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Offering retail finance is an excellent way to boost sales and win business from competitors. Choosing the right provider for your business is the first important step in this journey.
The second stage is your onboarding process, where you and your provider can iron out any potential issues to ensure your solution goes live without a hitch.
But it doesn’t stop there. The post-onboarding stage is a good opportunity to capitalise further on your finance solution. Here are some important steps to take to set you up for continued success.
1. Ask for training
Whether your retail finance solution is available online, instore or both, you and your sales team need to know how to sell it.
Your finance provider should be able to offer you training and support around:
– How to sell finance to customers
– Signposting your credit solution online and instore
– Using any tools and dashboards associated with the product
– Upselling to customers responsibly
2. Get Financial Promotions guidance
Depending on the finance solution you choose, it may be regulated or unregulated. Either way, there are strict guidelines around promoting retail finance to customers. The last thing you want is to unintentionally mislead customers with unclear advertising.
Find a finance provider like DivideBuy who can offer you:
– Guidance around Financial Promotions
– Financial Promotions training for you and your team
– Digital and printable assets that comply with Financial Promotions guidance for advertising purposes
This will ensure you are safely and responsibly promoting your finance solution, protecting you, your team and your customers.
3. Ask for marketing support
Letting customers know that you’re offering retail finance is an excellent way to drive traffic away from your competitors. When you do well, so does your finance provider – meaning it’s in their interest to help you spread the word. How can they do this?
As a blueprint, here’s some of the marketing support we offer at DivideBuy:
– Seasonal campaigns and blog features
– Dedicated landing pages and retailer shopping directory
– Social media posts and promotions
– Content collaborations and Success Stories
Whatever provider you choose, make sure they’re proactively helping you make the most of your finance solution.
3. Review performance
Reporting and analysis is a pain point for many merchants when it comes to retail finance providers. Account reviews should consist of more than just the numbers.
You should be able to clearly link performance data with root causes, and get actionable suggestions from your account manager on how to capitalise on opportunities (or prevent an issue).
You should ideally get quarterly business reports from your retail finance provider. But as mentioned earlier, they should also give you access to your own real-time finance data, so you can keep tabs on how your finance solution is performing on a regular basis.
In conclusion
Choosing a retail finance lender that will meet your needs doesn’t need to be a daunting process. By following this practical guide, you can make informed decisions that align with your business goals.
If you’ve yet to choose a retail finance provider, visit our guide on the subject. Or for tips on pre-onboarding questions to ask, read our practical checklist.
Want the whole guide? Get it here.
