Barclays Partner Finance managing director Ronnie Denholm said that both consumers and retailers want simplicity and flexibility when buying and selling goods.
The new bFlex will allow retailers to provide a truly flexible payment services at the point of sale, and consumers to spread the cost of their purchases, Denholm added.
Contrary to conventional credit services, whose terms were dictated by the retailers, the new bFlex is controlled by the consumer with instant access at the online point of sale.
Designed to be completely incorporated into a retailer’s existing online ordering system, the bFlex offers customers to choose a finance option as per their requirements and use it to instantly pay for their goods.
It has ‘sliders’, which are easy to use and allows customers to choose either a repayment term or a monthly repayment amount, thus customizing the finance entirely to the user’s needs.
The service enables users to spread their payments between three and 18 months and it can be either integrated directly by the retailer or they can route customers through the bFlex platform.
