DivideBuy Releases Merchant Guide as Demand for Interest Free Credit Soars
- 21.07.2021 10:30 am
The LendTech company released the guide for merchants who want to understand the benefits and logistics of adding Point of Sale finance to their checkout.
Leading LendTech company, DivideBuy, which ranked 1st in Deloitte’s Technology Fast 50 UK, 2020, announces today the release of its brand-new eBook, “How to attract customers with interest free credit: A retailer’s guide to offering credit with confidence.”
Interest free credit has experienced a boom over the last 12 months, with research showing 11.5% of bridge millennials have used Buy Now Pay Later, with users regarding the solution as an effective means of controlling their finances while being able to make the purchases they desire.
With research such as this indicating that the way consumers want to pay for their goods is changing, DivideBuy is releasing the guide to provide merchants with the resources they need to make an informed decision about the payment method.
These include the benefits for retailers and consumers, what merchants can expect during implementation of a solution, and data from its retailer partnerships. For example, when following the company’s best practice guidelines, merchants have seen a 43% increase in big ticket item sales and a 34% increase in average basket value.
Jo Balsamo, Chief Marketing Officer for DivideBuy, commented: “Ecommerce sales have soared since the onset of the pandemic, and so has the demand for new and alternative methods of payment, such as interest free credit. This research and insight comes at a pivotal time in the retailer landscape, with much of this information, including data taken from our recent consumer pulse survey, demonstrating that there is a bounty of opportunities but not all retailers know how to harness them.
“The past 12 months have completely transformed the retail landscape – for merchants large and small. Now, online retailers are looking to continue the success they’ve experienced by improving customer loyalty and increasing conversion rates.
“Ultimately, by promoting different payment methods on their website and at their checkout, retailers can provide consumers with the choice they desire and make the difference between a customer committing to a sale or abandoning their basket. As retailers tend to see a 70% increase in conversion rates overall when implementing an interest free credit solution, it’s vital that retailers understand the benefits it can provide.”