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Deko products: Everything you need to know about our finance options

January 11, 2022

Flexible finance is becoming increasingly popular for merchants that want to meet the needs of modern-day consumers. A growing number of shoppers are turning to alternative payment options to buy goods and services, and they're explicitly looking for retailers who offer flexible finance across a range of products. 

For your business, offering alternative payments is a great way to access and build trusted relationships with a wider audience, increase their average order value, improve the checkout experience and ultimately unlock a healthy volume of incremental sales. At Deko, we've built a platform that links into the world of flexible, finance-driven payments with multi-product and multi-lender solutions designed to maximise conversion. 

We’d love to introduce you to Deko and explain some of the services we offer - and how they’ll take your business to the next level. 

Who is Deko?

Hi, that's us. We're a multi-product, multi-lender retail finance platform, here to break down barriers for your customers, so they can purchase with more flexibility and you can increase revenue. We do that with instant, finance-based alternative payment methods tailored to the needs of different shoppers, such as Pay Monthly, Pay in 4 and Digital Credit. 

Just think of us as a finance ecosystem that removes complexities from the buyer journey, enabling shoppers otherwise limited in their purchasing options to buy the products and services they want using alternative payment methods. 

Now, about our multi-product, multi-lender platform – here's a breakdown of the services we offer to help you empower your customers. 

Pay Monthly

Sometimes consumers just want a simplified solution allowing them to pay for products and services. That's where Pay Monthly comes in. It's an instalment payment method where consumers can spread the cost of their order over time. 

Those purchases typically cost anywhere between £250 and £25,000, meaning Pay Monthly is a product that caters to a variety of needs – whether it's smaller orders or big-ticket purchases. 

Repayment terms are generally between 6 and 60 months, and customers can pay based on their budget, circumstances and preferences. Essentially, Pay Monthly helps customers identify the best payment solution to make quick purchasing choices while being in complete control of their repayments schedule. 

Find out more about Pay Monthly

Pay in 4

Pay in 4 is a form of buy now, pay later (BNPL), where your customers can quickly purchase and access goods and services completely interest-free, for repayment, in the following weeks. Over the last couple of years, BNPL shopping has grown faster than any other consumer purchasing method, and more than four in 10 Brits have already used this type of service.

With Pay in 4, customers spread their purchases by splitting the cost into four separate payments. Each payment is due every two weeks, and consumers can borrow between £25 and £1,000.

Offering Pay in 4 at checkout shows you're on top of current trends and understand the mindset of today's consumers. You’re also giving your customers added flexibility and increasing sales in the process. Pay in 4 increases sales by 30 per cent and drives up average order value by 70 per cent. 

Find out more about Pay in 4

Digital credit

You can take advantage of our digital credit line with Newpay, a simple and flexible credit account obtained at checkout that offers a seamless integration for easy use. With Newpay, customers access a line of credit to unlock larger and subsequent purchases, helping them feel more confident with larger transactions, as they can split the cost in a way that suits them. 

Anyone is eligible for Newpay, and successful applicants will instantly receive a credit limit of up to £2,500 with the option for interest-free shopping via an APR rate starting at zero per cent. At checkout, customers can choose the instalment plan suited to their needs for each individual purchase and fund products and services with their Newpay account. 

With Newpay, you can drive up sales and give customers more confidence with a smarter, long-lasting way to pay. Even better, merchants who implement Newpay get paid quickly and in full, just like if they were to receive a card payment from the customer. 

Find out more about Newpay digital credit

You also might like to know about: multi-lender options

As well as offering this mix of shopper-friendly finance products, we also provide ways to improve conversion using our unique multi-lender approach. This means you can take advantage of a panel of finance providers processing customer applications while increasing their likelihood of being accepted for credit. 

When shoppers reach the checkout stage and choose their finance option, our panel of lenders works in the background during the application stage. If the first lender rejects a customer, multi-finance seamlessly moves onto the next available option without interrupting their experience. 

It uses multiple potential lenders, thus increasing the chances of your customer getting accepted for finance. The result is higher acceptance rates and more customers going through your funnel to the checkout stage and completing successfully. 

Smarter integrations

None of the finance options on offer work if the integration isn't an easy one. Fortunately, integrating Deko's technology onto your website is a fluid process taking no more than 24 hours, with full-on customer support.

You can integrate Deko directly into your custom website pages or simply plug it into a shopping cart for quick and easy integration. You also have an account manager who provides first-hand support and feeds you regular sales data regarding your chosen product. 

Smarter finance for savvy customers

Consumers are becoming more financially savvy and no longer flock to the latest credit card offer. They want different methods to pay, and with Deko's alternative payment products you can stay ahead of the trends and offer your customers more flexibility and remove friction at checkout.