Consumer finance popularity is constantly growing according to Worldpay 2021 research, reaching $6.7 in the UK alone . Providing finance options to the buyers, SMEs can improve sales to up to 30%, ATV, offer better customer experience, loyalty, and higher LTV.
In recent year’s companies like Klarna and Clearpay suddenly appeared on the UK market and took significant market stake over classy lending players. One of the obvious reasons is that the UK market has been historically more conservative and less innovation-acceptive. However, once audience sees the benefit, that is a straight road to unicorn status .
With JO1N, companies get the “right at the POS” financing solution, to the benefit of both buyers and local businesses. Here are ten reasons why sellers are choosing to use JO1N over others and can help us grow together:
Incumbent institutions lend from their funds from their books, thus willing to lend customers at higher rates and charge shady late fees . In contrast, JO1N connects retailer to multiple lenders seamlessly. The more lenders, the higher chances for individual approval rate & better MDR fees for retailers. Ensuring that you get the best fee possible while financing the transactions of your customers & near to instant approval for your customers. With multiple lenders competing for the business, JO1N can increase your chances of getting the best deal and bringing tangible value.
Not every buyer is willing to commit itself to a specific solution. To keep their options open JO1N increases seller’s chances of buyers being able to obtain finance and checkout successfully and (drum rolls ) smoothly reuse those details at the following checkout. One ID, many offers, right at the point of need.
A mission is to unite the fragmented POS finance market into one manageable lending stack tool accessible to small and media UK enterprises, and that is our company DNA. It is the area that maintains the business activities of local communities, is heavily overlooked, but keeps the economic engine running. Unlike the majority of the competitors, we are going for less tech-savvy customers in areas where our competitors would not go. Large companies skip small and focus on giant retailers. In contrast, we focus on the SME segment as a form of supporting and empowering local consumption patterns.
As a global retailer, you might require a partner offering a global solution. Working across 6 countries and 2 continents, JO1N becomes a truly unique partner when it comes to managing your lending stack via one simple integration. Moreover, JO1N’s made all the hard work in regards to domestic regulation and is capable of providing universal checkout solution to your loyal customers. One account, 60-second approval. Simple!
Before delving into the explanation, let us draw a clear line between popular market products:
BNPL – extremely short consumer loans, usually direct-debit based payments with soft checks. Merchant finances the “days long” or 3 to 6 instalments over a 56-days. Some lenders also require the borrower to pay the down payment to lower credit default rate.
Interest-free or 0% APR – the product often confused with BNPL, in reality, more of a long-term consumer financing (3-12 months). Usually, the merchant finances the transaction itself, benefiting from higher sales, conversion and loyalty of the consumers. Who doesn’t like 0% rates?
Consumer finance – regulated consumer finance product which required the lender or broker as well as the merchant to be authorized by the local financial body. Traditionally, the borrower pays the APR on top of the borrowing amount over the 12+ months.
Closely researching consumer finance industry competitors across the UK, we conclude that no company provides a combination of multi-lender AND multi-product solution on a granular level. JO1N is approaching the idea from the buyer’s perspective intending to tackle the issue of indebtedness by putting affordability at the forefront. Any merchant can offer truly customised finance products that suit business operations and offers customers the choice and experience they deserve.
If you are willing to bear the cost of financing your customer’ goods & purchases, credit agreements that are 0% APR and less than twelve months term are unregulated, implying no need to apply for the FCA (Financial Conduct Authority) credit license to start off with our platform.
Unlike the majority of the competitors, we are helping offline and less techy retailers. Companies like Klarna or Zip focus on giant retailers overlooking the needs of small and medium businesses. JO1N is all about inclusion, so we are committed to offering integration with the most popular e-commerce platforms, such as Magento, WooCommerce, Instacart and others, making sure that you provide your customers with their preferred purchasing channel. Check out our Developers page for more info on integration!
JO1N is here for a long time, our fee structure may vary depending on the product, however, we are ready to beat the majority of the fee offerings. Heard of the “found cheaper and we will match” approach? This is what we stay for.
Before the relevant PSD2 (payment regulation) kicked in, it was simply impossible to aggregate anyhow reliable data on the client, apart from traditional credit bureaus. Now, when major financial organisations allow extracting customer personal finance data given there is consent, access to such data allows us to treat our customers individually. Strict focus on affordability makes it possible to contribute to the personal cash-flow management and financial wellness of our buyers and ensure a better experience for everyone.
As a retailer you want your bespoke cash-generating tool delivered fast, so we are here to offer you that opportunity in just a matter of days, giving buyers a new way to pay for their purchases.
JO1N is a market leader in POS finance across two countries already. Our multi-channel, multi-lender, multi-country approach gives you a clear advantage over competitors using other financing solutions, enabling you to provide flexibility and convenience to more customers and increase your sales as a result.