Increase store conversion through purchases on credit

If you want to achieve maximum store efficiency and sales growth, first of all you should pay attention not to the number of visitors attracted by advertising, SEO and affiliate programs, or even to the quality of traffic, which is conventionally characterized by the number of views per visitor, calls from the site and other targeted actions.

Despite the fact that the number of sales obviously depends on these indicators, it makes sense to increase them (and invest money in it) only when the store site itself, as a sales tool, provides an acceptable conversion for the business. Otherwise, the money spent on advertising and marketing will be wasted. You will sell your visitors the ruble at 90 kopecks. Therefore, absolutely any opportunity to increase the conversion rate is much more important for the store than the opportunity to attract additional traffic to the site.

One of the obvious and effective ways to increase store conversion is credit sales. By giving visitors the opportunity to get a loan for the purchase in your store, you increase the conversion of the site and get additional sales. The possibility of buying on credit actually becomes a mandatory requirement for a modern store with an average check of more than 3,000 rubles, especially as regards appliance stores, electronics and furniture. If we answered the question “Why do this?”, It’s time to move on to the question “How to do it?”. To organize sales on credit at the store site, you must:
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1. Sign an agreement with the bank on POS-crediting
2. Implement the corresponding functionality on the site: submitting an application, obtaining a solution, delivering and signing credit documentation, and paying for an order on credit.
3. Ensure the delivery and signing of credit documentation

Behind these three sentences is hidden a certain number of pitfalls, rakes, shovels, traps and other troubles, which we would like to tell. So, when organizing sales on credit, the following (un) surmountable difficulties await you:

1. To conclude an agreement with the bank on POS-crediting, you will have to wait. The terms depend, of course, on the region, on the bank, on the manager, and (most of all!) On the turnover of your store. In any case, you will need to undergo an inspection by the security service of the bank and collect all the statutory and constituent documents.

2. To send the buyer's request to the Bank, it is necessary to conduct a full customer survey. The questionnaires of banks on POS loans are quite detailed, questioning a single client can take from 10 to 50 minutes. If the Bank agrees to ring your customers, you can be sure that you will lose half of them.

3. Low approval of loans for purchases on the Internet, especially in new outlets (the bank minimizes the risks, and it does not matter that this happens at the expense of your client).

4. When signing the credit documentation, it is necessary to check the passport and the person on a mandatory basis and take a photo of the buyer (well, if not embracing the goods). If the store operates throughout Russia, and delivery is performed by the courier of the transport company, it is almost impossible to fulfill the requirements of the bank.

5. Customer questioning, sending applications to the bank, notifying the Bank’s decision to the client, unloading credit documentation from the Bank’s software, organizing delivery, signing and submitting credit documentation to the bank, monitoring the receipts from the Bank and accepting refunds actually become a constant headache for the store administrator.

We constantly encountered these problems when working with store sites, so one day (a couple of years ago) we decided to create an online lending service that would allow owners and administrators of small stores to get rid of these difficulties - this is how Conpay.ru appeared.

How did we solve these problems?

1. Agreement with the bank.
It is not necessary to conclude an agreement with the bank. It is enough to conclude an agreement with LLC Credit Online

2. Questioning customers
Buyer just enter the phone, mail and name in the form on the site. A call center specialist from Conpay.ru will contact your customer within a few minutes, make a full borrower profile, send it to the bank and inform the buyer of the decision.

3. Level of approval
By connecting to the Conpay.ru service, you get the opportunity to provide your visitors with consumer loans from several banks at once, so the likelihood of approval of applications at Conpay.ru is much higher than in conventional stores.

4. Delivery and signing of the loan agreement
Delivery and signing of the loan agreement, as well as verification of the identity and passport of the buyer is carried out by courier Conpay.ru

5. Headache
The store administrator controls the receipt of funds from Conpay.ru in payment for orders and organizes the shipment of paid goods. Headache recedes.

The Conpay.ru service is completely free and has been running for over a year, over 500 stores have been registered. The approval level of applications at the end of 2013 is more than 70%.

In the next article we will talk about the Market Navigator application, with which you can use the Conpay.ru service in any store.