Flexiti launches online financing
TORONTO – Flexiti Financial has upgraded its point-of-sale (POS) financing and payment technology to make its available and accessible for online transactions.
The company maintains the financing platform can be easily integrated into any e-commerce engine, overcoming two key hurdles – speed of implementation and cost – as retailers seek new ways to embrace e-commerce, which continues to grow as a sales channel.
Flexiti’s POS lending platform offers low rates for retailers who want to offer their customers flexible payment options, such as 0% interest financing. Customers do not require an existing credit card to apply. They can simply select ‘Pay with Flexiti’ at checkout, apply, and receive approval for Flexiti’s virtual credit card – within seconds. Merchants receive payment in less than two days.
The new online financing product provides customers with access to open credit, with interest rates as low as 0%, through its virtual credit card, eliminating the need to reapply for financing towards future purchases. For merchants utilising the product, this is a major advantage over instalment loans which require new applications for each purchase. It is also integrated with Flexiti’s existing in-store POS system, allowing retail partners to offer the same financing solution across all sales channels to increase revenue and build loyalty through repeat purchases, whether in-store or online.
Retailers can easily integrate Flexiti’s online financing to their existing e-commerce site or e-commerce platform through its own API. Flexiti also offers out-of-the-box ‘Plug & Play’ extensions, free of charge, for e-commerce platforms like Magento 1, Magento 2, WooCommerce, Open Cart and PrestaShop. As a result, in just a few days, merchants can begin offering a powerful new payment option to drive sales.
“Retailers in Canada are competing on a global scale but lack the advantages our competitors have in other markets, particularly in online payment options. Flexiti Financial has just helped level the playing field, offering us an e-commerce solution we were able to integrate on our site in a few days” said Raj Kapahi, president of Wicker Emporium, a 24-unit retailer of furniture and accessories with stores throughout Atlantic Canada and Ontario.
“E-commerce is an important sales channel for Wicker Emporium, and we are excited to provide our customers a better shopping experience by offering online financing through Flexiti Financial,” he added.
The potential impact of online financing for retailers in Canada cannot be ignored. In the coming decade, it is estimated that 35% of Canadian retail sales growth will be delivered online, up from 7% today. Forty-two per cent (42%) of customers are more likely to shop at an e-retailer that offers financing, and retailers that do have seen a 15% increase in the order value at the point of check out.
“We have created the most technologically advanced financing platform in Canada to provide merchants better sales financing options to boost their bottom line,” said Peter Kalen, founder and chief executive officer of Flexiti Financial. “With our platform, our retail partners have seen up to a 380% increase of in-store financed sales. As Canadians continue to embrace online shopping, Flexiti Financial is thrilled to offer our solution to help merchants achieve the same sales online.”
Kalen also noted Flexiti’s platform has made the cumbersome and tedious process of applying for credit in-store seamless and quick. Using a tablet or a desktop, a sales representative can lead a customer through the application to approval in under three minutes.
“Given both the in-store and online systems are integrated, retail partners can offer the same financing solution across all sales channels to increase revenue and build loyalty through repeat purchases, whether in-store or online,” he said, pointing out there is no sign-up fee for merchants wanting to add the Flexiti program to their existing POS system.
While the development of e-commerce in Canada has trailed that of other countries – like the U.S. and the U.K. – it did have an estimated value of $20 billion, or about 7% of the country’s $352 billion in retailing spending in 2016. Experts believe that e-commerce will account for 35% of retail sales in Canada over the coming decade.