Looking for a new retail finance provider?

Tuesday 2nd January 2024

Businesswoman shaking hands with a man in a white shirt, with colleagues standing around them

Many retailers understand the benefits of offering flexible payment options to their customers. But it’s key to find a reliable provider who not only has a strong reputation within the retail finance market but also understands your business sector.

Whether you’re unhappy with your current retail finance provider or you’re on the look-out for a different finance solution, this article tells you all you need to know about switching to Novuna Consumer Finance.

Top things to consider if you’re looking for a new provider

1. A retail finance provider’s stability

We’re living in turbulent times. As a business, it’s no doubt your priority to ensure you only work with reliable businesses that allow you to forge a long-term, meaningful partnership.

Always look into a lender’s history, including their length of time in market and profitability. You’ll often find that the providers with the most experience in the retail finance market will provide the most impressive service in the long run.

2. The finance options on offer

Think about what credit solutions best suit your business, and ensure your provider meets your requirements.

For example, you might wish to offer interest free finance to attract more customers in a competitive market. Or perhaps you’d prefer interest to be added to your customers’ monthly payments, saving you paying a subsidy.

Speak to potential providers to make sure they offer the finance options that are right for you, including minimum and maximum borrowing amounts and term.

3. How a provider treats your customers

Any finance provider will act as an extension of your team, so it’s imperative that your customers receive outstanding service at every stage.

Ask potential providers to provide a demo of the customer journey. This will allow you to step into the shoes of your customer and understand how the process comes across from their perspective.

Look out for customer reviews and recommendations from other retailers to ensure you’re walking into a reliable partnership.

4. How a provider treats you

Ultimately, you want to offer finance solutions to drive sales. That means you’ll need to keep a beady eye on exactly how your provider is helping you improve your bottom line.

Look out for key factors that will impact your sales, such as:

  • Completion rates. It’s important that the application process is smooth and simple, so customers don’t abandon the process.
  • Conversion rates. The right retail finance solution converts browsers into buyers – make sure the provider you choose has a proven history of this.
  • Average transaction value. Could your customers be persuaded to upgrade or add that extra item to their basket thanks to the flexible payment options on offer?
  • Acceptance rates. The higher a provider’s acceptance rate, the more customers utilising your finance offering.

Five benefits of switching

There are lots of reasons you might be considering making the leap from one finance provider to another. Perhaps you’re ready to build a better relationship with a provider who really cares, or your customers would feel more comfortable borrowing from a reputable, well-known brand. We explain just some of the benefits of switching from your current provider to Novuna Consumer Finance.

1. Enhanced support

You’ll need to consider the support both your colleagues and customers will receive from your finance provider.

Here at Novuna, we view our relationship with our retailers as a true partnership. That’s why our dedicated Relationship Managers are on-hand to support our retailers’ commercial goals. They’ll share geographical and demographic insights to help you understand more about your customers and their buying behaviour, working with you to increase your acceptance rates by offering the finance solutions your customers really want.

We’ve also got an in-house compliance team and expert marketers available to help you make the most of your finance offering. From pre-written FAQs to POS materials, just tell us what you need and we’ll do our best to make it happen.

This support extends to your customers, too. If your customer has a query or needs to get in touch with us, our friendly UK-based customer service team are always happy to help. We also offer the option for customers to self-serve using our app or online account.

2. Transparent and honest communication

Unexplained rate changes can be a shock to the system. So can a sudden decrease in acceptance rates.

If your current provider delivered outstanding acceptance rates in the first few months, but they’ve since decreased rapidly, you may need to question just how transparent they’re being about those figures. You want to rely on a partner to provide consistent results – not just a good first impression.

We pride ourselves on being transparent about both our rates and our acceptance rate from the get-go. By being upfront and honest, we aim to build a long-standing partnership with our retailers.

3. Nationwide brand recognition

Taking out credit of any kind is a big financial decision for your customers. So it’s important they trust the provider they’re taking out finance with.

One of the major benefits of partnering with Novuna is that we’re a reputable, nationally known brand. Your customers might have taken out a personal loan with us in the past or seen our brand ads on TV. This gives them more confidence in us and – in turn – encourages them to shop with you rather than your competitors.

4. Market-leading technology

Our application platform integrates seamlessly with your ePOS or POS system. Not only that, but we’ve also included several unique features that allow our retailers to make the most of offering finance.

From tailored decisioning designed to increase accept rates to our maximum loan feature giving your team the ideal upsell opportunity, we’ve created a system that helps retailers maximise sales opportunities. Find out more about our unique tailoring options here.

5. Stability in the market

Unfortunately, it’s not uncommon for retailers to be left searching for a new finance provider because their current one no longer services their sector.

If you’re in this position, it’s key to check out a prospective provider’s credentials. Instead of chasing the very best rates, consider the business benefits of partnering with a provider who’ll be by your side through thick and thin.

Novuna Consumer Finance has been lending for over 40 years and we’ve seen plenty of fluctuations in the market in our time! From new technologies to enhanced features, our platform has evolved to ensure we continue to deliver an outstanding service. Our retailers benefit from partnering with a provider that shows no signs of slowing down.

How does the onboarding process work?

Our industry-leading (and free-of-charge) onboarding process will be the same whether you’re brand new to retail finance, or you’re switching things up.

You’ll be introduced to each of our in-house teams who’ll be looking after you during the process:

New business experts

Get to know what it’s like to work with Novuna Consumer Finance. We’ll run you through our finance offering, our application system’s unique features and functionalities and what support you can expect from us.

E-commerce integration specialists

You’ll want to get up-and-running with our finance system as soon as possible, and our e-commerce team are here to make it happen. We’ll take the time to understand your requirements, from how your site works to what you’re looking to achieve from finance. This helps us to suggest the best available solutions to ensure integrating with us is as smooth and efficient as possible.

Business development teams

Our support doesn’t end once you’re all up and running. You’ll be introduced to a sector specialist Relationship Manager who’ll be on-hand at every stage to help you reach your goals.

Our ultimate integration guide goes into detail about what to expect when you onboard with us.

I’m still under contract with my old finance provider – what can I do?

We understand that in some circumstances you’ll have obligations to your old finance provider. While you may not be able to completely switch retail providers while under contract, you’ll still be able to complete all the behind-the-scenes onboarding and integration processes with us. That means you’ll be all set up and ready to start offering finance through us once you’re able to do so.

Is it time to make a move?

We do things differently here at Novuna, so why not join the thousands of household brands who offer finance through us? Our team will be more than happy to discuss working together.