Hitachi Capital Consumer Finance develops innovative solution to increase online sales

The industry body for global online retailing, IMRG, has predicted that by the end of this year, 20% of the UK's £300bn retail business will be e-commerce.

In order to support its growing retail customer base who will need an online finance facility, leading point of sale finance provider, Hitachi Capital Consumer Finance, has spent over £450,000 developing an integrated point of sale finance solution to address the need for instant online credit

decisions.

With the news that online spending is expected to rise by 13.3% in 2009, taking the total spend to £20.9bn, traditional retailers who don’t also offer customers a web based point of sales finance option may get left behind

by the competition.

Hitachi Capitals online credit approval system, PaybyFinance allows retailers to offer consumer finance online, which enables consumers to take advantage of historically in store promotional credit such as Interest Free or Buy Now Pay Later.

PaybyFinance is a unique and simple solution that allows consumers to pay for their goods using a finance offer which they apply for online and are given an instant decision. The easy to navigate site provides shoppers with clear information, along with a quick and secure credit application process that is fully compliant with the Consumer Credit Act.

The PaybyFinance site had a white label facility allowing the e-tailer to retain continuity of look and feel throughout the application process and sale completion. Other benefits include virtual account management, enabling

e-tailers to monitor applications, accepted business, customer demographics and peak trading times by product hour.

Gary Wootton, Sector Head of E-Commerce, Hitachi Capital Consumer Finance, said: “The growth of online sales is well documented, and despite the current economic climate, this sector is still growing. PaybyFinance will

allow our existing high street retailers to replicate their in store finance proposition online and in addition offer online businesses the ability to utilise our credit offers which assist in improving customer conversion rates,

increasing their customers average spend and make their goods affordable to a broader customer base.

“Coupled with a market leading sales generation and profiling tools, we can really help e-tailers dramatically increase sales by working with them not just as a provider but as a strategic partner that is focused on helping them meet their business objectives.”

For more information contact: Daniel Hobson Hitachi Capital (UK) PLC t: 0113 380 1030 m: 07917 264079 e: daniel.hobson@hitachicapital.co.uk