83 percent of consumers would use POS finance

New research from Duologi has revealed that 83% of consumers would use POS finance when purchasing from SME retailers.

The Finance: an SME issue report, which surveyed 500 SMEs across a range of retail sectors, found that the majority (79%) of retailers have considered offering finance to their customers, with more than half (53%) of retailers that do offer POS finance, saying they do so as it makes business sense.

Moreover, the finance solutions provider has found that more than a quarter of customers (28%) are now asking for POS and buy now, pay later options, when shopping with small and medium sized retailers. A further 27% of customers said they now expect POS finance from SME retailers when shopping in-store or online, illustrating a shift in consumer payment expectations and attitudes.

However, the research highlighted that 31% of SME retailers currently do not offer POS finance options, reporting that they weren’t convinced finance would drive ROI for their business. One in four (25%) SME retailers also felt that offering POS finance was too much hassle, showing that finance providers in the retail sector still have work to do when it comes to proving the value of alternative payments partners.