Improving store conversion through credit purchases

If you want to achieve maximum store efficiency and sales growth, you should first of all pay attention not to the number of visitors attracted through advertising, SEO and affiliate programs, or even to the quality of traffic, which is conditionally characterized by the number of views per visitor, calls from the site and other targeted actions.

Despite the fact that the number of sales obviously depends on these indicators, it makes sense to increase them (and invest money in it) only when the store’s website itself, as a sales tool, provides a conversion that is acceptable for the business. Otherwise, the money spent on advertising and marketing will be wasted. You will sell your visitors a ruble at 90 kopecks. Therefore, absolutely any opportunity to increase conversion is much more important for the store than the ability to attract additional traffic to the site.

One of the obvious and effective ways to increase store conversion is through credit sales. Providing visitors with the opportunity to get a loan to buy it in your store, you increase the conversion of the site and get additional sales. The possibility of buying on credit actually becomes a mandatory requirement for a modern store with an average check of more than 3,000 rubles, especially for household appliances, electronics and furniture stores. If we answered the question “Why should this be done?”, Then it’s time to move on to the question “How to do this?”. To organize sales on credit on the store website, you must:

1. Conclude an agreement with the bank on POS-lending
2. Implement the appropriate functionality on the site: sending an application, obtaining a decision, delivery and signing of credit documentation, paying for an order on credit.
3. Provide delivery and signing of loan documentation

Behind these three sentences is a certain number of pitfalls, rakes, shovels, traps and other troubles that we would like to talk about. So, when organizing sales on credit, the following (un) surmountable difficulties await you:

1. In order to conclude an agreement with the bank on POS-lending, you will have to wait. Terms depend, of course, on the region, the bank, the manager, and (most of all!) The turnover of your store. In any case, you will need to pass an audit by the bank’s security service and collect all the statutory and constituent documents.

2. In order to send a buyer's request to the Bank, it is necessary to conduct a complete survey of the client. Questionnaires of banks on POS-loans are quite detailed, questioning of one client can take from 10 to 50 minutes. If the Bank agrees to ring your customers, you can be sure that you will lose half of them.

3. Low approval of loans for purchases on the Internet, especially in new outlets (the bank minimizes risks, and it does not matter that this happens at the expense of your client).

4. When signing credit documentation, it is mandatory to check the passport and identity and take a photo of the buyer (well, if not in the arms of the goods). If the store operates throughout Russia and delivery is carried out by a courier of a transport company, it is almost impossible to fulfill the requirements of the bank.

5. Questioning customers, sending applications to the bank, communicating the Bank’s decision to the client, unloading credit documents from the Bank’s software, arranging for the delivery, signing and transfer of credit documents to the bank, monitoring receipts from the Bank and accepting refunds actually become a constant headache for the store administrator.

We constantly faced these problems when working with store sites, so one day (a couple of years ago) we decided to create an online lending service that would allow owners and administrators of small stores to get rid of these difficulties - this is how Conpay.ru appeared .

How did we solve these problems?

1. Agreement with the bank.
An agreement with a bank is not necessary. It is enough to conclude a contract with LLC Credit Online

2. Questioning customers
Buyer just enter the phone, mail and name in the form on the site. A specialist at the Conpay.ru Call Center will contact your buyer within a few minutes, draw up a complete questionnaire of the borrower, send it to the bank and inform the buyer of the decision.

3. Level of approval
By connecting to the Conpay.ru service you get the opportunity to provide your visitors with consumer loans from several banks at once, so the probability of approval of applications in Conpay.ru is much higher than in ordinary stores.

4. Delivery and signing of a loan agreement
Delivery and signing of the loan agreement, as well as verification of the identity and passport of the buyer is carried out by the courier Conpay.ru

5. Headache
The store administrator controls the receipt of funds from Conpay.ru in order to pay for orders and organizes the shipment of paid goods. Headache recedes.

Conpay.ru service is completely free and has been working for more than a year, more than 500 stores are registered. The level of approval of applications following the results of 2013 is more than 70%.

In the next article, we will talk about the Market Navigator application , with which you can use the Conpay.ru service in any store.