The Value Of Offering Payment Plans For UK Customers
Monday April 20th, 2020
The Value of Offering Payment Plans to UK Customers
There are numerous potential benefits for any business able to offer payment plans to customers in the UK. These extend to both the business itself, and its clients. Studies show that ⅓ of UK customers are more likely to spend with a retailer that offers finance options, and a massive 78% are more likely to bring you repeat custom after a positive experience with payment plans.
Whether it’s the company or the customer that’s most directly supported by any given aspect of a financing package, the net result is typically the same. Payment plans for UK customers mean measurable growth in point-of-sale conversion figures, and a greater sense of satisfaction and empowerment among your user base.
This quick guide will function as both an FAQ and general introduction to how our payment plans function, as well as a brief rundown of their key advantages to businesses and customers alike.
How do payment plans work?
The specifics of how customer finance and payment plans work for your business will be dependent on the exact sort of package(s) you choose to offer. There are a number of different models available, and each has its own unique strengths to consider, potentially appealing to various different types of customers and purchases.
What sectors do we offer finance in?
Duologi specialises in working across all of the following industries, managing a range of different payment plan options and packages on behalf of businesses of any size in:
– Home improvement and planning
– Bespoke point-of-sale packages for other types of enterprise
Check out more information on how payment plan services can benefit your business, both in terms of successful conversion rates and overall sales growth, if you’re new to retail finance.
What sorts of finance models are available?
We pride ourselves on offering as broad a range of viable payment plan packages for all our UK clients as possible. In short, it’s up to you what types of financing services your business opts to provide.
Popular choices across our lineup include Buy Now Pay Later, 0% interest free finance, interest bearing plans, zero deposit payment plans, and many more besides. We also love to build custom bespoke retail financing products and packages tailored to the more specific individual needs of your business, your services and your customers.
Does a payment plan affect cash flow into my business?
Not at all, because you’re still paid up front and in full for any products or services you deliver. We manage the subsequent payment plan with the individual customer after payment to you has gone through, so cash flow isn’t affected.
Our payment plans simply give your customers the ability to spread the cost of goods and services between £150 and £15,000, helping to remove many of the barriers to higher value purchasing, and keep things moving forward in a structured and manageable way. As the business owner, you don’t even have to handle any of the initial credit checking processes – we take care of that for you too, so the impact on your day-to-day workflow is minimal.
Does it cost anything to open a payment plan account with Duologi?
No, it’s free to start an account with us. Depending which specific services you want to offer your customers, there may be subsidy costs involved – for example, 0% interest free finance – but you can chat to one of our expert guides to figure out exactly which of our products is the best fit for you and your clients before you commit to anything.
You can learn more about what features are on offer, and how we tailor our solutions to fit your needs, with our in-depth Think Forward article.
Are there any case studies from other businesses I can look at?
Absolutely. Examples of clients we’ve already worked successfully with include:
– Purple Bricks estate agent
– JTF Home & Garden
– Great British Mobility, a leading supplier of online mobility equipment
– Scotia Cabins, providing luxury garden studio and self-catering accommodation in Scotland
– Billy Clarke fishing tackle, a growing family firm looking to expand their online presence
Offering payment plans for customers in the UK empowers both your business and your customers with an adaptable variety of finance options, both online and at point-of-sale.
Start planning the next stage of your company’s growth today – to book a demo, or for further information about Duologi and the full value of our flexible payment plans, click through to meet the team and learn more.