How does Retail Finance work and what goods and services can I offer it on?
Retail finance allows you to sell most retail and consumer goods with a minimum value of £500 with the upper limit varying across different business types. This payment option is becoming more and more popular with consumers and is available not just on physical goods, it can be used for other services and is very popular with dentists, cosmetic clinics and opticians where customers do not always have the available cash to pay for the cost of treatment up front.
Interest free credit is offered to your clients by way of a subsidy paid by you the Retailer and the amount of subsidy you pay depends on the term of the interest free period you offer to your clients, usually ranging from 6 to 24 months.
With an interest-bearing facility the borrower pays all interest costs on the facility at the agreed APR generally over a term of 12 to 48 months.
Key advantages of using Retail Finance:
• Increase customer loyalty and repeat sales.
• Offer clients a range of interest free and interest-bearing credit options.
• Extend customer choice at the point of sale.
• Reduce objections and spread costs to a manageable monthly amount.
• A high demand service which allows you to compete effectively with larger competitors.
• An alternative to credit card sales.
How You can offer this facility?
Our Retail Finance Solutions are open to any retailer or merchant who is running an established profitable business and has been trading for a minimum 18 months. You must be offering products to the general public and should possess a current & valid Consumer Credit License(CCL).
If you don't already have a CCL in place, we can give you full advice on the process to apply for a CCL to help grow your business. You can offer our Retail Finance Solutions if you deal direct with customers in your store or offer mail order, 'on line' purchases via the Internet (e-commerce) or telephone sales.
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