Divido’s Finance Matcher tool to offer easy loan repayment plans
By Gloria Methri
Checkout finance platform Divido has launched ‘Finance Matcher’, a new tool to support UK consumers in finding affordable checkout finance repayment plans.
After a soft credit search by the lender, Finance Matcher presents finance options based on consumer affordability, allowing Novuna-enabled merchants to offer adjusted finance payment plans and increase acceptance rates.
For example, shoppers get a second chance to adjust their deposit total or extend repayment terms to reduce their monthly repayment amounts. This helps consumers complete purchases without overstretching their monthly budget.
Further, consumers passing the soft search the first time have an improved experience by easily seeing if they can save money on interest payments by repaying faster, and still be accepted for finance.
Divido estimates that merchants can lose up to 2% of their retail finance sales because consumers unknowingly set monthly repayments too high, which get declined by the lender. For a merchant selling £20 million through retail finance, this can mean £400,000 in lost sales every year.
Todd Latham, CEO of Divido, said, “With our partners Novuna, we are proud to launch Finance Matcher, which gives customers a better chance at being accepted for finance, and boosts merchant’s sales at a time when budgets are being squeezed. Today’s shoppers are savvier, with many now actively choosing to shop with merchants that offer them a variety of payment options. Finance Matcher means happy customers, and less money left on the table.”
Brian Flesk, Head of Retail at Novuna Consumer Finance said, “We are delighted to be collaborating with Divido to launch Finance Matcher for UK retailers. Our unique package of smart, bespoke, credit offerings will match customers to finance plans they can afford and support them during times of need. As finance continues to play a crucial journey in the customer buying experience, this tool with numerous tailoring options will create the right finance option for each individual customer, increase consumer loyalty and nurture stronger relationships with retailers.”
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
September 29, 2023