Consequently a proportion of agreements had to be sent back to the retailer for correction – causing inconvenience to both the salesman and the customer.

The advent of online authorisation systems changed all that. me2u was the first Internet-based credit authorisation system in the UK. Launched by Black Horse Retail Finance, me2u has been successfully implemented into a wide variety of retailing sectors and outlets. The highly efficient credit system has been a big plus for supporting Black Horse retailers. “Since its launch, me2u has proved to be one of the most successful Internet-based credit authorisation systems in UK retailing,” said Graham Field, director of Retail Finance, Black Horse. “With me2u retailers need only an Internet-enabled laptop or PC, linked to a printer, to secure fast online credit decisions. After the last set of enhancements to me2u we've yet to find a printer that isn't compatible.”

The me2u online authorisation software transforms retail credit from what was a lengthy form-filling exercise into a fast, simple transaction through the retailer's PC. Installation is so simple that a Black Horse business manager doesn't even have to be in attendance for staff training. “me2u is very easy to use and the on-line screens lead the salesperson gently through the various stages of the credit agreement,” commented Graham Field.

Wireless XML technology

However, the single minor drawback of me2u is the inconvenience of having to take customers to the nearest PC point to complete the credit transaction. Now this inconvenience will be a thing of the past with the launch of wireless XML technology. With wireless XML technology, salespeople will carry lap-tops that are linked to the EPOS system by wireless connections. That means they can complete the credit transaction at a place in the showroom to suit their customers and themselves. On top of a washing machine, at a spare desk – any showroom space can be utilised to complete the credit agreement with wireless XML technology.

To comply with the new Consumer Credit Regulations, the me2u software calculates all of the customer's settlement figures and monthly payments automatically. “This removes the need for cumbersome factor tables and lengthy calculations that are associated with the traditional methods of agreement completion,” observed Graham Field. To round off the sale, the agreement is printed out for customer signature.

“There are few retailers who cannot take advantage of the exciting me2u technology,” said Graham Field. “The system is extremely user-friendly. Sales staff need only the minimum of training before they are happily using me2u – we normally expect a new salesperson to be fully trained on the system in under 15 minutes.”

Made to measure

The time taken to complete retail credit transactions can be almost halved if retailers are able to take advantage of Black Horse's XML based FastTrack system in conjunction with me2u. “EPOS systems now form an integral part of the business process in many retailers,” said Graham Field. “FastTrack works in conjunction with the retailer's EPOS system, automatically transferring the customer details across to Black Horse, enabling the credit agreement to be printed and authorisation to be obtained.”

With FastTrack the customer details are only entered once. Apart from a couple of additional short questions, the time taken for the sales process is cut almost in half.

Because the data comes directly from the in-store system, the retailer can determine exactly how the screens look and how they fit into their own system and business process – thus minimising training requirements. FastTrack utilises existing hardware thereby reducing launch costs.

Although FastTrack has attracted significant interest from larger retailers, as more and more EPOS solutions come suitably specified, smaller retailers will also be able to benefit from FastTrack.

The speed of me2u opens up new avenues for introducing point of sale finance. “In the past offering in-house credit as an alternative means of payment to a credit card has been a bit of a no-no,” said Graham Field. “The length of time the administration and authorisation took was one factor. Salespeople also flinched at the increased admin required.” With FastTrack the salesperson has already captured all the details needed for credit authorisation process when entering the sale on the EPOS system, so instead of signing a credit card authorisation slip, the customer signs a credit agreement me2u prints out. “Because the online authorisation process is so slick for both the customer and the salesperson,” concluded Graham Field. “It is a realistic sales option – perhaps even helping the store to increase margins on the sale.

Printer friendly version

Email this article to a friend

Bookmark this

---