Barclaycard offers instant credit to online shoppers
Consumers could get up to $2,273 instantly to spend online due to the launch of Barclaycard's immediate finance service, bFlex.
Consumers could get up to $2,273 instantly to spend online due to the launch of Barclaycard’s immediate finance service, bFlex.
The online-only finance product allows shoppers to borrow $379 to $2,273 in credit, with payment periods of between three and 18 months, at the online point of sale.
The bFlex programme works by integrating into an online retailer’s existing ordering system, with virtual ‘sliders’ for consumers to choose how much to finance their purchase with. Barclaycard said that the product offered a new way for financing, as customers could choose to part-pay and got access to funds instantly.
Currently one UK-based retailer, Sounds Great Music, is signed up to the instant credit facility.
The ‘sliders’ imitate the shopping experience on an e-commerce outlet, where a customer can select a price range when viewing products.
The product was launched by the Barclays Partner Finance arm of Barclaycard. Ronnie Denholm, an executive from Barclays Partner Finance, said that bFlex would speed up the online shopping process. "Consumers and retailers want simplicity and flexibility when buying and selling and online is no different," he said.
"bFlex will allow retailers to offer a truly flexible payment solution at the point of sale, and consumers to spread the cost of their purchases," he added.