Barbados online lender launches e-store with financing
Created : 22 May 2020
Barbados company Term Finance (Barbados) Limited has launched an online retail financing platform for Barbados-based stores in light of the current COVID-19 pandemic.
In a release, the company said the online retail financing platform was launched for Barbados based stores to offer credit terms to their customers.
The company said iShop and Genius Lynk are the first two retailers to offer their products on Term Finance’s platform. Both of these brands sell laptops, tablets and PCs, all of which are in high demand now as schools have started moving to online classes.
According to Delano Hinds, Country Manager of Term Finance (Barbados): “We have many customers who are either teachers or parents of children who require laptops or tablets to continue attending classes. These products are expensive, especially during these difficult times where peoples’ incomes have been adversely impacted. Our online store with financing offers customers the ability to buy these products now and pay over small monthly instalments.”
The company said its eStore allows customers to view and select products of interest. Once a customer has built up their cart, they are presented with an interactive financing calculator which allows them to 'define their own payment terms in a transparent manner'.
The company said on the backend, it would receive the order and financing application - the order is passed onto the retailer for packaging and delivery, and the financing application is processed in accordance with the company's usual operating protocols.
“We’re aiming to make credit decisions within 6 hours of receiving applications. Once a customer qualifies, we’ll pay the retailer on their behalf, convert the purchase price to a loan and their products would be delivered on the next business day”, said Hinds.