Why Are My Customers Being Declined for Finance?

Why Are My Customers Being Declined for Finance?

Struggling with low conversion rates?

You’ve built a stellar e-commerce store, invested in Google Ads, and grown a loyal social media following. But too many customers are being declined for finance – or abandoning their applications.

You’re not alone. Here are 4 ways to boost approvals and turn clicks into customers.

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1. Choose the Right Finance Provider

57% of UK adults have less than £10,000 in investible assets (all money held in cash savings products, savings in current accounts, plus the current market value of any investment products held).

A finance provider with strict criteria could be costing you sales.

Solution: Partner with a provider whose credit appetite matches your customers' needs.

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2. Offer Affordable Payment Plans

Selling a £5,000 bike or bathroom? Short-term plans like pay-in-3 won't cut it.

Higher-value items need longer, more affordable terms.

Solution: Offer flexible plans (e.g. 12-36 months) to improve approval rates.

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3. Provide Multiple Finance Options

No single lender serves the needs of every customer.

Offering at least two finance providers gives customers a choice and boosts approvals.

Solution: Diversify your finance partners to capture more sales.

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4. Signpost Clearly to Avoid Abandoned Purchases

Up to 75% of customers declined for finance abandon their purchase.

Clear signposting to the right finance option (e.g. budget, credit profile) increases conversion.

Solution: Use the FinMatch App to present finance offers seamlessly.

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Conclusion

FinMatch empowers merchants to offer multiple finance options from top lenders, seamlessly increasing approvals and sales.

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Ready to boost your conversions?

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Contact us today to start winning more customers.