution, takes on the risk of non-repayment. Consumers don’t have to wait.
Our eCommerce credit solution gives consumers the ability to spread the cost of their purchases over time. When looking at working with an online credit provider, there are a couple of things to consider. We’re proud to say at DivideBuy that we believe we tick all your boxes when it comes to eCommerce credit solutions.
The first thing to consider is the integration process – we won’t charge a penny for installation. We don’t charge for our API and we don’t charge for the extension. Plus, we can install everything for you if you’d like. The total outgoing that you will have to pay to get up and running with DivideBuy is £0.
Next is the user experience and whether it fits seamlessly into your shopping experience. At DivideBuy, we give customers the option to spread the cost anywhere between 2 and 12 months. The frictionless application for customers is straightforward and with your retail logo still shown throughout our process, the customer is always aware they are on the same journey.
Another factor to consider is payments and how quickly will you receive payment for purchases. – As the retailer, 100% of the funds for the transaction are received. From a merchant’s perspective, you’re done – except for sending out the items. The financial relationship exists directly between the customer and ourselves.
Complete control – you control which products to offer interest free credit on
Another thing to consider is control and whether you can change how a credit solution appears on your website to match your style. – At the end of the day, you know how to run your business. It’s up to you if you want interest free credit on some or all your products and you can advertise everywhere or keep it to specific areas.
Something which isn’t always covered is data and do we make data available that can help improve your business? – We are currently in the process of creating a Retailer Portal where you can view your conversion rates, sales performance and even your highest sale days.
eCommerce financing is one of the simplest ways’ retailers can increase sales and build loyalty among customers. How about you give us a try and see what we can do for your business.
Our industry-leading technology integrates seamlessly with your eCommerce software.
Customers choose DivideBuy’s interest free credit option at checkout and commit to paying in monthly instalments. We handle all application and credit processing.
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.
Please note, a minimum turnover of £2.5M and minimum trading of 24 months is required to work with DivideBuy.
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Ends 31st of December 2023