Successful eCommerce brands know that offering a retail finance solution to their customers can help reduce cart abandonment and increase revenue.
You may already offer alternative payment solutions at your checkout, but when was the last time you reviewed your retail finance options and considered whether what you offer still meets your customer’s needs? Would switching providers or offering multiple options to your customers benefit your business further?
Switching from one provider to another needs to be carefully planned, especially as you want to make sure the customer experience is not negatively affected. Here’s our helpful guide of things to consider and what to expect during the switching process…
Make sure your goals are aligned
It’s important that your business and your POS credit provider are aligned on your business goals, and that their solution meets all of your requirements.
Every eCommerce business is different and has unique criteria aligned to their customer demographic, so a one-size-fits-all approach won’t necessarily work.
Talk to the provider you’re considering switching to and see how they can help overcome any challenges you might be experiencing with your current platform. Make sure they understand your eCommerce goals and can provide a solution to help you achieve these.
Some examples of eCommerce goals you may have in mind for your business could be:
- Increase conversion rate
- A higher acceptance rate
- Increase average order value
- Faster credit application decision-making
- Improved customer experience
- Seamless integration of the payment solution into the checkout process
At DivideBuy, you’ll have a dedicated Business Development Manager who will take the time to get to know your eCommerce business. This part of the process is vitally important as it allows us to understand how we can deliver a bespoke approach and improve on the solution you’re getting from your current provider.
This was the case for Simba, who switched to us as they were experiencing a low conversion rate and had a high rate of cart abandonment but weren’t sure why this was happening. After working with our business development team and integrating our solution, Simba saw a 25% increase in orders.
You should always ask your retail finance provider if they can share any real-life examples of eCommerce brands they’ve helped that had similar goals to yours. Don’t just take their word for it, look for success stories and ask for recommendations.
Make sure you’re eligible to switch POS credit providers
Different retail finance providers have varying eligibility criteria, so it’s worth looking into this early on in the process to make sure the provider you want to switch to will accept you.
For example, to be eligible for a DivideBuy interest free credit solution you must:
- Be VAT Registered
- Be based in the UK
- Have traded for a minimum of 6 months
- Have an annual turnover of £100k
Thoroughly review your new retail finance solution
Before going live with any new retail finance provider, you should review their solution.
Look at it through the eyes of a customer. Does it integrate seamlessly into the checkout process? Does it enhance or detract from the shopping experience? Make sure your new retail finance solution benefits the customer and enhances the user experience – you don’t want to end up with negative customer feedback because it’s clunky and difficult to use.
Then make sure to test it from a brand and sales perspective. Is it visually cohesive with your brand and website? Does it offer marketing benefits and upsell opportunities? This is a great opportunity to really delve into the solution to see if there are any further improvements to be made and understand if it really does make your life easier and your business more profitable.
Retail finance – the switching process
Once you’re happy you’ve made the right decision with your new retail finance provider, the switching process itself should be straightforward.
Each provider is different, but we like to keep it simple. Upon completion of your agreement, our Retailer Success team will guide you through the integration process. Once we’ve successfully integrated the DivideBuy checkout with your website, you’re ready to go live. You’ll be provided with login details for the DivideBuy Merchant portal where you can manage products, orders and view sales data.
Look forward to success and more sales
By doing the necessary research beforehand and fully reviewing the options available, this should help to ensure a smoother transition from one retail finance provider to another. You should start to see improved results that are more closely aligned to your eCommerce goals, whether that’s an increase in orders, higher approval rates, or more sales revenue. Then it’s just a case of keeping in regular contact with your new provider to monitor performance and ensure ongoing success.
We’ve also rounded up your most frequently asked questions, so make sure to give them a read if there’s anything else you want to know about the process. Or just fill out the form below and one of our team will be more than happy to answer any questions you may have.