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