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Ultimate checklist to retail finance solutions for your business

August 20, 2021

 As retail finance options continue evolving both online and offline, brands need to make sure they meet the demands of modern-day consumers. That means partnering with a retail finance solution that unlocks buying power by increasing basket sizes and driving up sales. But how do you find a partner who can meet your retail needs?

We’ve put this ultimate checklist together, detailing the key aspects involved with finding the best retail partners. So read on and discover what really matters when it comes to finding finance solutions for your business.


The desire to use alternative payment methods during the shopping experience is on the rise. Shoppers are turning to brands that offer flexibility at checkout and allow them to choose different ways to pay. Flexibility is key for your customers.

Vital buying demographics, such as millennials and Generation Z, continue to overlook traditional lines of credit and instead use alternative options like buy now, pay later. Buying journeys are changing, and the need for more flexibility is key to reducing the number of drop-offs at the checkout stage.

Newer methods like buy now, pay later will account for 10 per cent of all online sales by 2024. Therefore, you want to partner with a finance solution that understands current buying trends and can meet them head-on.

 Multi-product offering

While buy now, pay later is great for unlocking customer purchasing power, it’s not the only alternative payment method – and being able to offer your shoppers more choice is important. That’s why you should aim to work with a retail finance solution that provides multi-product options.

 Whether it’s buy now, pay later, digital credit or flexible monthly payments, online and in-store retailers need to meet the ever-diversifying shopping habits of consumers. The best way to do that is by providing them with several options at the checkout.

You should partner with a solution that offers a finance ecosystem and simplifies the process of selling a range of products. The more products you can offer customers at checkout, the higher the chance of increasing your sales.

Interest-free options

A growing number of customers are turning away from using traditional credit lines as they become savvier about their finances. They want options to spread the cost of their payments, yet they don’t want to incur high-interest charges.  

Interest-free solutions like Pay in 4 allows them to do just that, and you should aim to work with a provider who has an interest-free payment option for your customers. The appetite for these kinds of payment methods is growing, and it’s a great way to offer more at checkout.

Fast lending decisions

Without a smooth process where customers get quick access to finance, none of the products you offer will matter. You can have all the options in the world, but the checkout process won’t improve if your shoppers find it too hard to apply or keep getting rejected.

 Therefore, you should partner with a finance solution that covers all aspects of applying for finance. One way of doing that involves having access to a multi-lender platform, where there’s a multi-lender panel acting in the background.

 If a customer is rejected for finance, their application automatically passes onto the next lending option. All of this happens without them knowing or their experience being interrupted. The result is a higher acceptance rate for your customers, which increases sales and your bottom line.

Easy integration

 Another key aspect of providing a seamless experience happens in the background, on the integration side of the process. The best retail finance solutions effortlessly get their partners up and running in a speedy manner so they can offer finance to customers without any hitches.

You don’t want to hang around while it takes a prolonged period of time to set everything up. Whether it’s on a desktop, tablet or mobile, customers should be able to use your fiance options without any hassle.

 Before choosing a partner, make sure they have a fluid process in place to get you up and running quickly. Ask about their lead times, and pick someone who has experience with providing quick finance options.

High level support

The best retail finance partners offer a high level of support, providing merchants with account executives who manage relationships. This helps build synergy between each partner, creating more trust while providing better customer service.

Your finance partner should be there if you have any questions about setups and processes and should be able to walk you through the platform while ensuring that everything is clear and transparent.

 There should also be a detailed reporting scheme, one where you can have easy access to how finance options perform for your business. Having in-depth insights and advice helps you pinpoint which products are performing best for your business.

 Summary: Finding the right retail finance solution

 Ideally, you want to partner with a retail finance solution who you can work with in the long term – one that understands your business needs and can help you reach your goals and objectives. By using our checklist, you can identify what matters to you most, and you’ll know just what to look out for when choosing your retail finance partner.  

Get in touch with Deko to work with a retail finance partner and benefit from a team of experts with knowledge and experience in retail. So far, we’ve handled more than £3bn of transactions with retailers like you. We can maximise your consumer offering.