What should a retailer’s finance page include?

Offering retail finance can help customers spread the cost of larger purchases, but simply making finance available isn't always enough. How clearly you explain those options can make a difference to the customer experience.

When someone is considering a significant purchase, they may want to understand how much they'll pay each month, whether they're eligible for finance and what happens when they apply. If that information is difficult to find, it could create unnecessary uncertainty or discourage them from completing their purchase.

A dedicated finance page gives retailers an opportunity to answer these questions before customers reach the checkout. So, what should a retailer's finance page include, and how can you make it as useful as possible?

Key takeaways

• Make finance information easy to find: Customers shouldn't have to reach the checkout to understand their payment options.
• Explain how finance works: Use clear, straightforward language to describe the finance products available.
• Show representative examples: Help customers understand potential repayments and the total cost of borrowing.
• Set out eligibility and application requirements: Explain what customers can expect before they apply.
• Answer common questions: A helpful FAQ section can address concerns and reduce uncertainty.
• Keep information accurate and up to date: Finance information should be reviewed regularly to ensure it remains clear, compliant and relevant.
  
  

Why is a dedicated finance page important?

A retailer's website needs to do more than showcase products. It should also provide customers with the information they need to make informed purchasing decisions.

For customers considering finance, that includes understanding the available payment options and whether those options are suitable for their circumstances.

While finance information can appear on product pages and throughout the checkout journey, a dedicated finance page brings everything together in one place.

This can help retailers:

• Explain their finance offering in greater detail.
• Answer common customer questions before they arise.
• Create a consistent source of information across the website.
• Help customers understand the application process.
• Support a smoother journey from product discovery to checkout.

It can also provide a useful destination for links from product pages, promotional banners and other areas of the website where finance is mentioned.

Importantly, the aim shouldn't simply be to encourage more customers to use finance. It should be to help customers understand their options and make informed decisions.

Explain the finance options available

Start with the basics. What types of finance can customers use, and how do they work? Avoid assuming that everyone understands the differences between finance products or the terminology associated with them.

Depending on your retail finance offering, this section might explain:

Interest-free finance

Customers spread the cost of a purchase over an agreed period without paying interest, provided they meet the terms of their agreement.

Interest-bearing finance

Customers repay the purchase amount plus interest over an agreed term. The total amount repayable will generally be higher than the original purchase price.

Buy Now, Pay Later (BNPL)

Depending on the product, customers may be able to defer payment or spread the cost through instalments. Terms, charges and repayment arrangements vary between providers.

Help customers compare their finance options

Not every retailer will offer the same finance products, so your page should reflect the options genuinely available to your customers.

Where several products are offered, a simple comparison table can help explain the differences at a glance.

The exact terms should always reflect your finance provider's approved product information.

Representative examples and repayment information

One of the most useful things a finance page can do is help customers understand what borrowing might cost. Customers may be interested in the monthly repayment, but they should also be able to understand the wider financial commitment.

Where required, representative examples should be presented clearly and prominently, using the appropriate regulatory wording.

Retailers should also consider how this information appears on mobile devices, where lengthy finance tables or small text can be particularly difficult to navigate.

Eligibility requirements and what customers need to apply

Customers shouldn't have to begin an application before discovering the basic requirements.

Although eligibility criteria vary between finance providers, retailers can help customers prepare by explaining the relevant requirements in straightforward language.

This might include information about:

• Minimum age and UK residency requirements.
• Employment or income criteria, where applicable.
• The information customers may need to provide.
• Whether a creditworthiness assessment is involved.
• Any minimum or maximum purchase values.

It's also helpful to explain that finance is subject to status and that meeting basic eligibility criteria doesn't guarantee approval.

A step-by-step explanation of the application process

Even when the application process is straightforward, customers may appreciate knowing what happens next.

Consider including a short step-by-step guide showing how finance works with your business.

For example:

Step 1: Choose your purchase

Customers select the products or services they want to buy and review the available payment options.

Step 2: Select a finance option

Where eligible, customers choose from the finance products and repayment terms available for their purchase.

Step 3: Complete the application

Customers provide the required information through the finance application process. A creditworthiness assessment may be carried out.

Step 4: Receive a decision

The finance provider assesses the application and communicates the outcome. Some applications may require further information or additional checks.

Step 5: Complete the purchase

If approved, the customer reviews and accepts the agreement before completing their purchase in accordance with the retailer's process.

This is an illustrative journey, so retailers should adapt the steps to match how their own finance offering operates.

Where possible, explain whether customers can apply online, in-store or through both channels.

Frequently asked questions

A dedicated FAQ section can help customers find answers to common questions before applying for finance, without having to contact your customer service team.

Consider including questions such as:

• Can I pay off my finance agreement early?
• What happens if my finance application is declined?
• Can I use finance for part of my purchase?
• What happens if I return an item purchased using finance?
• Who should I contact about my repayments?

Keep answers clear, concise and accurate, ensuring they reflect your finance provider's terms and processes.

It's also worth reviewing customer service enquiries regularly. If the same questions come up frequently, this could highlight gaps in the information available on your website.

Clear terms, conditions and regulatory information

Retail finance is a regulated area, and the information displayed on a retailer's website needs to be accurate, fair and not misleading.

Finance pages and associated promotions should be reviewed against the applicable Financial Conduct Authority (FCA) requirements, including relevant financial promotion rules.

Depending on the finance products and the retailer's arrangements, this may involve:

• Clearly identifying the finance provider and the retailer's role.
• Displaying appropriate regulatory disclosures.
• Including representative examples where required.
• Explaining important conditions, restrictions and charges.
• Making relevant terms and pre-contract information accessible.
• Ensuring promotional claims are balanced and not misleading.

Retailers should also consider the FCA's Consumer Duty requirements where applicable, particularly the importance of helping customers understand financial products and make informed decisions. Regulatory requirements can differ depending on the type of finance offered, so it's important to work with your finance provider and compliance team to ensure the page is appropriate.

For further information, retailers can refer to the FCA's Consumer Duty guidance and the relevant financial promotion requirements in the FCA Handbook.

Clear calls to action and links to finance information

Once customers understand the available finance options, they should be able to find the next step easily. A finance page doesn't need to be filled with promotional buttons, but it should provide clear navigation to relevant products, application information or the checkout journey.

Depending on how your website operates, calls to action could include:

• Explore products available with finance.
• View our finance options.
• Learn more about applying for finance.
• Shop now.

It's also worth considering where customers encounter finance information elsewhere on your website. Linking to your dedicated finance page from product listings, product detail pages and the checkout can make it easier for customers to access further information when they need it.

Trust signals and contact information

Customers are being asked to consider a financial commitment, so it's important that they understand who is providing the finance and where they can go for help.

Depending on your arrangements, your page could include:

• The name of your finance provider.
• An explanation of the provider's role.
• Links to relevant finance information and terms.
• Customer service contact details.
• Information about who handles finance account enquiries.

Where appropriate, including information about your finance partnership can help customers understand how the service works.

However, trust shouldn't depend solely on logos, badges or promotional claims. Clear information, accurate explanations and accessible support are equally important.

How Novuna Consumer Finance can support your retail finance offering

Creating a useful finance page is one part of providing a positive retail finance experience. The finance products themselves, the application process and how finance integrates with your existing customer journey are also important.

At Novuna Consumer Finance, we work with retailers across a range of sectors to provide retail finance solutions that support their businesses and customers. From interest-free and interest-bearing finance to tailored finance options, we can help retailers explore solutions that suit their products and sales journeys.

Whether you're introducing retail finance or reviewing an existing offering, our team can help you understand the options available.

Explore our retail finance solutions and find out how we could support your business.