The Softer Way to Pay for your Shopping

Interest free credit – the softer way to pay


DivideBuy’s interest free credit option offers retailers an easy-to-use credit solution that can improve sales conversions by up to 70%. But that’s not all. We’re always looking for innovative ways to drive sales for our retail partners, so we’ve recently added new functionality that gives our retail partners the opportunity to increase approvals – and conversions – even further.

Our new ‘soft search’ facility means you can now run a soft search credit check on customers, rather than the usual ‘hard’ credit check. A soft search still provides the information required to review their credit application effectively, but it doesn’t leave a ‘footprint’ on their credit file, so won’t affect their credit score in any way.


So why is this such a good thing?


Our research indicates that concerns over ‘hard’ credit searches – and the potential impact on credit scores – is a worry for many potential customers.

Hard credit checks by lenders are an important part of the credit application process. They allow lenders to review an applicant’s full credit history when they apply for credit, like a credit card, personal loan or mortgage.

This is because the UK regulator, the Financial Conduct Authority, requires lenders to lend responsibly by not overburdening borrowers with debt they’re unlikely to be able to repay.

Many applicants know that hard credit searches leave a ‘footprint’ on their credit file, which will show up in future credit checks. The worry is that having too many credit checks on your file, particularly if those credit applications were unsuccessful, reflects badly on your ability to manage your finances and can have a negative effect on your credit rating.

This means many potential applicants simply avoid applying for credit altogether, rather than run the risk of unsuccessfully applying and yet still having the search recorded on their credit file.


Increase approvals with soft search credit checks


In contrast to hard credit checks, soft searches are carried out before the customer submits a formal application for credit. Essentially, they confirm if that individual would be accepted for credit – and provide an immediate decision – before they actually apply. Best of all, they don’t leave a footprint on their credit file. So consumers can apply for DivideBuy’s interest free credit option with the peace of mind that their application will be successful, and they won’t have an unsuccessful credit check recorded on their credit file.

Our soft search facility is quick and easy to undertake – it takes just five steps to carry out a soft search on a customer, and there’s no limit to the number of times you can do one. This enables our retail partners to quickly check whether customers are eligible for credit without them actually applying and without affecting their credit score. What’s more, the soft search facility is available to our retail partners completely free of charge.


Switch on to interest free credit with DivideBuy


It’s another powerful reason why more and more consumers are switching on to the benefits of DivideBuy’s interest free credit option – and why more and more retailers are using it to supercharge their online sales.

Book a free DivideBuy demonstration today and transform the success of your online sales.

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