Online merchants can now offer customers credit at their checkouts using a new Pay4Later system. Pay4Later believes this is the first time retail finance has been available in the mainstream UK e-commerce market.

It brings to the internet credit options that have long been available in the high street.

Online, shoppers who choose to pay using a credit option selects that option at the checkout. They then confirm they meet the lender criteria before asked to fill in a credit application form. The customer signs the agreement online and the application is sent to the company’s network of partner lenders, who typically respond in between five and 10 seconds.

The risk of each application is analysed by CreditSentry risk management software integrated in the back office.

Credit options include buy now, pay later, instant credit and classic credit.

Scott Law, chief executive of Pay4Later, said: “Point of sale credit has been around for decades on the high street. Retailers know that offering customers credit at the point of sale is a proven way to increase sales and average order values.

“With Pay4Later online retailers can now discover these potent benefits for themselves.”

The service charges a monthly fee as well as a fee for each successful credit request.

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