Two-thirds of consumers more likely to purchase if they can spread the cost

US firm Future Pay have revealed the results of their study; The Big Ticket: What's Stopping Shoppers?

A study in the US has found that more than two thirds of shoppers would be more likely to make a big ticket purchase if they could break it up into smaller payments.

"Changing shopping habits, and the emergence of new e-commerce and payments technology, has made it difficult for retailers to predict whether or not consumers will pull the trigger on purchases - particularly when it comes to ‘big ticket' items" said Bobbi Leach, CEO of FuturePay. "Our study's findings highlight how alternative, non-credit card payment options and financing can help retailers improve their top line by better catering to the needs and preferences of today's online shoppers."

Leach suggests that "by introducing alternative financing and payment options that accommodate online shoppers' demands, retailers can quickly set themselves apart from the competition." The report found that more than two-thirds of shoppers would be more likely to make a big ticket purchase if they could break it up into smaller payments.

Here in the UK, according to credit score and report site ClearScore, 82% plan to splurge on ‘big ticket' items during 2017, with 47% saying they will use credit to fund at least one of these purchases. The most common reason being the ability to be able to spread the cost over a number of months.

Whilst credit cards and retail finance are two of the most popular forms of credit used, as many as five and a half million Brits (10%) have turned to pay day loans and the rent-to-own sector, which charge much higher interest rates than other forms of credit, to cover the cost of big ticket purchases in the past.

Give your customers an alternative, lower cost option by introducing retail finance into your business today.

Through the Take it outdoors retail finance scheme, you can offer your customers the chance to spread the cost from 6-48 months with as little as 0% interest. Plus, the application process is now omni-channel, meaning your customers have a seamless, straightforward shopping experience whether they choose to shop on a desktop, mobile, tablet or bricks and mortar.

In short, your customers will be able to buy products on finance from your shop in a matter of minutes - no matter where they are.

The Take it outdoors scheme in partnership with V12 Retail finance gives outdoor  retailers access to:

• Preferential rates
• No setup fee - save £495 
• No monthly fees 
• Payment released to you same day and in your bank within 4 days 
• No minimum finance turnover requirement 
• National consumer promotion via Take it outdoors
  
• Interest free and interest bearing APRs 
• Quick and simple paperless online application process for in-store, online or mail order requests 
• Exceptional acceptance rates 
• Support throughout FCA application process
• Can be integrated into existing online sales options 
• Dedicated customer service and personal account manager 
• FCA compliant POS available

If you are not offering retail finance or think you could be doing more sales via the scheme, click here or contact us today to find out more or come and talk to us at the OIA Conference where we will be running a workshop on The Power of Retail Finance.

_{^{Take it outdoors is subject to terms and conditions, including but not limited to, a minimum 12 month trading history, the business declaring a positive net worth and the search results of credit reference agencies}} 

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