Twelve months ago we announced our unique Choices of Funding approach to help retailers present all available repayment options to customers equally and compliantly. Many of you have now introduced the process and are reaping the benefits.  In many cases it’s not only helping with FCA compliance, it’s also substantially increasing credit sales and order values too.

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

Making it easier to keep your business compliant

Using the Choices of Funding process removes the risk of salespeople deciding which finance products to 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 have the option of using:

The benefits of adopting Choices of Funding are clear, and it can be introduced without disruption or cost to your business. Full training is also provided.

If you would like to find out more, then please contact your Business Development Manager or the CCS Head Office on 0845 120 6666