How to offer retail finance to your customers
If you’ve never offered retail finance before or are looking for a new partner that’s focussed on delivering innovative solutions, you’re in the right place. While we’ve only just turned one, we have heaps of experience behind us and a team of more than 20, ready to create brand new products just for you.
Will it really help my business?
In a nutshell yes, but it will also support your customers too. Offering finance options can increase your sales, decrease any basket abandonment you see, improve your cash flow and ensure your customers stay loyal for longer.
By partnering with Duologi, your customers can access loans from £150-£15,000 across three to 60-month terms, take advantage of a variety of products from 0% and settle up early with no penalties.
Do I need an FCA licence?
Not straight away, no, and we can help you to acquire your FCA permissions once you’re on board. We can offer 0% interest finance for up to 12 months as part of a non-regulated agreement. The only thing you will need is a positive balance sheet, 12 months trading history and your business will need to turn over more than £250,000.
How does it work with my payment platform?
We know how challenging technology can be, which is why we’ve made it easy and hassle-free to integrate our technology with yours. We have plug-ins available with all the major e-commerce platforms that enable you to offer finance within hours and we’re always on hand to help you get started.
How do I get started?
Once you’ve had a chat with a member of our team, we’ll get you to fill out a simple application form. In under 24 hours, we’ll then review your form and provide approval. From there, we’ll come and visit you to give you and your team some in-store training, integrate everything with your system and supply you with a variety of point of sale material. Once that’s all done, you’re ready to go.
For your customers, it’s even easier. Once they’re at the till, a decision will be made in under four seconds. If approved, they can pay a deposit for their goods and leave all within five minutes. At midnight that same day, we’ll send settlement to your bank account and in thirty days, the customer will pay their first direct debit repayment directly to us.
Will I need to pay a large sum upfront?
No! Unlike our competitors, we won’t charge you any set up costs or monthly fees so you can get started straight away, without a costly set back.
What products can I offer?
We’re firm believers in creating innovative products that suit your business and have already gone out of our way to invest in new bespoke finance schemes for a whole host of different sectors.
We currently offer:
- 0% finance – your customers pay no interest and spread manageable payments over a longer term.
- Interest bearing finance – a loan between a lender and borrower, your customers pay the balance and accrued interest over a fixed term.
- Buy now, pay later – what it says on the tin. Your customers take home their product and pay for it later.
- Multi-tier options – enabling retailers to increase acceptance rates by offering customers alternative finance options.
- Bullet loans – a loan of an agreed amount is payable as well as interest at the end of the loan term.
- Shadow limits – your customer wants to buy a bike on finance, we check out their credit history and let you (the retailer) know that you can offer them a larger sum, meaning they can buy the top of the range bike.
We believe that we’ve made it easy for retailers to incorporate finance options into their business and more importantly, easy for you to increase sales and see a difference on your bottom line.
If you’re ready to get started, or would like some more information, one of our team will be happy to answer any questions. Give us a call on 0345 5211 880 or drop us a note on our Contact Us page.