AcceptPlus from Pay4Later Revolutionises Point of Sale Financing
LONDON, August 8, 2016
Pay4Later today announced the launch of AcceptPlus, a new feature that substantially increases the number of consumers accepted for point-of-sale credit.
Pay4Later is unique in having a panel of lenders as well as the smart technology to automatically route customers to the right lender. For merchants this means higher acceptance rates, increased revenue and happier customers at no extra cost or effort. For the customers this results in credit being more attainable, thus enabling them to more easily afford the important things in life.
Pay4Later works with a panel of lenders, each with different credit policies and criteria. AcceptPlus allows credit applications to be routed sequentially to multiple credit products offered by one or more lenders, to increase the chance of customers being approved for credit. All this happens instantly (without the customer or merchant having to reapply) and a decision is returned within 8 seconds.
Scott Law, Pay4Later’s Chief Executive Officer, said “Pay4Later is the innovation leader in point of sale finance. We were the first to introduce paperless and e-signature, the first multi-channel solution, the first to introduce mobile optimised processes and now the first to introduce multi-lender with AcceptPlus. Already we’re seeing that 20% of previously declined applications are being approved.”
Pay4Later is the only point of sale finance platform that offers merchants access to multiple lenders, spanning the credit spectrum and the smart technology to increase approval rates.
Results from the initial merchant trials have been excellent. 88% of consumers have accepted an alternative finance option offered. AcceptPlus was recently shortlisted for a MoneyAge Innovation in Consumer Finance award.
Pay4Later connects lenders and merchants to give consumers a better way to finance expensive goods and services, everything from jewellery and electronics through to healthcare and education. It’s the fastest and easiest way to offer finance, delivering an exceptional customer experience whilst helping merchants maximise sales and increase average order values. Pay4Later was founded in 2008 and is based in London. It provides services to over 1,400 merchants via a panel of lenders, which combined with its innovative technology, ensures the highest acceptance rates.