Retail surgery: Is there enough time to implement an online consumer finance strategy to maximise sales before the VAT increase in January?

Yes there is. Online point-of-sale finance solutions can be integrated within existing systems in as little as seven days, therefore enabling retailers to reap the benefit before the January 4 VAT rise.

Hitachi Capital Consumer Finance managing director Gerald Grimes says the online process is simple. The customer selects to apply for finance at payment stage, they complete their details online and within seconds receive a credit decision. The retailer will handle the paperwork and then communicate with the customer online and provide them with all of the details regarding their finance application.

Grimes says: “Offering promotional credit as a new payment option gives online consumers choice and will increase sales. Shoppers receive an instant decision, which allows them to make a quick and easy online transaction and close the sale.”

The key to making online finance work, adds Grimes, is to provide shoppers with clear information and a quick and secure credit application process: “This will reassure them that this really is the smart way to shop,” he says.

“By working hand-in-hand on your objectives with an experienced online finance provider, retailers can easily have a finance system strategy up and running. With options available to help retailers such as virtual account management, online training and monitoring of applications online, it’s not too late to implement an online finance strategy.”