This month we’re asking retailers: What finance options do you offer and how much difference do they make?
Arighi Bianchi
We offer interest-free and interest-bearing finance, and in addition to this, we also offer Klarna online. Customers now expect flexible payment options, even if they have the money in the bank. If we didn’t offer our finance options, we would lose sales.
M6 Beds
We currently offer 0% finance through Novuna for up to 9 months, with a simple application process and quick decisions designed to make the experience as smooth and straightforward as possible for customers. We have also developed a direct finance integration on our website, meaning the application process is not restricted to in-store purchases only, further enhancing convenience and the overall customer experience. In addition, we offer Klarna on all purchases for customers who may prefer to spread the cost over a shorter term, giving even greater flexibility across different budgets and purchasing preferences. From a retail perspective, finance can make a significant difference. It often allows customers to focus less on upfront price and more on finding the right bed, mattress or sleep solution for their needs. This typically leads to higher conversion rates, improved customer confidence and, importantly, greater long-term satisfaction with their purchase.
Harrison & Brown Furniture
I have been FCA approved since I started the business, one company I used stopped dealing in the UK. I then struggled to find someone who would deal with me. They all wanted 2 million turnover etc and much as I would love that it just isn’t me. I’m sure it was the first Manchester show after Covid and I literally stumbled upon Buyline.
From the start they were great, SME’s where what they were looking for. No minimum turnover etc, easy to onboard with them, a really great company to deal with. I did think it would make a huge difference being able to offer 2 years IFC but at the moment it’s a slow uptake from my customers but again Buyline are only interested in how they can help me.
Dreamy
We offer finance on orders up to £1,500, and 0% finance on orders over £1,500.
Snooze
We offer 24 to 48 months options for financing. It allows for our customers to make purchases easier since they have more time to pay off the balance.
Land of Beds
We offer a range of finance options to suit different customers and circumstances, from traditional credit providers and more inclusive finance partners through to “pay in three” options and standard monthly payment plans.
The difference they make is significant. Flexible payment options reduce the upfront cost barrier at checkout, meaning customers who might otherwise delay or abandon a purchase are more likely to go ahead. For higher-value items in particular, being able to spread the cost in a way that works for them is often the difference between a sale and a lost customer.
It also means we’re not just serving one type of shopper. Offering a range of solutions means we can cater to different financial preferences and situations, which broadens our customer base and helps people buy with more confidence.
Home World Beds
We keep a look out for finance providers that don’t burden us with lots of regulations & costs. We have managed for years without offering it though, some of the prime lenders only pass the customers that would pay outright anyway, then we are paying a subsidy for nothing, them passing 1 in 10 deals. Most people have credit cards these days, so we don’t really have a problem not providing finance.
MyNextMattress
We all know that a mattress is a very important product, but it is an expensive purchase for most people – and not a particularly exciting one, let’s be honest. We offer several ways to pay. We partner with Klarna, Payl8r, and Novuna, and we also offer PayPal’s standard pay-later options. It gives people flexibility, whether they want to split the cost over a few weeks or spread it out over monthly instalments. We have certainly seen an increase in purchasing through these finance options over the last year or two, both online and in our stores. We also find that people spend more when they have those options to choose from. There is a cost to the business associated with many of our finance options, so we do routinely assess their impact on margins. We regularly speak with the finance companies to negotiate improved rates and charges.
