How to integrate financing into your existing checkout process
Monday February 6th, 2023
How to integrate point-of-sale financing into your existing checkout process
Point-of-sale financing is everywhere at the moment, and for good reason. By offering people the opportunity to spread the cost of goods and services, you’re giving them one less reason to abandon their purchase, and one more reason to become a loyal returning customer.
In this blog, we discuss how to integrate checkout financing into your processes, and the rewards you can expect to reap by doing so.
What are the benefits of offering finance at checkout?
A 2018 Study by Barclays revealed that the top reasons people use POS financing include its ease of use, and its ability to help them budget. Nearly 70% of those surveyed said that being able to check out with point-of-sale finance meant that they could buy something sooner than they would be able to without it. In an emergency, when faced with broken furniture or appliances, for example, this flexibility is worth a lot to customers looking for immediate help with their problems.
Most importantly for your business, 83% of people surveyed said that being able to spread the cost meant they could spend more money overall. So, not only do your customers benefit from being able to buy the things they need when they need them, they reward you with even more of their custom.
With 65 million people in the UK regularly using the internet (a number that’s always increasing), the competition isn’t between businesses who sell their services online and those who don’t – it’s to see who can make the process as smooth as possible.
What are the steps to offering finance at checkout?
If you’re ready to go ahead and start offering checkout finance, here are the steps you need to take.
Step 1: Select a finance lending provider
You need to pick the finance lending provider that is best suited to your business. They need to be able to offer the plans that you think your customers would benefit from the most – but more than that, you need to feel that they understand the goals of your business. Are they flexible in what they provide? Are they helpful with how they integrate it? If you’re new to finance, you want a provider who will show you the ropes and talk you through your options in a way that you understand.
Step 2: Choose a finance model that suits your business
There are several ways in which POS finance can be offered, and the method most appropriate for your business will depend on your product, and your customers. There are plenty of packages to choose from, from 0% finance to interest-bearing options. It’s often the case that the bigger the purchase, the longer the repayment time – sometimes as long as 60+ months. This can make expensive goods feel more accessible.
Step 3: Add your providers lending option to your payment page
It’s important that using POS finance at the checkout feels as quick and easy as can be. After all, this is one of the main reasons POS continues to be so successful. Ideally any registration forms that need to be filled out should happen on the same page, and not take any more than a few minutes to complete.
If you’re looking to offer checkout finance in-store, it’s important for your cashiers to understand the steps completely, so that they can help customers who might be new to the process.
Step 4: Advertise your financing options to your customers
How are your customers going to use your financing options if they don’t know they exist? As well as being recommended at checkout, and where you have relevant marketing consents, you should be letting them know about the options now available to them through your mailing list, via personalised correspondence, and through any other means you know will be a hit with your ideal buyers. Customers who might not have made it as far as the checkout page need to be able to know that they don’t have to pay for your products upfront.
How does Duologi differ from other finance providers?
If you’re ready to check out point-of-sale finance providers, why not start with us? We understand the boost that point-of-sale financing can give your business, and we want to make sure that you do too – that’s why we offer demos of our services. POS financing needs to be easy and intuitive to use, which is why we developed an app that’s exactly that. And on top of all of the financing options we provide, we can have whichever option you pick up and running in a matter of days.
These are just a few of the reasons why more retailers are choosing us as their preferred provider.
Book a consultation to find out more
See if we’ve got what you need to help your business level up.