Friday, July 25, 2014 Provide a Finance Payment Option for Customers

August 5, 2012 by  
Filed under Marketing Tools Provide a Finance Payment Option for Customers

Woodburning-Stoves introduce finance option to website

Evesham, Worcestershire (PRWEB UK) 5 August 2012 has been around for a fairly long time now; almost 3 years since the business first started trading online. In this time period the business has gone from strength to strength and increased turnover and profit year on year; even in spite of the current economic climate that affects a lot of businesses in the United Kingdom. Maybe the economic climate has actually benefited the business seeing as wood burning stoves are a rather green, environmentally friendly way of heating a house.

Regardless of the reason, their latest website update shows that they’re constantly thinking about moving the business forwards and increasing the amount of customers and orders they get.

This new update primarily affects the payment system and how customers are able to pay for their purchases. In the past they were limited to buying a product via a one-off payment method; however, this had downsides. The price of a lot of stoves are quite large and when people are already struggling to pay household bills, forking out £500 on a new multi fuel stove to heat the house might not be a viable option.

Thankfully the new finance payment system that has been implemented completely eradicates this problem by allowing customers to pay for their order in monthly instalments over a set period of time. This is extremely beneficial as it allows people to manage their monthly outgoings better as predicted expenditure is much easier to deal with than a single large transaction.

To be eligible for the finance option, the order value must meet a minimum price of £350 (people buying wood cutting axes won’t have this luxury). If this condition is met, customers will be faced with two finance options to choose from: ‘Buy now pay later’ and ‘interest bearing credit’. One option gives the customer the choice of not paying for a year and then paying monthly or in full; whilst the other option is just a standard 48-month finance plan. Both have their advantages and will suit different types of customer which is what the business strives to achieve.

Scott Morris, Marketing Manager at commented on the implementation of finance: “Adding a finance payment option has always been something we’ve wanted to include into our checkout system and thankfully, we’ve finally got round to it. At current, exactly 50% of sales over the value of £350 have opted for finance… this clearly shows that it was worth the time to add onto the site!” currently operates on the new, rebranded and ever-expanding Online Home Retail Network. The OHR network at present hosts around 50 websites which sell everything from cheap multi tools and hosepipes to bathroom mixer taps and power tools. Online Home Retail Limited first started out as Plumbworld Ltd back in 1999 and since then it has been bought by the Grafton Group PLC in 2006 and received a major rebrand in 2012. The business now employs 60 people in its purpose built warehouse/offices and has a total turnover nearing £25 million per year.

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