Measuring the Real Impact of the Right Paperless Retail Finance Solution Let’s imagine, for a moment, that you are at the helm of a small, but ambitious retail business. It’s naturally your job to find the right solutions for your company – those solutions that come at the lowest cost, in terms of both finance and time, while also bringing a worthwhile return and helping to grow the business.
Much is made of the large proportion of start-up firms, in particular, that fail within the first 18 months or so of operation, in an age in which all business owners are being asked to do more with less.
However, small retail businesses – however ambitious they may be – don’t have the resources that larger firms can easily call upon in times of difficulty, and any solution that can shore up your company’s financial security and stability and give it the basis on which to expand, is likely to be much appreciated. One such solution could be a paperless finance solution – a reinterpretation of Point of Sale retail finance that means that the customers of independent and niche businesses can immediately agree terms on which to pay for their purchases in instalments across several months.
Why is existing point of sale retail finance often so troublesome? Here at Omni Capital, we realised that there needed to be a better way of bringing the customers of such businesses the convenience and quality of service that was necessary if they were to
purchase from these smaller and often more struggling companies – and we especially focused on retail finance. But point of sale finance has long been a sheer inconvenience from the retailer point of view. The disadvantages are arguably merely amplified from the smaller business owner’s point of view. They’re the ones doing all of the work, as they have to fill out each credit application form before the customer and their bank are given printed copies. It may be the case that the customer isn’t physically there, in which case, the form also needs to be posted to them. All too often, the retailer also eventually has to call the customer to remind them to post the form back. This whole process repeats itself if an error is made. It’s easy to see why so many smaller, independent and niche retailers simply decide to forgo the perceived awkwardness, low time efficiency and poor financial return of POS retail finance.
What is the gist of this new paperless e-signature system? The good news is that we are living in the digital age, so there’s no reason why even smaller and more niche businesses can’t benefit from point of sale retail finance that is convenient enough to enable them to compete with bigger businesses. There’s no reason, for example, why a smaller firm can’t offer a convenient Paperless Retail Finance Solution not only in-store, but also online or via email. What about the ability to give customers an instant decision, followed by them signing their credit agreement on-screen? Once it’s done, it’s done. Nobody is left waiting around, and nor is any paper used. Compared to the traditional alternative, it’s almost completely stress-free. Here at Omni Capital, we have developed just such a system, with a particular focus on ensuring high acceptance rates, whether in-store or online. Retailers like yours told us that this was important, and we responded by placing an emphasis on driving a small or independent retailer’s sales, as well as boosting the average order value. Sure enough, the credit score system that we have developed delivers frequently superior acceptance rates to the high street banks and other mainstream financial institutions, with many of our retailers seeing significantly heightened turnover as a result. Not only is our finance competitive, but it comes on the most attractive and flexible terms.
A look at the various sectors that could benefit from our point of sale retail finance
One of the aspects of Omni Capital that has helped to make it the go-to lender for small retail businesses looking to achieve the financial security for further growth, is our expertise in a wide range of sectors. We have accumulated considerable experience with partners in various sectors, with these serving as positive case studies. One might consider, for example, the home improvement market. The housing market may seem slow right now – albeit, gradually recovering – but that hasn’t deterred many people from carrying out home improvements such as loft conversions and house extensions. In some cases, this can be as part of the growing trend to ‘improve rather than move’, with many homeowners losing patience with the search for a property that better matches their present needs. Home improvements can therefore make a lot of practical sense for homeowners in the here and now, perhaps because their family is growing and a house extension frees up that space. Alternatively, they may be working from home much more often, which is unsurprising in a world in which the traditional ‘9 to 5’ is in decline in favour of remote working and freelancing. They may therefore benefit from a loft that has been converted into a pleasant home office, giving them a distinctively separate space from the rest of the home in which to be productive. However, home improvements can also be sought with an eye to selling the property later, at a higher price. Indeed, well-executed loft conversions and house extensions are capable of enhancing the value of a property, well beyond the amount spent on the actual conversion.
The importance of good POS retail finance to home improvement firms Home improvements are certainly very cost-effective for the homeowner when they are done well, and they sustain their popularity even in the more uncertain economic times that we have seen plenty of lately. But the finance might not be easily accessible for such homeowners, which indicates the potential value of a paperless e-signature solution in this industry. With these home enhancements being such costly but valued investments for the homeowner, interest-free finance is very attractive to them, and more and more home improvement firms are offering it. If you wish to join such firms, and want to learn more about you may therefore want to get in touch with Omni Capital. We work with various partners that are renowned for the high standard of workmanship and installation that they provide, with their tailored products including the likes of bespoke fireplaces and staircases as well as renewable energy solutions such as solar panels. Customers would love to be able to commit quickly to major expenses like these, and the greater amount of time and energy that more traditional point of sale retail finance consumes is also bad news for the home improvement company, giving the customer the chance to rethink and pull out of any commitment for fear of it being beyond their financial means.
Easy and assured finance from a lender like Omni Capital can be vital for settling every stakeholder’s nerves.
Other sectors that can benefit from a paperless e-signature solution There aren’t too many other sectors that a paperless e-signature system like that of Omni Capital couldn’t possibly have a real impact on – and even if your business doesn’t fit into one of the retail sectors mentioned on our website, our team wishes to hear from you, as we are continually seeking new small-to-medium sized firms that we can assist across both traditional and emerging markets. As for those sectors that we do cover on our website here at Omni Capital, a natural consequence of investment in a major home improvement such as a house extension or loft conversion, is the wish to populate new rooms with the most appropriate furnishings, such as furniture, beds, baths and sofas.
People may even wish to use the POS retail finance offered via Omni Capital to purchase some artworks for their walls. This paperless e-signature finance can be invaluable for the purchase and sale of not only indoor living items, but also outdoor living items, such as garden buildings like sheds and offices, hot tubs and spas and water features. On the subject of the great outdoors, the equipment needed for sports and physical pursuits can also be expensive, and can include products relating to golf, horse riding, archery, skiing and more. We know that there are many smaller retailers that sell such items online and in-store, and we can again assist them with interest-free finance. Technology is also a continually evolving retail sector, in which many customers making purchases will have a particular affinity with, and understanding of, a paperless point of sale retail finance solution. People are constantly looking for the latest versions of gadgets and consumer electronics, and are prepared to pay in monthly installments, at competitive rates, to access them. Finally, there is also a wide range of luxury goods on which such finance is in-demand, including jewellery, watches and antiques.
The features and figures behind interest-free and interestbearing paperless retail finance
The basics of Omni Capitalâ€™s e-signature solution are market leading acceptance rates for both interest-free credit at 0 per cent APR and interest bearing finance from 12.9 per cent APR. Spreading value across many months at no extra cost via interest-free credit is a clear way of attracting more customers to do business with your small, independent or niche firm, making you a much more feasible alternative to a bigger high street store. In fact, allowing your customers to pay in manageable monthly instalments in this way is an excellent way of increasing order values compared to if the customer had been restricted to cash, by as much as 200 per cent. The interest-free products of Omni Capital incorporate such features as repayment terms from 6 to 36 months, as well as finance of as much as ÂŁ15,000. But if you wish to further increase the diversity of the customers that you attract, there are also our interest-bearing products to consider, covering longer repayment terms of as long as 48 months. The platform itself also frees up time and energy for you to spend on the growth of your core business, with minimal staff training required. The state-of-the-art secure cloud-based platform can be integrated with your business incredibly simply, with an application also easily being generated at a touch of a screen or button, via a computer, tablet or wireless terminal. The application process is very easy to understand for the customer, culminating in the actual esignature, while a decision is returned just 10 seconds after this is submitted. System security is also strong, thanks to fully automatic identity checking, while your cash flow is further maximised by our daily settling with retailers.
A genuinely healthy return for an expanding and ambitious business All in all, the practical, day-to-day advantages of this solution to a growing and ambitious retailer like your own are clear. But it would all mean little if this convenience did not translate into a concrete effect on your bottom line making a real difference to your firmâ€™s longer-term growth prospects. Retailers adopting a paperless e-signature process have seen incremental sales rise by as much as 40 per cent, while your average order value could improve by 200 per cent or even more. It is widely considered that businesses go through three main stages, aside from eventual decline: start-up, growth and maturity. The start-up phase naturally marks the business coming into existence, a time when plans are conceptualised and implemented and vital initial capital sought.
Once a business has gathered a certain amount of independent momentum, it begins to enter the exciting growth phase in which its products come to gain marketplace acceptance and further capital is needed to buy capital equipment to increase production. Even during the third maturity stage, when cash flows are more stable and a faithful customer following has been established, the opportunity persists for a company to expand further or diversify. Throughout all of these stages, the many aforementioned advantages of our innovative financial products place your small, independent or niche firm in a better position. Your firm is enabled to evolve and grow all the faster, with both your company and customers able to forget about the hassle previously associated with POS retail finance.
Credit decisions are made instantly as part of a highly efficient and ethical process, complying with relevant legislation. When you choose the paperless finance solution of Omni Capital, customers get to enjoy greater access to finance that allows them to buy more products from you and of a greater value. Meanwhile, as a retailer, the resultant significant increase in turnover gives you greater financial stability through even the most difficult times, making it possible for you to realise your overarching company ambitions so much sooner. For more information, go to http://www.omnicapitalretailfinance.co.uk/
Published on Oct 2, 2013