Lendtech firm DivideBuy has onboarded more than 50 new retailers so far this year – with more than half coming from the DIY and home improvement sector.
The Newcastle-under-Lyme company has already taken on 57 new brands in 2021, and 54 per cent of retailers are from the booming DIY and home improvement markets.
DivideBuy provides interest free credit (IFC) solutions to more than 500 retail partners across the UK, allowing customers to spread the cost of their purchases, completely interest-free.
Now the company says an increasing number of brands from the DIY sector are turning to interest free credit after witnessing the sheer amount of property upgrades occurring during the nationwide lockdowns.
And by introducing interest free credit options at the checkout, the retailers have been able to drive sales of bigger ticket items – such as expensive furnishings or home electronics.
James Bradley, director of sales and business development at DivideBuy, said: “Consumers are increasingly favouring the flexibility of interest free credit to spread payments.
“It’s now one of the world’s fastest-growing payment methods – a trend that we’ve seen home improvement brands leverage in order to increase sales and better service their customers.
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“Through IFC, retailers give consumers more responsible and supportive finance options that enable access to the products they need without high or unknown costs. And being powered by an innovative lendtech like DivideBuy gives both retailers and consumers an added security over each sale.”
James added: “While there’s a particular spotlight on the home improvement space, we’re seeing a marked increase in retailers providing flexible IFC checkout options across almost every sector.
“It has proven pivotal in helping businesses stand out, to capture consumer attention or recoup funds lost during the pandemic.”