There is one main reason to offer a financing/pay over time solution: to create more sales. Any retailer will tell you, especially if they are selling high ticket items, that being able to offer financing is key to creating more sales which they would have otherwise...
Everything is financed. Everything that’s of any value, whether it’s a product or a service should be financed into installment payments. There will be infrastructure companies that will put together underwriting, payments and loan servicing in one place and making it available. (By Timothy Li)
With the amount of choice now available in the consumer finance space, it’s necessary to acknowledge the main distinguishing features between the various solutions.
As Black Friday fever grows across the globe, here are some important points to take into consideration to ensure that you attract new customers whilst keeping your brand identity intact.
We know that in the retail and POS space, complicated integration makes it a lengthy process (if not impossible) to implement a new solution. Once the solution is finally launched, the retailer is then bound to it due to the deep integration as well as the time and resources that were invested in the implementation.
Apple card is already in the hands of its users and with a major player entering the credit card market, it’s a great time to take a look at the bigger picture and see where this new card fits in with the consumer finance ecosystem today.
Consistent branding is crucial in influencing consumer behavior and enhancing conversion rates, but what happens when you are working with a third-party provider?
Point of Sale (POS) financing was traditionally considered to be a revolving line of credit, either in the form of private label store cards or general credit cards. The POS financing model is increasingly being seen as one of installment loans, and top tier banks and lenders are looking to offer this option.
Consumers searching for the perfect product at the keenest price, are increasingly able to do so using global retailers. Consumer finance has not evolved enough to keep up with the growing scope to shop internationally, despite high-end items making up a large part of these international purchases.
The growth of sharing economy services is challenging the ownership model, not only with cars and homes – but in lifestyle purchases as well. This change in consumer behavior will have a major effect on financing.
We have gathered here all the key considerations you should take into account when examining to implement POS financing in your store.
With the decline in financing for car and home purchases, new verticals feature high on the checklist of a younger consumer
POS lending has indeed become mainstream due to more consumers seeking transparent credit options. Merchants capitalizing on this widened customer base and opportunity boost sales.
Does the Answer to POS Consumer Financing Lie in Bank-Fintech Collaboration?
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Jifiti is redefining retail experiences
with unparalleled data & technology.
Our proprietary consumer finance & gifting solutions bridge the gap between retailers, lenders, and consumers.
We offer retailers a Zero-Integration POS financing, and end to end retail gifting solutions (Gift registry, eCommerce gift checkout, First party gift card solutions).
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