When making big decisions, it’s often uncertainty and fear of the unknown that puts the brakes on people’s plans. They need a nod of approval or a thumbs-up before they take the plunge.
Take applying for finance at point of sale as an example. Some customers are confident about finance, how it works and the benefits to them. For others, it’s a massive step with concerns about being declined and uncertainty about how the application process works – and without the confidence to press ahead, it could result in them walking away from a purchase.
It doesn’t have to be this way!
Thanks to the Barclays Eligibility Check tool, customers can get an early indication of the amount they could potentially borrow, and this personal snapshot of their loan could be the difference between a converted sale and an abandoned basket.
Delivered by Barclays and Experian, housed by you
Launched via a link on your website, your customers answer a few simple questions about themselves to find out if they are likely to be accepted and how much they might be able to borrow, along with the maximum monthly payments.
To help keep our tool as accurate as possible, Experian perform a soft credit search, so no impact on a customer’s credit file, and compare against Barclays affordability criteria to try to make a like-for-like decision compared to the full application process.
The check has been designed to try to return the same result as a customer’s full application. However, acceptance of their actual application depends on a few more checks and takes a view of their circumstances at the time of application.
Knowledge is power!
With this knowledge available to your customers, it could turn uncertainty into empowerment. They can now try to make better informed decisions about their budget when researching a purchase from you.
While your customers may get the reassurance they need to move forward with their purchase, the eligibility check benefits your bottom line too. We believe, there’s a greater chance of increased average basket sizes and conversion rates now that customers know what they can afford. And it could be a handy way to attract a wider customer base to your products – with some potentially returning to purchases they had previously abandoned.
Empower your customers with Barclays
Find out more about our Eligibility check tool.