I’m an independent retailer – is finance for me?

Retail finance is suitable for businesses of many shapes and sizes, from nationally known brands to up-and-coming independents.

Offering finance allows almost all retailers to open up sales opportunities. Give customers the option to spread the cost of a purchase, and you could find they’re more tempted to shop with you as the payment process is more manageable and affordable. If you’re an independent retailer, converting on-the-fence customers can make a huge difference to your bottom line.

We’re celebrating Independent Retailer Month by showcasing how we’re helping you harness the power of retail finance.

Making finance affordable for independents

We work with a number of organisations to make finance options accessible to their members. Offering credit attracts customers, increases sales, boosts order value and improves customer retention amongst several other benefits.

For jewellers, we partner with the Company of Master Jewellers (CMJ) to offer exclusive terms on our finance options. Even in a sector synonymous with luxury, finance is fast becoming an essential payment option for customers. Yet this is something not all independent jewellers can afford to offer. Our partnership allows us to support jewellers in converting sales and growing their business by providing a range of affordable credit solutions.

We also work with the Bicycle Association to provide competitive financing options to their members and cycling retailers who are part of their ‘Investors in Cycling’ scheme. This partnership allows cycling retailers to make their products more accessible through credit packages that are favourable for businesses and customers alike.

Galleries can also benefit from exclusive terms by signing up to the Own Art initiative, which gives them the option to offer interest free credit to customers at a subsidised rate. We believe that everyone – regardless of income and social-economic background – should have the opportunity to own art they love. By breaking down the financial barriers to art ownership, we hope to make art more accessible for all. This, in turn, supports independent galleries who may not otherwise have the means to offer credit to customers.

These unique partnerships with membership organisations allow us to support a greater number of independent retailers, who wouldn’t normally be able to offer finance.

Helping you choose the right option for your retail brand

You can still offer finance even if you are not currently part of a membership organisation that works with us.

We ask all of our retailers to meet set criteria. Full details can be found on our website, but you must have a minimum of £2,000,000 in annual sales turnover, have a minimum of 2 years trading history, be trading profitably, have a minimum net worth of £25,000 and offer products for consumers rather than businesses.

Any independent retailer who meets our criteria is welcome to apply to partner with us. The next step is to choose what finance options you wish to offer. We provide regulated finance options such as interest free finance over 12 months, interest bearing credit and buy now pay later for retailers already authorised or planning to apply for Financial Conduct Authority (FCA) authorisation.

However, if you fancy just dipping your toe into the world of retail finance, our unregulated finance options could be a good choice. This allows you to offer credit without having to be authorised by the FCA, as long as it’s interest free finance repayable in monthly instalments over 11 months or less. You may find this a suitable option if you’re not quite ready to take on the complex and often costly process of applying for FCA permissions.

One of the great things about Novuna Consumer Finance is we’ll help you to develop a bespoke finance package that suits your business. Our experts will get to know you and your goals, before explaining the benefits of the various finance solutions available. This additional layer of support is ideal for independent businesses who may not have offered finance before.

We go above and beyond in a number of other ways, too:

• Dedicated onboarding manager who’ll help you get set up quickly
• Free of charge integration support
• Specialist Relationship Manager assigned to your account to help grow your business by making the most of our finance solutions
• Promotional resources available to help you shout about your new finance offering

Are you an independent retailer looking to take your business to the next level?

Talk to our team about offering retail finance today. You could get set up sooner than you think!

Get in touch