Checkout Finance platform Divido has announced the launch of ‘Finance Matcher’, a new tool that aims to support UK consumers in affordable finding checkout finance repayment plans.
Finance Matcher presents finance options based on consumer affordability, allowing partner Novuna to enable merchants to offer adjusted finance payment plans and increase acceptance rates.
Divido states that shoppers will be able to get a second chance to adjust their deposit total or extend repayment terms to reduce their monthly repayment amounts, promoting a responsible spending approach in the midst of the current cost-of-living crisis.
Furthermore, consumers passing the soft search the first time will have an improved experience by seeing if they can save money on interest payments by repaying faster, and still be accepted for finance.
Todd Latham, CEO of Divido, commented: “When you get all the way to the checkout and get turned down for finance, you’re going to feel a whole range of emotions and none of them is positive.
“We saw this problem impacting basket abandonment and customer experience, so decided to develop a frictionless finance solution for the moments that matter.
“With our partners Novuna, we’re proud to launch Finance Matcher, which gives customers a better chance at being accepted for finance, and boosts merchant’s sales at a time when budgets are being squeezed.”
Divido estimates that merchants can lose up to 2% of their retail finance sales because consumers unknowingly set monthly repayments too high, which get declined by the lender. For a merchant selling £20, through retail finance, this can mean £400,000 in lost sales every year.
“Today’s shoppers are more savvy, with many now actively choosing to shop with merchants that offer them a variety of payment options. Finance Matcher means happy customers, and less money left on the table,” Latham added.
