LendTech company DivideBuy has opened its interest-free credit solution up to online retail businesses with upwards of £100k annual turnover, in a bid to help these smaller retailers attract customers during and beyond the coronavirus outbreak.
It comes as many smaller businesses try to navigate through a turbulent period with COVID-19, hindering business across the globe. Currently, consumers are worried about their own cashflow as both consumers and smaller retailers need support through period of potential instability.
Robert Flowers, CEO of DivideBuy, commented: “The crisis we are currently facing affects us all, and we all need to do what we can to aid the national economy and protect those we can who are vulnerable. Our hope is that smaller retailers will benefit from offering their customers the chance to split up payments at this time, and that large-value items will remain accessible to consumers – enabling them to buy what they need when they need it, with the option to pay later.
“We’re here to support smaller retailers for the short-term and help them grow in the longer term. Perhaps enabling them to come out of the crisis stronger because of it.”
DivideBuy announced its plans to expand out its eCommerce interest-free platform to enable customers to split up their payment with smaller retail sites over a series of months. The firm has outlined its desire for this to allow for greater engagement amongst consumers.
While consumers are encouraged to spend with smaller businesses, DivideBuy has confirmed its strong advocation of ‘responsible lending’ to ensuring consumers that they are always protected throughout the credit process. As such, it runs full affordability checks to confirm that the customer can afford to pay for their purchase in instalments before they can make a credit purchase.
In a further attempt to ease the burden for small retailers, DivideBuy will be offering an initial payment holiday on the small subscription fee it typically charges and issuing reduced rates for the first three months in partnership.
