Key Takeaways
Retail finance allows customers to spread the cost of purchases over time, which can benefit small businesses by increasing average order value, reducing abandonment rates, and attracting new customers. Unlike many retail finance lenders, Payl8r extends its finance solutions to small UK businesses, sole traders and limited companies with as little as three months’ trading history, making our offering more inclusive while still providing seamless integration.
If you run a small or independent business in the UK, it’s possible that at some point you have wondered: How can I boost sales without discounting? Or What’s the easiest way to help more customers say “yes” to higher-value purchases?
Well there is an answer, and this is where retail finance for small businesses comes in. Here we will break down what retail finance is, why it is no longer just for the big merchants, and how growing businesses like yours can start offering finance options quickly and easily.
Contents
- What is Retail Finance?
- Why Offer Retail Finance as a Small Business?
- What are the Benefits of Retail Finance?
- How do I offer Finance Options to My Customers?
- What’s the Easiest Way to Add Retail Finance to My Business?
- Retail Finance for Small Shops UK
What is Retail Finance?
Retail finance gives your customers the ability to spread the costs of their purchases over time, instead of paying the full price upfront. This checkout option has become increasingly popular with businesses in the last few years and has now become an expectation for customers when shopping both online and in-store.
Why Offer Retail Finance as a Small Business?
Offering finance options at checkout gives your business a serious advantage, especially if:
- You sell a range of high value products or services
- You’re in a competitive market
- Your customers hesitate or abandon their purchase due to prices
What are the Benefits of Retail Finance?
Offering retail finance to customers comes with many benefits such as:
- Increased average order value – When customers are aware that the option to spread the cost at checkout is available, they are more likely to bundle products or services as it becomes more affordable for them than it would be without these options.
- Reduced abandonment rates – Retail finance options can help give hesitant buyers a nudge to complete their purchases.
- Reach new audiences – Flexible payments options are a top priority for a lot of shoppers, this means they will be actively looking for the products they want at stores that have these options available. Offering this could allow you to reach this new audience.
- Keeps your cash flow strong – A key concern for many small business owners when introducing retail finance is not being paid upfront. With Payl8r, you receive payment within one working day, while we manage the customer repayments.
How Do I Offer Finance Options to My Customers?
Getting started is simple but may vary depending on the finance provider you decide to go with.
Here is a quick overview of how it works with Payl8r:
- Apply to become a Payl8r partner – This is just a simple online form that only takes a couple of minutes. You can find it here.
- Speak to our partnership team – After completing the form, a member of our business team will get in touch to discuss your eligibility and how Payl8r can work with your current business process.
- Integration with your business – Once onboarded as an IAR with Payl8r, our in-house IT team will support the integration of Payl8r into your business. If you will be offering finance within your store, you will be set up with an in-store Payl8r system, allowing customers to apply for finance as they browse.
- Start offering finance – After the integration process is complete and your account is set up, you can now start offering finance options to your customers.
What’s the Easiest Way to Add Retail Finance to My Business?
The easiest way to add retail finance to your business is by partnering with a provider that truly understands your needs, especially important for growing businesses with unique challenges.
Payl8r specialises in retail finance that supports businesses of all sizes. While many lenders prioritise large brands, we proudly partner with retailers across a wide range of sizes and sectors, offering flexible retail finance solutions that scale with your business.
Our integration process is designed for simplicity and sophistication, effortlessly plugging into your existing business systems, whether in-store or online, without disruption.
Retail Finance for Small Shops UK
Whether you run an Aesthetics clinic, clothing brand or a bike store in the UK, our finance solutions can help with the following:
- Sell more, without reducing prices
- Compete with your competitors
- Create a seamless checkout experience for your customers
“Since the integration of Payl8r options, we’ve seen a significant rise in bookings, with 30% of our end users now opting for split payment.”
Simpson-Davies, Faces
Ready to grow your business?
If you’re ready to start offering finance or you’re looking to explore whether Payl8r would be a suitable solution for your business, you can reach out to our team at [email protected], or by completing our new business enquiry form here.
FAQs
How do I qualify for Payl8r as a small business?
To qualify for Payl8r as a small business you must be a UK based limited or sole trader company with 3 months trading history.
Do I need a credit license to offer finance?
With Payl8r you can become an Introducer Appointed Representative (IAR) under our permissions and start introducing customers to regulated retail finance options.
Can I offer finance in-store?
Yes. We have an in-store finance system that allows you to send finance links straight to your customer’s phone whilst they shop.