Getting comfortable with credit: Tech Sofa’s retail finance journey

From marketplace beginnings in 1989, Tech Sofa became a supplier of recliner sofas to major UK retailers before developing its own smart sofa in 2017. With a delivery fleet of 15 vehicles and eight product ranges, Tech Sofa is now one of the UK’s leading sofa and chair manufacturers.

Tech Sofa’s belief that comfort should be a given, not a luxury, was a key reason the company decided to offer retail finance to its customers. 

Benefits of DivideBuy’s approach:
  • 63% approval rates
  • 71% conversion rates
  • Exceptional speed of journey
“When choosing a retail finance provider, we were looking for a provider who could give our customers the experience they deserve – while delivering strong results for our business. DivideBuy has delivered excellent outcomes of 71% conversion rates and 63% approval rates. We’re happy to move forward with them as our trusted finance partner.”
Ted Glass
CEO and Co-founder, Tech Sofa

The Challenge

Tech Sofa partnered with two retail finance providers. However, it experienced some issues with their performance. 


Low approval rates

Despite having two finance providers, Tech Sofa was disappointed with how many customers were being turned away for credit – with the highest approval rate averaging 26%. 


Low conversion rates

Due to the high volume of customers who were being declined, Tech Sofa wasn’t seeing the conversion rates it needed. 


Poor customer experience

The clunky application processes, limited borrowing power and lack of approvals meant customers weren’t getting the quality experience they were used to from Tech Sofa.

The Solution

Tech Sofa parted ways with one of its retail finance providers and kept the other active while looking for a solution to meet its needs. Finding a retail provider with a track record of high approval rates, conversion rates and stellar customer feedback was the ultimate objective. Tech Sofa settled on DivideBuy to offer retail finance alongside its other provider – and the results after just 3 months were incredible. 


Increased approvals

DivideBuy’s agile lending engine and soft credit check tools meant it approved 63% of Tech Sofa’s customers


Increased conversion rates

With approval rates dramatically improving, conversion rates also rose to a new high of 71%

Seamless user journey

DivideBuy’s credit journey takes less than two minutes from application to approval, delivering a quality experience for Tech Sofa’s customers. 

Book your free 20 minute online demo

Tell us about you

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

Guides to retail finance

Buying Retail Finance: Tips for pre-onboarding success

Onboarding tips? On the double. Here are some important factors to enquire about ahead of getting your finance solution going – from integration to go-live.

Buying Retail Finance: Choosing your provider

Whether you’re new to finance, or looking for a change, this practical guide contains key questions to ask – and successfully choose the right provider for your business.

Financial promotions guidelines – How to advertise compliantly

If you’ve added retail finance options to checkout, it’s time to let customers know! Here’s how to do it safely and compliantly – while spread the good news.

A buyer’s guide to retail finance – How to choose the right provider for your business

Offering retail finance options to customers can help increase sales and market share. Following this step-by-step guidance will help you make an informed decision that will benefit your business.

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