Supercharging flexible retail finance for EV home chargers
Surprisingly, finance options for EV home chargers are lacking. Despite costing between £700 and £1,500, customers are often only presented with Pay-in-3 options. But that’s still £500 a month, considerably more than the £148 the average Brit has left after bills each month, and particularly painful having just paid for an expensive car.
Our research found that 83.5% of shoppers in the market for EV chargers would be more likely to complete a purchase if they knew retail finance was an option, while 84.9% are willing to spend more.
A nationwide seller and installer of home charge points for electric cars saw this as an opportunity to add retail finance to their checkout and make the purchase of an EV home charger more accessible to their customers.
Switching gears
The merchant uses Divido Connect to offer flexible retail finance options at checkout. With low-interest repayment terms ranging from six to 48 months, their customers can choose what best suits them financially.
In just two weeks, the merchant set up their retail finance solution with one of our reputable lenders. Our Merchant API allowed them to swiftly embed Divido Connect into their point of sale, while retaining control over their customer experience, journey and brand.
As part of our solution, they get access to a dedicated support team and a suite of management tools like the Divido Merchant Portal to monitor and manage applications.
A smarter way to charge customers
This merchant is making EV home chargers more accessible. By using a SaaS platform like Divido Connect, they can keep focused on growing their business while:
- Unlocking new customers through flexible retail finance options
- Maintaining their respected brand at checkout
- Increasing conversions and achieving a higher than industry average acceptance rate through a recognised EV lender
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