How to sell finance
So you've decided to offer point of sale (POS) finance solutions to your customers. Great!
Whether a 0% finance option for a large purchase, interest-bearing finance, 'buy now pay later' solution, multi-tier options, or shadow limits, POS finance can be a hugely powerful way of building sales. After all, a lack of payment options has been suggested to reduce online sales by up to 30%.
Meanwhile, our own research reveals that a huge 78% of people would consider purchasing a product or service using POS finance, yet almost a third - 27% - have never used credit to buy anything. There's a clear growth opportunity here for businesses, but choosing the right finance options and getting them set up is just one part of the journey. Next, they need to actually sell those finance options to their customers. How?
Make it visible
Our research also shows that almost all - 94% in total - of people wouldn't think to ask their retailer if they offered POS finance. This means that you need to make them aware of it without them even trying - and that makes making it visible. On your website, this means bold banners in the right place, early in the customer journey - that is, on your homepage.
Make it clear
Prices should be clearly shown. Don't say 'finance available', say 'finance available from £50 a month'. This is crucial for helping customer to understand what your POS offer is all about and whether it is right for them. It enables them to make the jump from a fairly abstract financial solution to an affordable way for them to get the big-ticket product they want. Additionally, upfront pricing improves transparency, building an image of your organisation as a trusted and straightforward brand - this is vital when it comes to financial solutions.
Make it informative
Many consumers find the world of financial solutions confusing and jargon-heavy. Whilst you don't want to have convoluted explanations of your solutions on your homepage, it is very important to have a finance page elsewhere on the site which answers common customer questions, cuts through the jargon and explains in a clear and simple way exactly what you are offering. This is crucial for assuaging customer concerns and converting 'maybe' into 'definitely'.
Make it quick and simple
Once you have actually encouraged a customer to actually apply for POS finance, you need to make that application process as quick, simple and straightforward as possible. As all online retailers know, basket abandonment is an ongoing challenge, and one that is exacerbated by POS applications which are cumbersome, time-consuming or feature high refer rates, meaning more customers are left waiting for a manual check to be completed.
Why Duologi is the right choice for helping you sell POS finance
We create solutions bespoke to individual retailers' needs - and therefore to your own customers' needs. Our solutions are incredibly quick and easy for end users; it takes just four seconds for customers to receive a decision on whether or not they are eligible for finance, and this initial assessment can take place online or in-situ. Our application form is the shortest on the market yet is fully FCA compliant (everything from your own checkout form is automatically pulled through, saving duplication for the customer. And with the lowest refer rates around - just 1% - almost everyone receives an instant decision.
Our job is to help you sell POS finance quickly and easily - so contact us today to find out how we can help.