Tool will help merchants pair consumers with affordable finance repayment plans
IN BRIEF:
-The new tool to support UK consumers in finding checkout finance repayment plans that they can afford, supporting merchants to boost sales without compromising on responsible lending standards
- After a soft credit search by the lender, Finance Matcher presents finance options based on consumer affordability, allowing Novuna-enabled merchants to offer adjusted finance payment plans and increase acceptance rates
- Divido estimates that merchants can lose up to 2% of their retail finance sales because consumers unknowingly set monthly repayments too high, which get declined by the lender.
What does this mean?
Todd Latham, CEO of Divido, comments: “When you get all the way to the checkout and get turned down for finance, you’re going to feel a whole range of emotions and none of them is positive. We saw this problem impacting basket abandonment and customer experience, so decided to develop a frictionless finance solution for the moments that matter. With our partners Novuna, we’re proud to launch Finance Matcher, which gives customers a better chance at being accepted for finance, and boosts merchant’s sales at a time when budgets are being squeezed.”
