Start utilising retail finance with these tips

Wednesday 30th August 2023

Male employee at a home improvement shop speaking to a customer

A surprising number of retailers get all set up to offer retail finance, and yet never fully utilise all the options available to them.

If this sounds like you, we’re here to help.

We understand there are lots of reasons why you might not be meeting your goals just yet. In this guide, we’re covering the most common reasons retailers fail to fully adopt the finance options available and how you can use finance to get more sales.

1. Tentative to try something new

If you’ve been running a successful business for years, you might be wondering why you should start offering different payment options now.

Well, with the ongoing cost-of-living challenges, customers simply expect to see more flexible ways to pay. Our own research shows that 57% of customers would have walked away from a sale if finance wasn’t available, which shows the real power offering finance can have.

You have nothing to lose by giving it a go, particularly if you're already set up with us. There's even an option to opt for cost-neutral interest bearing finance.

2. Internal challenges to get staff buy-in

You may be reliant on your in-store retail teams to make customers aware of the finance options available. In this case, your staff will need to feel comfortable and confident discussing the finance options with customers.

We can provide all the training they need to get started, from how to talk about finance with customers to how to use the application portal to manage finance applications.

If you’re noticing your team aren’t offering finance options to customers, do your best to find out why. Perhaps they’re not sure of the different types of finance available or they simply don’t understand the many benefits well enough to use them to close a sale. If your customers don’t know there’s a more manageable way to pay, you may well be losing them to a competitor.

3. Issues with integration

We sincerely hope you’ll have no issues with integration with Novuna Consumer Finance but, if you are having trouble, please get in touch with our team as soon as possible. Our platform is designed to seamlessly integrate with all kinds of POS and ePOS systems, requiring minimal development work to get you set up.

Our integration process is simple, ensuring it can be completed swiftly, and without too much technical or development resource required. We’ve heard of customers being quoted excessive amounts to integrate our system which, in all honesty, should never be the case. But please don’t give up just yet. Our team members know the process inside out and will be able to advise the best way forward.

4. Additional training required

Sometimes, you just need a refresher. If you’ve got retail finance all set up and ready to go but you’re not comfortable using our platform with real customers, please tell our team as soon as possible.

We offer e-learning, demo tools and user guides to help you and your team feel confident using our platform.

5. Waiting for authorisation

You may have appointed us while waiting to become FCA authorised. We understand that the application process takes time and retail finance may need to wait in the wings until you obtain the relevant permissions.

Please keep us updated and let us know if we can assist. We can put you in touch with trusted compliance experts who can offer guidance at every stage of the application process.

6. Unsure of customer appetite

You may be reluctant to start utilising finance if you’re not sure how your customers will respond. In our experience, though, customers are much more likely to convert if they’re given flexible ways to pay.

Some customers might not be able to part with their cash right then and there, while others might simply prefer to spread the cost of a large purchase. That’s where retail finance can help.

There’s no need to push the finance options too hard though. Simply use the marketing materials provided (such as downloadable banners for your website or in-store hang tags and window stickers) to make your customers more aware of the offering. You may find yourself tapping into a whole new audience.

Start boosting sales by utilising finance

Offering retail finance to your customers really can help you to increase conversions and average order value. While introducing something different to your sales process can feel daunting, we’re sure you’ll start to reap the rewards once you get into the swing of things.

Our platform offers seamless integration and is designed to be as simple as possible to use for both your team and your customers. But, if you need further support, our dedicated onboarding team are happy to help. Just get in touch with us.