CCS ‘CHOICES OF FUNDING’ –
CAN YOU AFFORD TO BE WITHOUT IT…?
Six months ago we announced our unique ‘Choices of Funding’ approach to help retailers present all available repayment options to customers equally and compliantly.
Numerous retailers have now introduced the new process, and they’ve found it’s had an unexpected but very welcome benefit – it’s substantially increased their credit sales and order values!
What is ‘Choices of Funding’?
Quite simply, it’s a ‘form’ that sets out all the repayment options (cash/self-funding, interest free, buy now-pay later and/or interest bearing) and key financial information for customers.
It allows them to make a quick and easy direct comparison, before choosing the right funding option for them. The customer then signs to say they’ve seen and understood all the options available; giving you a full audit trail and providing supporting evidence for compliance purposes.
Why you should introduce ‘Choices of Funding’
- Simple ‘one-page’ layout covers the important aspects of each repayment option available
- Easier for customers to make an informed choice about which repayment method suits their requirements
- Easier for your sales team to introduce credit to every customer (and they no longer have to try and remember all the details of each repayment option)
- Provides documented evidence that you’ve treated your customer fairly by explaining every available option
- Used correctly, the process increases credit sales and, importantly, order values
Making it easier to keep your business compliant
Using the Choices of Funding process removes the risk of salespeople deciding which finance products they will tell customers about or from making assumptions about which finance products they think customers will prefer. It prompts them to go through all the options.
Making sure customers are fully informed about all the options is a key component of the FCA’s Treating Customers Fairly (TCF) principle.
A flexible process that will work for you & your business
The Choices of Funding process has been designed to fit in with all business practices – you can have a simple paper form (ideal for carbonating so you can retain copies for your records), an MSExcel spreadsheet (that will complete calculations and can be printed) or an app for tablets.
To find out more about how Choices of Funding can help you improve customer service, satisfy FCA compliance and increase credit sales, contact your Business Development Manager today or call Head Office on 0845 120 6666