Selling with finance
Spreading payments to increase conversions
Another option
Buying products online is easy - that's one of the best things about a great website. It's so easy that the only stumbling block can be the price.
After all, anyone can buy a book for £9.99, but does everyone have £1000 to spend on a sofa?
Big ticket items are a hard sell online.
With finance, you give your customers another option: one that will encourage them to increase their spend.
The idea of Interest Free Credit isn’t a new one. We’ve all got store cards, leased cars on a credit scheme or paid monthly for our new sofas.
What’s less common is the art of selling finance online. It's not complicated, and is definitely worth your time!
One provider has really tracked the benefits to their customers:
- Sales increased by up to 45%
- Average order value up by 60%
- Finance orders have made up 60% of total sales
- Conversation rate increased by up to 60%
Selling online with Interest Free Credit is a simple matter. Once you're set up with a provider, it just needs linking to your website.
All you need is an integration.
Then a button will sit at your checkout, just next to your normal payment gateway. From there, customers simply need to run through a fully automated application process. All data is protected by End to End encryption, and the systems are fully secured.
They fill in their details, and your provider does the rest. When their application is accepted, the deposit is taken, and your website can mark the order as complete!
In practice
Fishpools were the first of our clients to walk down the path of Interest Free Credit. They work with v12 Finance to offer a best in show experience to their customers. In fact, Fishpools have already reported that they've seen higher average order values and increased conversion rates. Even better, by matching it to their quotation system, they allow their customers to complete a purchase online. Previously, those completions would have taken the full attention of a member of staff for up to 40 minutess.
Our Partners
As always, our bespoke eCommerce solution is driven by our customers; in this case, they've led us to some excellent solutions.
An integration with any of these is a piece of cake. All you need to do is ask.
We're working with each of these suppliers, but if yours isn't on the list, just drop us a line. We always like to make new friends!
25th November 2019
The Iconography team have been so helpful, with ideas, training and tips.
Jemma Upton, Aldiss
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