Soft search – a powerful tool for retailers

Have you heard the term ‘soft search’ but aren’t sure what it is or how it can help your business? You’re in the right place.

What is a soft search?

Simply put, a soft search is essentially a ‘light touch’ credit check that doesn’t leave a footprint on your customer’s credit file and is not visible to other lenders.

It allows us to assess the likelihood of a customer being accepted for their chosen finance option before they submit a final application, giving them the confidence to checkout knowing that finance is a viable option.

Our soft search functionality is an optional feature of our application platform, which can be seamlessly integrated into your existing POS and ePOS systems. No extra steps, no additional training, no hassle.

Soft search + tailored finance = more sales

Soft search is made all the more powerful when combined with our tailored finance options. Customers can create the most affordable payment plan for their circumstances with no impact on their credit file, helping to increase accept rates, improve customer experience and ultimately drive sales for our partners.

Guaranteed soft search

Our guaranteed soft search functionality provides customers with a near-certain indication of whether they’ll be accepted, without leaving a hard search on their credit file. This increases the chances of them completing their purchase.

We can offer up to 99.9% accuracy on all of our guaranteed soft search decisions.

Indicative soft search

Indicative soft search uses a shorter question set to provide a probability of being approved, giving customers a good idea of their eligibility before they go ahead and make a final application.

Indicative soft search predicts the outcome of a customer’s finance application with less certainty compared to a guaranteed soft search. However, it is still a great way to give customers extra confidence at the checkout by providing a quick and efficient way to check their chances of approval.

Which should I offer to my customers?

Both guaranteed and indicative soft search predict a customer’s likelihood of approval, improving confidence and completion rates.

However, our retailer partners are particularly impressed by our guaranteed soft search functionality. It combines state-of-the-art technologies to allow us to deliver accurate predictions on final lending decisions. If you wish to take advantage of this feature, please speak to our team.

The benefits of offering soft search

• Boost customer experience

A soft search lets customers check their eligibility for financing before any real time is invested, on their part and yours.

• Understand customer budgets early in the journey

Customers can explore credit options at any point in their shopping journey without fear of damaging their credit score, enabling them to shop with a clearer budget in mind.

• Increase average transaction value

Customers may have a strict budget, but more often than not this is the budget they can afford to spend outright. Knowing how much they can borrow may expand this limit and allow them to buy the products they actually have their eye on. This makes upselling and cross-selling much easier.

• Avoid abandoned baskets

A final finance application, hard credit check and all, can be a bit daunting and may lead to some customers abandoning their purchase at the checkout. Take the fear away by offering soft search, and you’ll see completion rates increase as a result.

• Improve finance adoption

Even customers not initially considering finance may explore their options when they know a soft search won’t impact their credit file, boosting finance adoption.

• Stand out from your competitors

Offering guaranteed soft search can give you a competitive advantage over other retailers only offering indicative soft searches or hard searches.

Want to find out more about how we can help you drive more business and make more revenue? Contact us today.