Product: BNPL
Company: DivideBuy
Founded in 2014, DivideBuy is a lender and technology platform provider on a mission to transform POS finance by offering innovative, affordable consumer credit solutions online and at the POS. The company's eCommerce credit plugin integrates with leading shopping carts, including Shopify, Magento, WooCommerce and Craft Commerce, the company stated.
By scrapping late payment fees for customers, DivideBuy provides fair, flexible and ethical finance designed to support consumers through all of life's major purchasing milestones, the company added. Participating merchants can opt to self-install the DivideBuy eCommerce plugin or ask DivideBuy for assistance.
Designed to fit seamlessly into a merchant's existing checkouts, DivideBuy's solution can also track a customer's journey throughout the payment process, providing valuable data for merchants to improve marketing offers, such as discounts, to deepen customer loyalty and give a more intuitive customer experience, with tailored payment plans based on the customer's profile.
Stressing the importance of responsible lending, DivideBuy enables merchants to offer customers interest free monthly installments over extended time frames—up to 12 or 24 months. This is a longer repayment time frame compared with other providers in the sector, DivideBuy noted, which helps make large-value purchases more affordable for budget-conscious shoppers.
DivideBuy's speedy application process and immediate decisioning enables customers to spread the cost of purchases with no hidden charges. The company uses automated decision-making algorithms to ensure the entire credit approval process takes less than 60 seconds, according to company representatives.
The resulting information and customer data enable DivideBuy to present the consumer with personalized payment deals and soft-search credit checks that don't harm the customer's credit score. This soft-search methodology helps consumers stay apprised of credit worthiness and repayment options before they check out.
In addition, the company noted, all information on payment installment times and totals is customer-facing, with no hidden fees, which keeps transactions fully transparent to consumers by showing them exactly what they are paying. DivideBuy also provides additional flexibility by giving consumers the option to change repayment dates online while maintaining total visibility of their finances.
DivideBuy's intuitive lending solution embodies fair and transparent finance, the company stated, pointing out that DivideBuy and sales channel partners can help merchants boost revenue by offering alternative payment methods to their customers, which can increase average ticket size and reduce shopping cart abandonment.
DivideBuy's fast, automated onboarding processes have been shown to help merchants lower customer acquisition and administrative costs, the company noted, adding that its rigorous due diligence has reduced delinquency levels to just 3 percent.
Company representatives additionally noted that the company's consumer lending solutions are designed to solve numerous pain points for merchants while making purchases more affordable for shoppers. As a credit lender, DivideBuy takes on all credit risk, they added, meaning merchants don't have to wait for repayments to be made before getting revenues.
Data insights generated by customer buying behavior and harnessed through DivideBuy's agile tech stack has helped participating merchants enjoy a 70 percent increase in sales conversions, 43 percent increase in big-ticket item sales and a 35 percent increase in average ticket sizes, the company noted.
By owning the entire lending journey, DivideBuy gives consumers the reassurance of knowing they're in control of their finances and can make informed decisions for larger-value purchases without fear of penalties or fees if their financial circumstances change, the company said, adding that these assurances help merchants boost sales, improve cash flow and forge deeper relationships with their customers. 
Website: https://dividebuy.co.uk Contact: hello@dividebuy.co.uk
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