How Finance Now helps Big Save customers spread the cost of a bed, lounge suite or fridge without the budget stress.
Consumer confidence has lifted well off its autumn lows, which is welcome news for retailers. But that doesn’t mean Kiwi shoppers are starting to throw their cash around.
Households are still feeling cautious, and smart finance options can be a win-win proposition: shoppers get the items they need immediately while carefully managing their budgets – and retailers can turn more enquiries into sales.
You can see effective consumer finance in action when you visit one of the 29 branches of iconic Kiwi store Big Save. Its finance options let shoppers replace a broken-down fridge immediately and pay it off over time.
The ‘pay weekly’ option and Now Rewards Visa, from Finance Now, offer long-term interest-free payment periods, which means you can spread the cost over a fixed term and still walk out with a functioning fridge.
Lily Salter, Big Save director and star of its famed TV advertising campaigns, says paying weekly is a popular choice for people who want to know exactly where every dollar is going.
“We know that it’s expensive out there, and it’s tricky to save up,” she says.
“If someone needs a bed, they can break it down to a weekly amount. If we’re talking $12 a week for a bed, they can see straight away if they can make that work with their lifestyle and budget.
“We’re here for your everyday New Zealander who’s conscious of where they’re spending their money. We want finance options that are accessible to a full range of customers, and that’s why we work with Finance Now.”
Taking friction out of finance for retailers
Finance Now works with more than 1500 retail stores, including Noel Leeming, the Warehouse and PB Tech. Its relationship with Big Save now spans more than a decade.
“There’s great synergy between us because they’re also locally owned and catering for everyday Kiwis,” says Hadyn Halls, CEO of Finance Now.
The type of consumer lending that Finance Now offers to Big Save customers works especially well for items like fridges and beds. They come with the moments a home takes shape: furnishing a new place or turning a spare room into a nursery. Spreading the cost means people can get on with it rather than wait.
Payment options that spread the cost over a few weeks can suit smaller purchases. Larger ones usually need longer.
“That’s okay for smaller price points,” Halls points out, “but if you’re spending $5000, paying it off over six weeks is challenging. Our products let you spread the amount anywhere from six to 60 months.”
And while it’s one thing to give shoppers plenty of payment options, setting up the finance needs to be relatively seamless.
“We’re here to support Big Save, so we want to make sure the finance isn’t a friction point,” says Halls. “It’s got to be a smooth application.”
The Finance Now application process is streamlined by a market-leading online portal, and if an eligible customer has everything they need on hand – ID, payslips, employment details – it can take less than five minutes to get set up.
Then they can apply for other specialist lending products, including motor vehicle, personal and business lending.
“From our perspective as a retailer, Finance Now is very straightforward,” Salter says. “Our salespeople want the sale to be as smooth as possible and the Finance Now offices are open at the weekend, which are our biggest days.”
“We find people who’ve had a good experience financing something like a bed or fridge often like the other features on our NOW Rewards Visa as well,” says Halls, citing long-term interest-free options and rewards on everyday spending on the likes of groceries and petrol.
It’s a natural extension of the same idea that runs through the Big Save relationship: giving people practical ways to manage their money on their own terms.
Responsible lending and local know-how build trust
Growing a successful finance company is harder than it looks, and Finance Now, with its model of 100% local ownership and operation and commitment to responsible lending, is now serving more than 530,000 customers.
“Our relationship with Finance Now has been going for decades, and the reason we keep that option open is because we see our customers benefit from it,” Salter says.
“Every walk of life, and every sort of New Zealander, comes through our doors. When a customer needs a new bed, they can be sleeping on it that night – we don’t want them to wait. We do everything we can to get your bed or lounge suite out to you ASAP.”
Even as retail spending recovers, Kiwi shoppers will continue looking for smart ways to manage their money effectively – and providing seamless payment options should benefit both consumers and retailers.
“We want easy relationships with commonsense businesses,” says Salter. “Our experiences, and the customer’s experiences, are simple and straightforward – we like that about Finance Now.”