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Finance Products

How Tos (1)

You can find this section under Payment Processing > Finance Products in the IRP Admin left navigation menu.

This page displays the finance products that are associated with the finance providers that you have configured in the IRP. Here is an example screen:

Finance Products main screen

You can use the search feature to search for any financial product in the system. If you expand Other Options under the Search bar, you can filter your results by provider, product type (interest bearing or interest free) or active/inactive (or both).

The screen shows the following details for each product:

  • ID: This is the unique IRP identifier for this finance product.
  • Active: Only active finance provider products appear on the website’s front-end. Inactive finance provider products will not be displayed. If you make a change here, make sure that you click the Update All Finance Products button.
  • Name: This is the name of the finance product that is displayed on the website’s front-end.
  • Provider: This is the provider of the finance product. The provider determines what functionality the IRP will use to process a finance application.
  • Product Type: This is the type of the finance product — interest bearing or interest free.
  • Min Loan Amount: This is the Minimum Loan Amount before this Finance Provider Product will be allowed. Note: this amount relates to the Basket Total (inc. Shipping) once the Deposit Factor has been deducted, e.g. if the Minimum Loan Amount was £100, with a Deposit Factor of 0.1 (10%), the Minimum Basket Total needed to enable Payment by Finance with this Product would be £111.11.
  • Deposit Factor: This is the value to be multiplied against the total order cost to get the amount of deposit that has to be paid.
  • APR: This is the Annual Percentage Rate (%) — this describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate.
  • Deferment Period: This is the deferment period, in months, of the finance product.
  • Interest Free Period: This is the interest free period, in months, of the finance product.
  • Agreement Length: This is the duration in months of the finance product.
  • Delete: Check this box if you want to delete a finance product. Then click the Update All Finance Products button.


How To Guides (1)

FAQs (2)

Can I show Finance Products on the Models page?
Yes, on the ‘Add Finance Product’ page, you can check the box for ‘Show On Models Page’. If you check this box, the finance product will be visible on both the Models and Payment Details page if the criteria are met (The cheapest Finance Product available will be shown as the default drop-down option). If you don’t check this box, the finance product will only be visible from the Payment Details page if the criteria are met.

Can a customer opt to pay more up front than the deposit requires? E.g. if the deposit required is 10% for a £500 sale, can the customer opt to deposit £200?
No, this is not possible. (It's like some mortgage products in which you are not allowed to make over payments.) Instead you would have to duplicate the finance product and increase the deposit amount. (In addition, for Finance Providers, it's more worthwhile to offer a small deposit amount so that the interest paid at the end of it makes more profit.)


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