FEATURE / MICHAEL BEVAN
CLARITY
The key piece of information that any POS customer requires
is the size of the regular payment they will be required to make,
followed by the time period over which the solution will run. This
information is critical in enabling them to decide if the solution
is right for them, and in building a picture of the POS offering as
transparent and reliable.
Likewise, many consumers find the technical language around
finance solutions confusing, so it’s important for jewellers to focus
on providing clear, jargon-free information and answers to queries
in an open and honest way.
QUICK DECISIONS
Once a customer is interested in POS finance, they need to
go through the application process as quickly and simply as
possible. Cumbersome and complicated application processes,
or those which result in high referral rates, cause frustration
and may lead to abandoned purchases altogether. Refer rates
of just 1% are achievable with the right provider, but jewellers
should check with prospective partners to confirm what their
averages are.
ETHICS
Sadly, weddings are still an area in which too many couples
feel pressured to spend more than they can truly afford.
Whether because of a desire to capture the perfect images
for social media, a sense of comparison with other weddings
showcased in the media, or simply a longstanding vision of the
‘perfect’ wedding, it is all too easy for costs to spiral, and for
couples to go into debt to pay for a substantial portion of their
celebration.
Of course, not all debt is the same, and there is a big
difference between a loan with a high interest rate and a POS
finance solution with no interest at all, but jewellers should
still place customer care and ethics front and centre when
considering how they market POS finance to individuals or
couples looking for an engagement ring. POS finance should
be about convenience and customer-centricity, not positioned
as the only way for a ‘dream’ engagement to take place.
Similarly, it is vital for any POS solution to be compliant
with Financial Conduct Authority (FCA) regulations, ensuring
that the solutions offered are affordable and ethical.
With all this in mind, jewellers seeking to develop a POS
finance offering should seek out a financial solutions provider
with a truly flexible approach, able to tailor their solutions to
the precise needs of the sector. Engagement rings are unlike
any other purchase – they can carry hefty financial weight,
but the emotional investment can be even more significant.
Jewellers in this space need to ensure that they guide
purchasers through the process informatively, sensitively,
flexibly and compassionately. POS finance solutions can truly
be an important part of the picture.
By Michael Bevan, CEO at consumer finance specialist, Duologi.
Once a customer is interested
in POS finance, they need to go
through the application process as
quickly and simply as possible.
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JUNE 2019 | WWW.JEWELLERYFOCUS.CO.UK