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Survey: Privacy concerns keep shoppers from applying for in-store credit
Retailers need to do a better job of ensuring customer's privacy in the credit sector, according to a new report. Nearly every shopper is asked if they want to open a store credit card at the checkout, and while most will apply for the credit account, concerns about the security of their personal information tops the list of reasons many will not.
Researchers with cloud based financial tech brand Vyze found that 9 in 10 consumers have been asked to fill out a credit application at the checkout, but only about 60% do so. Of those who do not, 26% say they worry about the security of their information when giving it to a store clerk. And, those who fill out the applications later, online (24%), 41% say they have data security concerns.
"Retailers have invested tremendous energy and resources into extending credit offers to shopper, but there is a significant gap when it comes to consumer response," said Keith Nealon, CEO of Vyze. "This survey shows that there is great opportunity to stand out and differentiate based on providing multiple financing choices, clear security messaging and the experience itself - in both the store and online channels."
Researchers also found:
• 8 in 10 shoppers 'would consider' using credit to make purchases
• 4 in 10 want additional credit options, including store cards (57%), non-store cards (27%), and layaway (22%)
• 40% trust bank offers most for retail credit
As to the card offers shoppers are most interested in, researchers found that rewards/incentives are the most important (59%), followed by a simple application process (51%), and fast credit approval (40%).
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