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Ecommerce Forum

Paying on the never never
...anybody offering it?

10+ Year Member

Msg#: 2669 posted 11:39 am on Aug 26, 2004 (gmt 0)


I'm thinking of linking up with somebody like "First National" in the UK to offer customers the opportunity to finance their purchases over a longer period of time.

I know it is used extensively on the high street but has anybody got any experience of using this kind of method online? I know it won't suit every site / product but for higher priced items it looks like it could be an extra revenue generator.

Any ideas?

[edited by: elgumbo at 12:29 pm (utc) on Aug. 26, 2004]



WebmasterWorld Senior Member leosghost us a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

Msg#: 2669 posted 11:51 am on Aug 26, 2004 (gmt 0)

Societé General lets you do this in France via your visa card if the account is with them


10+ Year Member

Msg#: 2669 posted 8:23 am on Aug 27, 2004 (gmt 0)

Nobody in the UK offering this option?


10+ Year Member

Msg#: 2669 posted 8:31 am on Aug 27, 2004 (gmt 0)

We've been asked to look into this for one of our customers. A couple of other sites in the industry seem to be using a company called "Able2Pay" (or something like that), but I haven't got around to checking them out yet.


10+ Year Member

Msg#: 2669 posted 10:05 am on Aug 27, 2004 (gmt 0)

A site that I know of has added an option for interest free credit, one of those schemes where it's interest free if you pay it all off quickly otherwise you end up paying extortionate interest rates (over 30%) for extended credit.

It's doing very badly. The only people seeming to want to use it have no credit cards and very bad credit history. Over 90% of applications are turned down by the finance company. There is a fair amount of work for the merchant to do before the application is forwarded to the finance company, so 9 times out of 10 it's wasted effort.

I wouldn't recommend it. Incidentally goods are priced between £150 and £1,000 so not really big priced items.

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