The financial sector in Canada just keeps on improving.
Flexiti Financial has announced that their POS consumer lending platform is now available for online transactions. Canadian retailers will now be able to access Flexiti’s low-cost platform that can easily integrate into any kind of e-commerce engine.
This new offering will help retailers who are looking to enter or reshape their online sales portals as Flexiti looks to overcome the two biggest barriers for businesses: speed of implementation and cost.
The Toronto-based company’s current online platform offers low rates for retailers who want to give their shoppers new and flexible payment options like zero per cent interest financing. Customers don’t even need a credit card to pay–all they do is select Flexiti at checkout, apply and then receive approval for a virtual credit card, all within seconds. Merchants then receive payments within two days.
“We have created the most technologically advanced financing platform in Canada to provide merchants better sales financing options to boost their bottom line,” said Peter Kalen, founder and CEO of Flexiti Financial. “With our platform, our retail partners have seen up to a 380% increase of in-store financed sales. As Canadians continue to embrace online shopping, Flexiti Financial is thrilled to offer our solution to help merchants achieve the same sales online.”
And Canadians sure have begun to embrace online shopping. According to a recent Accenture report, less than half of respondents (47 per cent) say they will do the majority of their shopping in-store, a drop of 11 per cent from 2016. For 2017, 40 per cent said most of it will be done online.
Flexiti’s new online financing model will give customers access to open credit with interest rates as low as zero per cent through its virtual credit card, eliminating any kind of need to re-apply for financing that will go toward future purchases. This helps customers avoid applying for new instalment loans for each new purchase. The online lending platform is integrated with the existing in-store POS system, allowing retailers to offer the same option across every channel.
Retailers can integrate Flexiti into their current e-commerce site easily through their API, or even an out-of-box plug and play extension, which is free to platforms including Magento 1 and 2, WooCommerce and Open Cart.
As more retailers begin to open e-commerce channels, they will look for more ways to suit their customers’ spending habits. Flexiti is hoping to capitalize on the fact the current landscape of online financing is cumbersome and menial, which could potentially push away certain customers and keep them heading to brick and mortar stores, or maybe not even shopping at all.