The PoS financing (loan) is offered in cooperation with our partner Santander Consumer Bank. Your customers have the option of paying back with a maturity of 6 to 60 months, whereas you will receive the full amount from Santander shortly after you have handed out the purchased items to the customer.
Onboarding
Please note that in addition to having a payever account (create for free here) you also need a contract with Santander in order to use this payment method. In case you have not been in contact with Santander UK so far, please contact support@payever.de and we will support you throughout the merchant onboarding process of the bank.
Terms and conditions
Santander provides custom rates and conditions in order to best suit the individual financing needs of the merchant and his respective industry, with a wide range of interest rates all the way down to 0%. (merchant-subsidized interest free loans).
Santander supports all maturities between 6 and 60 months, but you can have this customised according to your store's needs and could e.g. also opt to only offer loans up to 36 months.
The financing (loan) is suitable for amounts between 300£ and 15.000£.
The financing (loan) is only available to customers based in the UK.
Please note that the installment option can only be offered to private consumers (not suitable for corporate customers).
Submitting a loan transaction
To initiate a new loan application, please find the app "POS" on the dashboard of your payever account and open it in order to get to the POS terminal. Next click the QR-Icon in the header of the POS terminal.
In the window that appears now, select "create cart" and enter the details (name and price) of the item(s) that your customer would like to buy.
Click the Next Step Button and fill in the customer's personal information (name, address and contact details).
Up next you can select from which rates your customer should be able to choose (select them from the dropdown, selected options will have a blue tick on the right-hand side), as well as what the downpayment should be (if any).
Once you have added this data, please click the black button in the upper right corner and select how you want to transfer the application flow over to the customer's mobile phone. The options are Email, QR-Code or SMS (note that SMS requires setting up a phone number in payever and will cost a fee per SMS sent).
The customer will then fill out the remaining part of the loan application process on his phone, entering the more sensitive data such as his income, his bank data etc. by himself. Once he submitted the application, Santander will score it automatically within a few seconds and return the result to the customer.
You will also see the decision in your payever account when you open the app "Transactions" - if the status is in progress or new, that means the customer has not completed all steps yet, if it is accepted, the process was completed and has been approved by the bank. Transactions that are declined have unfortunately not been accepted by the bank and will need to pay their purchase by cash or card. Status Paid means the application was accepted and has been captured by the bank (depending on your settings, the application can have this status right after the customer completed the application, or after you have marked the order as carried out/ shipped).
Installation and Settings
Before you can start submitting loan applications, please make sure you have installed and configured the payment option "POS Santander Installments UK" in your payever Account.
In order to do so, first open the Checkout app (either click on the Checkout icon in the Business Apps tile, or also the Checkout tile).
There you can find the payment options on the left navigation bar.
Then click on + Add.
Now a list of different payment methods appears, from which you will need to select POS Santander Installments UK. To do this, click on install. Make sure you are getting the correct one ("POS", white background) - the payment option Santander Installments UK (red background) is meant for eCommerce applications, it is not going to work at the Point of Sale.
Once the installed Santander Installments UK payment solution is installed, you will be redirected to a new tab where you need to enter your Santander credentials. The necessary credentials (Dealer Code, Dealer Email, Dealer phone, User and Password) are provided by Santander directly and must be filled in in order to activate the payment option.
Upon filling the form and clicking Get Products, you will be returned a selection of different loan programs, from which you need to choose from.
Once you have done that, click on Get items and make a selection based on what products you are planning to sell.
Once you have done that and clicked Save, you will be asked to choose two settings. Unless you are integrated via API, you can ignore the first option (Redirect to shop after checkout) and just leave it blank. On the second field, capture type, you can select between capture on authorisation and capture on fulfilment. If you select capture on authorisation, the bank will start the collecting the first rate from the customer immediately and will pay out the full amount to your bank account. If you choose capture on fulfilment, the bank will only do so once you signal that the customer has received all the purchased items from you.
Please note that capture on authorisation is only suitable for you if you are only selling items that you currently have in your shop and that the customer is going to take home with him on the same day.
If you are custom-making or ordering products for your customer and he will hence pick up the items some days/weeks later, please select capture on fulfilment, in order to avoid that the customer is being charged before receiving any items. Once the customer then finally comes to your store to pick up the items, please find the respective transaction in your transactions app, click it and select shipping goods. Once you have done so, the status will switch to Paid.