Point of sale credit refers to a type of credit that allows customers to make purchases and pay for them over time, offered at the time of purchase. At DivideBuy we offer this to retailers to allow customers to spread the cost of their purchases into more manageable payments.
The term POS is pretty self-explanatory; it simply refers to the place where a retail transaction is complete. Every time a customer makes a purchase in-store, over the phone or online, they’re completing a point-of-sale transaction.
It is at this point that the customer makes a payment to the merchant and an order is placed. This brings us onto the subject of point-of-sale retail finance.
Point of sale retail finance springs from POS itself. There was a market starving for credit, and growing fintech companies saw the potential. Over the past few years, both shoppers and merchants have embraced it and ran with it.
POS credit is offered to customers as they approach the checkout area, or on individual items throughout a website, hoping to encourage consumers to purchase more items or even change to a more expensive item as credit is offered. Many choose a POS finance solution simply to buy things they didn’t think they could afford.
Technology-enabled point-of-sale finance appeals to consumers who want what they want, and they want it now, but with more control than the traditional credit card offers.
As noticed in modern trends, a lot of the market has grown with the age of millennials. Many don’t want to live from credit cards but do still wish to make the larger life purchases at the touch of a button.
Which leads onto how advancing algorithms and lightning-fast data communications can check credit records and weigh a consumer’s risk in an instant. One of the key elements to today’s POS finance solution is speed, plus understanding and convenience.
At DivideBuy there’s no middleman and we immediately take care of everything from credit origination, finance distribution, to settlement. Customers are asked to complete a quick credit application, which is followed by an instant credit decision. With this process, customers are always aware of who their credit is with and whom they’re entering a contract with.
Our POS finance solution is customer-friendly and our entire process is paperless and requires an e-signature; something which is looking to reinvigorate POS retail finance especially for many of the independent, niche businesses where finance has been long avoided.
Our point-of-sale credit has advantages for both our retail partners and customers. Consumers get a straightforward, seamless way to spread the cost of their purchases and retailers have another way to reach customers who may be unable (or unwilling) to part with a lump sum and would prefer to pay in monthly instalments.
Integrate seamlessly with your eCommerce software
Another bonus to partners is you receive 100% of the sale price, even though it is being financed through ourselves. We’re entirely independent and are not reliant on brokers or 3rd party lenders; our unique credit decision engine takes away the need for an underwriter, so we are the sole lender of the credit we provide.
Advances in fintech have made it possible for all retailers, big and small, to offer point of sale finance solutions. And with our industry-leading technology, built in-house which integrates seamlessly with your eCommerce software, you can enjoy the perks of offering interest free credit without the risk or implementation costs. Click here to learn more about how DivideBuy is helping retailers offer POS financing to customers.
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