The Ultimate Guide to Offering Finance to Your Customers in the UK

The Power of Finance: Why It Matters for UK Retailers

Are you looking for ways to help your customers say yes with confidence? Offering finance at checkout turns cost into opportunity. Let’s explore exactly how to bring flexible payments to your business!

Table of Contents

1. Why Offer Customer Finance?
2. How Retail Finance Works
3. Steps to Set Up Finance for Your Customers
4. Choosing the Right Finance Partner
5. Pro Tips and Mistakes to Avoid
6. Voices from the Industry
7. A Real UK Retailer’s Finance Journey
8. FAQs
9. Ready to Offer Finance?

Make Shopping a Breeze for Everyone

Picture this: a customer really wants your product, but the price tag feels out of reach today. Great finance options make it easier for them to buy now while sticking to their budget. And for your business, that means more completed sales, happier customers, and a boost to your bottom line.

The UK retail landscape is more competitive than ever. Adding finance isn’t just a nice extra – it’s a smart move for retailers who want to make their offerings irresistible.

Why Offer Customer Finance?

Imagine the possibilities:

• Unlock larger purchases: Financing can increase your average sale value.
• Widen your audience: Appeal to shoppers who need payment flexibility.
• Say goodbye to abandoned baskets: Cost doesn’t have to be a deal breaker.
• Stand out from the crowd: Give shoppers another reason to choose you over the competition.

How Retail Finance Works

In a nutshell, customer finance lets buyers split their spending over time, often with fixed monthly payments. Here’s what the typical journey looks like:
1. The customer chooses finance at checkout (in-store or online).
2. They fill out a quick application.
3. A finance provider (like Kandoo) approves the loan and pays you in full.
4. The customer pays the provider back, generally in manageable instalments.

This process is designed for minimal fuss and maximum convenience.

Steps to Set Up Finance for Your Customers

Ready to get started? Here’s a simple roadmap:

• Assess demand: Would your customers benefit from finance? Try surveys or a quick chat at checkout.
• Choose a trusted partner: Look for specialist brokers with UK finance expertise and FCA accreditation.
• Pick your products: Some items may be more suited to finance than others.
• Train your staff: Friendly, knowledgeable teams encourage uptake.
• Promote your new offering: Make it visible online and in-store.

StepKey QuestionTipsAssess demandWho would benefit most?Use feedback & purchase patternsChoose a partnerWho’s FCA regulated?Check experience and reviewsPick productsWhere does finance make sense?Start with higher-ticket itemsTrain your teamHow confident is your staff?Run workshops and Q&A sessionsShout about itAre customers aware finance is available?Use banners and email campaigns

Finding the Right Finance Partner

The market is full of choices. As you shop around:

• Check for FCA regulation (it’s a legal must-have)
• Look for tailor-made solutions for your sector
• Compare fees, application processes, and approval rates

Remember, the right partner will support you and your customers every step of the way.

Pro Tips (and Potential Pitfalls!)

Do: - Display finance options clearly, both online and offline

• Make it easy to ask questions – remove the stigma of asking about money!
• Keep your application process as simple as your store’s checkout

Don’t:

• Bury finance info in the small print
• Forget to train your team on compliance and customer service
• Promise approvals you can’t guarantee

Industry Insights

"Finance doesn’t just boost sales – it empowers every shopper to walk away with exactly what they want."

- UK Retail Finance Specialist

The Financial Conduct Authority (FCA) also reminds retailers, "Ensure all promotions of financing options are fair, clear, and not misleading." Your finance partner will keep you on track.

Frequently Asked Questions

Is it hard to set up customer finance?

Not at all! With a broker like Kandoo, the setup is often quick, painless, and tailored to your needs.

Will I get paid up front?

Yes! Finance providers settle with you promptly – customers pay them back over time.

Can I offer finance on all products?

It’s usually best for higher-value items, but it depends on your partner and customer base.

Is it FCA regulated?

Yes. Always ensure your finance partner is authorised and regulated by the Financial Conduct Authority.

The Difference That Finance Makes

Putting your customers first, with flexible payment options, does wonders for loyalty and your bottom line. Finance is no longer just for big brands – it’s for every UK retailer ready to turn browsers into buyers.

Ready to Get Started? Let’s Make it Happen!

Want to know more about offering finance? The team at Kandoo is ready to help you connect customers to the products they love. Reach out now for a no-obligation chat and discover how easy it is to bring finance to your store.