Business Pay Monthly for customers

[dafcjim]

Hi there,

Does anybody know of any providers of finance? - I want to offer my products to customers over 24 months.
thanks
James

 

[Mark T Jones]

What are you selling?

who are your customers?

 

[dafcjim]

What are you selling?

who are your customers?

Selling games consoles and mobile phones.

customers in store and online

thanks
James

 

[Mark T Jones]

I may be wrong, but this looks like a low value purchase? In which case you're probably better just encouraging card payments

 

[Frank the Insurance guy]

Are looking to provide your own finance so they can pay you over 24 months? If so, there is a huge amount of regulation, starting with having to be FCA Authorised.

This is a good starting point: https://www.gov.uk/offering-credit-consumers-law

You are better off partnering with an existing loan provider and piggyback on their credit/loan service.

 

[Mark T Jones]

Are looking to provide your own finance so they can pay you over 24 months? If so, there is a huge amount of regulation, starting with having to be FCA Authorised.

This is a good starting point: https://www.gov.uk/offering-credit-consumers-law

You are better off partnering with an existing loan provider and piggyback on their credit/loan service.

Indeed - it would be madness to offer your own credit in this sector!

Offering third party credit also brings challenges, and can impede the sales process on low vaue goods

 

[Talay]

One of our businesses does one off purchases for between £150 and £500 and we have thought about offering one of those klarna / paypal pay type things where outside to us, the client could use 3rd part credit.

However, why can't they just use their own credit cards ? Too high % I guess.

Not sure if it is right for us, it might be.

 

[dafcjim]

Are looking to provide your own finance so they can pay you over 24 months? If so, there is a huge amount of regulation, starting with having to be FCA Authorised.

This is a good starting point: https://www.gov.uk/offering-credit-consumers-law

You are better off partnering with an existing loan provider and piggyback on their credit/loan service.

Actually it was more like finding a provider so I can offer a package of for example £19.99 per month for a games console. Do they pay a monthly fee but we gets funds up front, they get commission/interest.

 

[WaveJumper]

By all means use something like the services of Paypal etc but I would not attempt to get involved in this otherwise