Buying Retail Finance: Tips for pre-onboarding success

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If you’ve decided to offer retail finance to your customers, established clear goals you want to accomplish with finance, and have chosen your provider…it’s time to get on board. Literally.

 

Getting your finance solution fully integrated and running smoothly on your eCommerce platform (and instore, where applicable) is generally known as the ‘onboarding stage’ of your journey.

 

You’ll likely be impatient to get things moving – especially ahead of peak sales times. But this phase is critical to ensuring your finance solution gives customers the best journey possible, right from the start.

 

Here are some important factors to enquire about ahead of getting your finance solution going – from integration to go-live.

 

1. Check Integration Capabilities  

 

Integrating a finance provider into your eCommerce platform isn’t always a straightforward process. That’s why it’s important to find a provider who can make the experience as seamless as possible. 

 

Ask them:  

 

– Do they fully manage the integration process, or does that sit with you?  

 

– What is the estimated length of time before your finance solution is live? 

 

– What do they need from you to get things moving? 

 

– What (if any) additional costs are involved with integration? 

 

– What ongoing support is available from the provider to keep your system running? 

 

Ultimately, a good finance provider should be able to handle your integration promptly and effectively, with access to support from their tech team whenever needed.

 

This can get complicated if they don’t own their tech and rely on third-party software. That’s exactly why DivideBuy built our own tech, giving us total end-to-end control of our finance solution, from integration to upgrades and support. 

 

 

2. Assess Customer Service  

 

Since your finance provider will be seen as an extension of your business, stellar customer service is a must. Aside from vetting them via Trustpilot and Google reviews, here are some key points to consider:     

 

– Are they UK-based?

Ideally, their Customer Service team will operate in the UK, allowing for timely responses to any customer queries or concerns. 

 

– What is their general availability?

Look for providers that offer customer support seven days a week. 

 

– How do they deal with collections?  

Inquire about the provider’s collection processes, particularly in the case of missed payments. DivideBuy has no hidden or late fees, but those that do should deal with them in an ethical, transparent and fair manner.  

 

Many of our merchant partners tell us how important customer reviews were for them during their search for a finance provider. Never underestimate the impact this can have on your own reputation, and act accordingly. 

 

To find out more about how DivideBuy is delivering exceptional customer support, watch this short video explainer:

 

 

3. Ask about Account Management  

 

To make the most of your finance solution, you’ll want the insights and reporting to be as in-depth as possible. This will allow you to track the performance of your credit scheme, identify trends, and make data-driven decisions. 

 

Ask them: 

 

–  How frequently they share reports and offer constructive insights  

 

– What access you and your team will have to this  

 

– What data they will be capturing and how that will be analysed  

 

– How you’ll work together to solve any issues (technical or otherwise) which might crop up 

 

Hopefully, ironing out these details will make your onboarding journey as simple as possible – so you can get your finance solution live and active.

 

Haven’t chosen a retail finance provider yet? Read our guide on ‘Buying Retail Finance: Choosing your provider’ here.

 

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Please note, a minimum turnover of £2.5M and minimum trading period of 24 months is required to offer DivideBuy finance solutions.

Please note, a minimum turnover of £2.5M and minimum trading of 24 months is required to work with DivideBuy.

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