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Online retailers have POS credit

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"Buy now, pay later!” and offering credit at point of sale is a well-known tactic to increase sales and average order values in many brick-n-mortar stores, yet very few online retailers implement credit options into e-checkouts.

Pay4Later, a London-based company recently launched its `retail finance solution`, which enables UK online retailers to offer customers credit, including interest-free and traditional finance. They also claim 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 selling big tickets items would certainly benefit from offering the same credit deals online that tempt consumers in-store, particularly over the holiday period when consumers have an increased need to be able to maximize and manage their finances.

Another advantage is the speed at which the credit approval is processed and the lack of paperwork. Once the consumer has confirmed that they meet the lending criteria online, the credit application form is displayed. Once digitally `signed`, the application is sent to the lender for approval and a response only takes around 5 to 10 seconds.

A Pay4later account costs retailers £25 per month upwards, although there is also a set-up fee and per-transaction cost. 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.”

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