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Managing Director at Egghead Design Ltd
02 May 2012 16:31pm
Hi
We've a client who currently offers finance as a payment option. However, he's not too happy with it - the greater majority of applications are declined, and when that happens, the shopper is *REALLY* annoyed and goes somewhere else.
The feeling is that the shopper, if not presented with the finance choice, would simply pay by credit card. Our client is wondering if in offering finance, he's actually losing sales?
Does anybody have any useful research or stats on finance as a payment choice?
Thanks!
Tony
Editor at Econsultancy
15 May 2012 11:43am
Hi Tony,
I haven't seen any stats on this, but from a UX perspective, having customers apply for finance only to be rejected is terrible.
I would advise running tests or removing the finance option to see if that improves overall sales, or perhaps making the finance option less visible.
If the vast majority of applications are rejected it seems that, unless the criteria for allowing credit is too strict, then it doesn't seem worth having it.