Easy to integrate online lending platform offers credit to customers at low cost to retailers
TORONTO, ON — Flexiti Financial announced today that its award-winning POS consumer lending platform is now available for online transactions. Retailers across Canada now have access to a powerful, online financing platform that easily integrates into any e-commerce engine, offering a low-cost solution. This is a critical new offering for Canadian retailers as it overcomes two key hurdles—speed of implementation and cost—as e-commerce continues to grow as a critical sales channel.
Flexiti Financial’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.
Flexiti Financial’s 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 utilizing the product, this is a major advantage over instalment loans which require new applications for each purchase. Flexiti Financial’s online lending platform is integrated with its 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 Financial’s online financing to their existing e-commerce site or e-commerce platform through Flexiti Financial’s best-in-class API. Flexiti Financial 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. “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.”
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 CEO 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.”
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