Barclays Launches Instant Credit Service for Internet Retailers
The Barclays Partner Finance arm of Barclaycard has launched bFlex in the UK; described as a flexible online finance product allowing consumers to take out instant finance for internet purchases.
bFlex can be used for purchases of between £250 and £1,500. It allows consumers to spread their payments over three to 18 months and can be either integrated directly by the retailer or they can route customers through the bFlex platform, meaning little technical knowledge is needed.
Barclays Partner Finance said that while consumers have long been able to take out credit at the point of sale (PoS) when shopping on the high street, they have been more restricted when shopping online. With traditional credit often tied into pre-packaged solutions or terms set by the retailer, bFlex is controlled by the consumer, with instant access at the online point of sale.
bFlex can be integrated into a retailer’s existing online ordering system and will allow customers to select a finance option designed around their needs and use it to instantly pay for their goods. Simple to use ‘sliders’ allow them to select either a repayment term or a monthly repayment amount, tailoring the finance entirely to the user’s needs, giving them greater confidence to complete online purchases in real-time.
bFlex is the latest addition to Barclays Partner Finance’s existing ‘e-finance’ range of online PoS products for large purchases, which can help businesses trading online to boost sales by speeding up the sales process, extend the range of payment options available to customers and allow them to pay on their terms. Retailers have the option to offer both interest free credit and regular credit financing options to their customers at the point of sale, when they shop online.