At DivideBuy, we understand that you want to convert as many customers into sales. A recent study from the Office for National Statistics reported a fifth of the UK population suffers from high anxiety about their finances. So how do you remove any worry of signing into a credit agreement?
We have created our Soft Search Function which allows your customers to be preapproved before fully committing to a purchase.
This preapproval is as accurate as our full credit search and is supported by our in-house algorithm. We are one of the only companies that can offer this functionality thanks to our unique position as both a technology developer and money lender.
What is a soft search?
Soft searches check elements of a consumer’s credit file like their identity and financial history, painting a clear picture of anything that might stand between them and their planned purchase. This is all without being visible to lenders or adversely affecting their credit score.
Using a soft search facility can give your customers a good idea if their credit application would be successful before they actually apply, so it reduces the risk of them being refused. But what does this mean for you as a merchant? Your customers are less likely to worry about seeing if they eligible knowing it won’t affect them, meaning they are more likely to follow through with the purchase.
How does a soft search work?
Customers shopping on our retail partners’ websites can enter their details on the product basket page and DivideBuy’s technology platform performs a soft credit check. This means that customers can instantly know their creditworthiness specifically with DivideBuy and if they feel comfortable to go ahead with a purchase.
If the customer instead chooses to not proceed with the purchase, they can be safe in the knowledge that it will have no impact on their future credit profile.
Why use a soft search?
We have built the soft search functionality based on feedback from our retail partners that customers often bounced away from the interest free basket. Many would fail to convert due to uncertainty over whether they would be approved for credit and fear a hard credit check would negatively affect their credit score.
If you would like to find out more about working with us, see here!