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With low interest rates and affordable credit, it’s unsurprising that many businesses are now offering finance solutions to grow their customer base, and increase their sales.
Indeed, research suggests that 80% of customers say that finance heavily influenced their decision to buy from a specific retailer, with 48% spending more as a result.*
Companies that offer finance options place themselves in a strong position to be ahead of the competition in their field – and of course, those that do not may well find themselves left behind.
You are likely to see a significant increase in your business volumes, as consumers – often those who would not engage otherwise - are able to spread the cost of large purchases over a period that is comfortable for their financial situation. You’re also likely to see an increase in your average order, as your customers are better able to stretch their budgets to get exactly what they want.
Offering finance or credit needn’t be the preserve of the big players. Yes, the FCA’s supervision of the consumer credit sector means you may need a little help along the way, but with the support of a good compliance provider and access to quality lenders, there’s nothing to fear when offering finance solutions to your customers.
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*Research by Hitachi Capital Consumer Finance