The popularity of these sales will remain, but consumers are getting savvy about how they pay. It’s an expensive time of year and retailers offering installment finance attract consumers by offering a responsible way to spread the cost.
London (PRWEB UK) 1 December 2016
Pay4Later, the leading point of sale finance technology platform, today released data that shows retail finance was more popular than ever amongst UK consumers over the last weekend's peak sales period.
The company, which processes thousands of finance applications a day, saw:
- 60% more finance applications than usual over the entire weekend
- Cyber Monday was as popular as Black Friday with almost the same number of applications on both days
- Mobile applications reigned supreme with over 65% using a mobile device
Over this year’s sale weekend Pay4Later also saw:
- 82% of finance applications made online
- Interest free options edging ahead with 53% of all applications, compared to 47% taking interest bearing finance
- The most popular loan type was interest free for 12 months which was chosen over 31% of applicants
- 55% of applications went through Pay4Later’s AcceptPlus technology that increases the chance of customers being approved for credit by routing applications sequentially through multiple credit tiers and multiple lenders
- Over 99% of interest bearing applications were for loans under 20% APR
- Average price of goods being financed was £962.62
Scott Law, CEO of Pay4Later said “The popularity of the Black Friday and Cyber Monday sales will remain, but we’re seeing consumers getting more savvy about how they pay for big-ticket items. It’s an expensive time of year for many and retailers offering installment finance are well placed to attract consumers by offering them a responsible way to spread the cost of their purchases”.
Vicki Scheele, CMO of Pay4Later said “This data shows that our unique technology is delivering incremental sales for merchants. As mobile overtakes desktop, online overtakes in-store and smart technology increases acceptance rates, merchants need to ensure they’re taking advantage of the best tools at their disposal”.
Pay4Later is revolutionising the point of sale finance market by transforming lending with technology. It’s the only point of sale finance platform that offers merchants automated access to multiple lenders, spanning the credit spectrum to increase approval rates. Finance is a critical sales tool for retailers looking to get ahead of the competition and is increasingly being demanded by all kinds of consumers.