Rectron, and finance solution providers FinYou and Activos Capital, part of ClearGroup Holdings, have launched Rectron Finance. The new business-to-business and business-to-consumer solution offers a convenient and easy way for customers to apply for finance quickly, while offering resellers a tool to increase sales.
Gerhard Malan, financial director at Rectron, explains: “There’s nothing new about finance, but we believe the way we have developed Rectron Finance sets it apart, giving customers a seamless experience whether they are an individual or a business. We already have 700 merchants signed up and are seeing exponential growth as more and more are seeing the benefits.”
Rectron’s resellers can plug the solution into their existing system, allowing their customers to apply for financing at the same point they make their purchase. By submitting standard loan application support documents on the system, an individual can apply for between R1000 and R230 000, while a business can apply for any amount from R20 000 plus. The applicant will be notified whether their application has been approved, and thereafter it will take up to five days for the payment to be made and the products dispatched. All payments are settled directly with the Rectron reseller.  From a business perspective, this is particularly useful for the SME sector.
“Our solution is unique in that we act as an interface between the customer and the banks,” say Andre Fourie, group CEO of ClearGroup. “We standardise communications while simultaneously aligning the customer with the bank most likely to fund their purchase.”
This makes Rectron Finance the go-to solution for resellers and customers alike. Rectron resellers are advised to register as merchants in order to be included in a list of finance options, while simultaneously benefitting from being able to pull reports from the system to monitor sales people’s performance.
“As more and more people have access to internet, our solution means you don’t need to go into store to apply for finance, and it removes a lot of the paperwork involved – in fact, the customer can go to the stores’ web site and complete the application there with the flexibility to also apply in-store if required,  for us it’s all about convenience to  both the customer and the business” says Fourie.
This means that Rectron Finance is also an ideal tool for e-commerce customers, as the whole transaction from browsing through to purchasing and financing can take place online in one place. In addition, one of ClearGroup’s platforms, , allows offline resellers to move online into the e-commerce space quickly and easily by uploading their logo, products, pricing and implementing payment solutions including Rectron Finance.
“Our goal is to give all our resellers the tools they need to increase their sales, and as we continue to learn we will add more features to optimise the tool even more” says Malan. “While there’s no doubt that securing credit is difficult, we believe that even if a reseller manages to make one additional sale out of 10 applications for finance, it’s still one more sale.”