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’

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