Retail Financing Solution (November 4, 2019)
Smooth, user-friendly and intelligent workflow which hides all the obsolete parameters from the customer
Traditionally the workflow has 2 entering point for application – front and back offices. With shopping items in the system a customer or a shop assistant can easily fill a bucket > choose a payment plan > put the customers details into the system > fill insurances and warranties > review all information and push an application through the decision making process. The shops and lenders will love it because a shop assistant should do just one action at a time and the system itself will suggest what is to be done next. The workflow is haunting, light and intuitive – no long training sessions are needed.
2. Automatic payment plans: a customer or a shop assistant put items in a shopping cart and choose financing conditions. Based on the entered parameters the system will pick the right credit product itself
A customer does not choose a credit product but the system picks it up automatically given the entered parameters: a shopping cart total price, an income periodicity, duration and affordable down payment.
The shops/lenders are able to set different interest rates depending on the amount or term ranges, for instance:
up to 3 months or $1000 in cart – 7%
up to 6 months or $5000 in cart – 6%
etc.
APR, totals and approximate payment are prominently exhibited on the calculator widget so that the customer can assess if he/she can effort the shopping.
This would make things much easier for a shop stuff who can be not financially astute.
3. Maintenance fees and sales tax management
Retailers can include their operational expenses to the loan balance and charge it from the customers later. For example, a shop can include fees for providing service along with an item.
4. Payments to vendors (shops/service providers) directly
This is a brilliant feature for lenders who want to be a financial intermediate between a good/services merchants and buyers. With this option enabled the buyers will not receive money – they will go to a seller right from the lender.
5. Collateral protection and a custom insurance (for instance, borrower's live insurance)
An expensive items can have an insurance as well as life of a borrower. That would be of use for the sellers of pricy and luxury goods.
6. Items for sale management which allow to enter a list of items (goods/services) into the system and set a serial number for each separate item
The system can store the items unique serials numbers and warranty terms. Such a feature can be a pearl for a LMS as those usually do not store the data like that.
7. Ability to return purchased items and recalculate the remaining balance
Returns and refunds are unavoidable for retailers so we made possible to register these actions in the system too. For example a customer exploited his right to return a purchase back to the shop. It is connected with complicated recalculations and reschedules because the refund will change the schedule back in time.
8. Payment vouchers can be sent to customer's email automatically once the transaction is completed
The system automatically creates and send to borrowers receipts after every payment. This makes the sellers actions legit and reduces the tremendous manual work for forming and sending these vouchers.
9. Special loan statuses for the bucket revision on the back-office
All applications from the front-office get to the ‘application submitted’ status. That requires additional order review that would be useful for drop-shippers and other merchants.
10. US-oriented vocabulary These are the main things in this release, and I'm sure our clients will love using them. Let me know if you have any questions.
With the help of our US team we made some terminology replacements from what we used in our box version