Buy now, pay later. We’re all too familiar with the way “cheap” or sometimes 0% finance is offered by bricks ‘n’ mortar stores at the point of purchase, and some of us are no doubt paying for the privilege right now. Online, however, buying on credit isn’t always quite as easy to come by or at least not at smaller e-commerce outlets. Pay4Later, in the UK at least, hopes to change that.
Today, the London-based company launched its “retail finance solution”, which enables UK online retailers to offer customers credit including interest free and traditional finance. Claiming to offer “seamless checkout integration” and instant credit decisions, other features include real time reporting and account management, support for multiple sales channels and integrated fraud screening.
Retailers can choose the type of credit deal to offer, and once the consumer has confirmed that they match the lending criteria, Pay4later’s system displays the credit application form, handles “signing” of the agreement, and processes this with the lender – typically within 5 to 10 seconds, says the company.
All aspects of a retailer’s Pay4later account can be managed via a web browser, and includes integration with CreditSentry risk management software, which “analyses each credit application to help retailers identify and prevent fraud.”
A Pay4later account costs retailers from £25 per-month, although there is also a set-up fee and per-transaction cost. That said, letting customers avoid stumping up cash up front is a proven way to generate sales, even if it’s a little less fashionable post Credit Crunch.