What is retail finance?

Helping your customers spread the cost

Point of sale finance helps your customers to spread the cost of buying from you, and could help you to make more sales.

Offering retail finance as a payment option can help to attract new customers, increase conversion rates, reduce purchase journey drop out and increase basket size.

54% of consumers wouldn’t have been able to make the same purchase without POS finance*.

51% of consumers say having the options to spread costs into fixed monthly payments will make them more able or more likely to buy a high value item**.

Increased conversion rates

Offering POS finance payment options can help you to attract a new customer base who may not have been in the market to shop with you just yet. Fixed monthly payments and low or 0% APR options can help customers to make a decision about a purchase, provided it fits with their monthly budget.

69% of customers who used POS finance said it enabled them to buy the product sooner*

Increases basket size

The opportunity to spread the cost and choose an option that comfortably fits their monthly budget gives customers the flexibility to spend a little more on the products and specifications they really want.

83% of consumers said that purchasing with POS finance meant that they were able to spend more overall, and 44% say it helps with budgeting*

Reduce purchase journey drop out

Integrated into your purchase journey, our straightforward application process is easy for your customers to apply for in minutes. Real-time decisions and digital signing helps reduce dropout rates at the checkout.

27% of customers said they would likely have gone to an alternative retailer where retail finance was available to make their purchase*

References

*Barclays Partner Finance research survey ‘Consumer insights report’ - based on the responses of 1,026 UK consumers – October 2018

**Barclays Partner Finance research survey ‘Post-coronavirus spending’ – based on the responses of 1,028 UK consumers – July 2020