Part one of our point-of-sale finance blog series conversed the ‘what’ and the ‘why’ of point-of-sale finance. Now, we’re going to cover the ‘how’.
Point-of-sale finance is easy to set-up for Home Improvement businesses. Here at Shermin, we provide everything you need to get set up, as well as free advice along the way.
75% of retailers believe faster and more flexible point-of-sale finance is either very or extremely important to consumers when buying a product, according to Hitachi Capital (UK) PLC’s A Blueprint for Retail Investment 2018.
37% of consumers would consider using retail credit if they were offered interest-free deals, according to Mintel’s 2018 Consumer and Retail Credit report.
How POS finance works
Traditional retail credit – like credit cards – relies on the customer applying for finance externally. There is often a lengthy application process, followed by a wait to receive a physical card through the post before customers can use their credit card to make purchases.
The beauty of point-of-sale finance is that the customer can access a range of finance products via the retailer, on-the-spot. They can choose and apply for the most appropriate solution instantly.
How to set up POS finance
As credit brokers, registration with Shermin gives you access to lenders and a choice of finance products to suit your customers’ needs. Options include:
- Interest-free credit
- Interest-bearing credit
- Buy Now, Pay Later
What you need
To start offering point-of-sale finance to your customers, you only need a few things:
- A web-enabled device
- Internet connection
- A relationship with a credit broker relationship
You do not necessarily need FCA authorisation to offer point-of-sale finance to your customers.
At Shermin, we use our intuitive app, TradeQuote to make the point-of-sale finance process seamless. TradeQuote runs on mobile or desktop, meaning you will only need an internet connection and a web-enabled device (mobile, tablet, laptop or desktop). We are happy to talk you through the technology you need.
How long does it take to set up?
We aim to give you a live finance facility in just 48 hours. Other providers typically take at least two weeks.
Here at Shermin, we make it easy for retailers to offer point-of-sale finance to customers. We have access to the UK’s largest panel of lenders and (unlike some brokers) have access to all credit products available.
We specialise in (but are not restricted to) providing consumer credit for home improvement retailers. We work hard to keep our process simple but are always on hand to support you.
Start offering point-of-sale finance to increase sales, customer satisfaction and grow your brand.