Finance solutions for electrical retailers
Convert more customers and increase your revenue by offering better payment options.
69% of electrical retail customers would have abandoned their purchase if finance wasn’t an option. And 50% of customers reported spending more because it was available.
So the question is this… can your business afford not to offer finance?
Flexible payment options for tech and electrical retail purchases
Your customers are used to getting what they want when they want it. Make that happen with retail finance for electricals, benefiting your customers and your business.
Turn browsers into buyers
Tech purchases are expensive, but your customers don’t have to wait. Make it easy for them to fit big-ticket items into their monthly budget and take home the tech they want sooner. Our retail finance solutions allow them to buy now and pay over time, helping you to turn browsers into buyers.
Help customers handle unexpected expenses
When tech breaks or an appliance fails, paying upfront for a replacement isn’t always an option. That’s where flexible finance comes in. Allow customers to spread the cost so they can better manage unexpected purchases.
“Finance is a great way to engage and convert new customers.”
We’ve been working with leading computer equipment provider, PCSpecialist, for over 15 years. Our buy now pay later finance option allows customers to purchase equipment straight away and defer payment for up to a year. This not only attracts new customers, but also persuades existing customers to spend more on the high-end device they really want.
Finance solutions for tech-savvy shoppers
We know your margins are tight, so we’ll work closely with you to design a finance package that meets your needs and converts more customers.
Interest free finance
Customers pay in equal monthly instalments spread over a pre-agreed timeframe. No catch, no interest charges. Encourage customers to shop with you by promoting 0% interest options.
Interest bearing credit
Nearly half of finance customers in the electricals sector opt for our interest bearing finance option. Customers will be charged interest but, typically, they will be able to borrow for longer too. A great option for pricier purchases and a lower cost option for you as the retailer.
Buy now pay later
Customers can defer payment for up to a year. If they settle in full during the deferral period, they pay no interest (though an early settlement fee may apply).
“It’s more important than ever for retailers in the electrical sector to find new ways to attract and convert customers. The sector, in general, works on very low margins and over recent years has had to contend with rising costs, lower footfall and changed consumer spending habits following a boom in the market during Covid. One way to combat some of these challenges is by offering customers a more flexible way to pay."
Lauren Forkings
Senior Relationship Manager
Why choose Novuna Consumer Finance?
Tech expertise
Over 80% of finance applications in the electricals sector are processed online, but we offer a seamless omnichannel experience. Customers can apply online, in-store or via mail order on a range of different devices. They can even mix and match, starting their app in-store or completing in the comfort of their own home for maximum flexibility.
Exceptional service
91% of our customers in the past 12 months have rated us 5 star and it’s clear to see why. When customers apply for finance, we’ll provide an instant decision, with the option to e-sign to make everything swift and simple. From there, they can manage their account online 24/7 or speak to our award-winning Customer Experience team.
Bespoke solutions
Your customers can flex the terms of their finance agreement to find the most affordable package for them, improving accept rates and finance adoption. Our reduced term option is particularly popular in your sector, with over 800 customers opting to pay off their loan faster in the past 12 months. This option may also reduce interest costs for the customer and lower your subsidies – a win-win all round.
Maximise your sales
Looking for upsell and cross-sell opportunities? We’ll tell you when your customer is eligible to take out more finance so they can shop with a more accurate budget in mind. Particularly powerful combined with our soft search feature, which allows customers to check their eligibility for finance with no impact on their credit score.
Quick and easy integration
Partner with a provider who gets the importance of a seamless set up. You’ll be offering finance in no time. Our specialists will help you integrate our system with yours, followed by comprehensive training sessions, e-learning and demo environment access.
Sector experience
Your dedicated Relationship Manager will craft a bespoke credit strategy to help you make the most of your finance offering. They’ll be your day-to-day contact, but you’ll also receive ongoing support from multiple in-house teams, including compliance and marketing, to help you promote your point of sale credit options.
We're not going anywhere
We’ve been offering finance for over 40 years and have an outstanding reputation as one of the most reliable lenders on the market. Partner with a trusted finance provider who’ll be there for you and your customers, with no disruption in service.
“Tech products aren’t cheap, but our max loan technology allows customers to think outside of their original budget. By telling them how much they could borrow, they may decide to invest in a larger collection of smart appliances. Over half of technology customers were offered an increased loan amount during the last 12 months, giving retailers a fantastic opportunity to boost sales."
Lauren Forkings
Senior Relationship Manager
Join our network of over 3,000 UK retailers
To work with us, you will need a minimum of:
- £2m in annual sales turnover OR £50,000 in finance in the last year
- 2 years trading history
- Net worth of £25,000 (£100,000 for Home Improvements sector)
You will also need:
- To be offering products or services for consumers, NOT for businesses
- To be trading profitably
Please note, we do NOT currently work with the following industries: renewable energy (including solar), dentistry, invasive healthcare, clothing, personal development or training solutions.
If you meet this criteria, we'd love to hear from you. Please complete the form and one of the team will be in touch within three working days (usually the same day).
If you are an existing retailer with a general enquiry or a customer looking to speak to someone about your retail finance or personal loan agreement, click here for contact details and opening hours.