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BizReport : Ecommerce archives : July 30, 2010

Online retailers get POS credit option for checkouts

Offering credit at point of sale is a well known tactic to increase sales and average order values, yet very few online retailers implement credit options into e-checkouts. A U.K. retail finance solution firm has introduced a system that will enable more online retailers to offer credit at the checkout.

by Helen Leggatt

By using Pay4Later's system, online retailers can offer customers traditional credit deals as a payment option during checkout. Familiar deals such as buy now pay later, instant credit and classic contracts are all available.

Retailers selling big tickets items would certainly benefit from offering the same credit deals online that tempt consumers in-store, particularly over the holiday period when consumers have an increased need to be able to maximize and manage their finances.

Another advantage is the speed at which the credit approval is processed and the lack of paperwork. Once the consumer has confirmed they meet the lending criteria online, the credit application form is displayed. Once digitally "signed" the application is sent to the lender for approval and response only takes around 5 to 10 seconds.

Pay4Later incurs a monthly fee as well as a fee for each successful credit request.

Tags: checkout, credit, ecommerce, finance, point of sale

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