Background

TaksaExpress is an online store offering a wide variety of products, with over 50,000 options available across 40 categories. Due to the highly competitive nature of the e-commerce industry and the low-profit margins that come with it, TaksaExpress is currently exploring the possibility of offering in-house financing options for their higher-value items, such as furniture, home appliances, and smartphones. TaksaExpress is considering a hybrid model for its in-house financing approach to minimize potential risks and losses. This means that customers who have a purchase history with TaksaExpress can choose to finance their payments through the company. At the same time, first-time borrowers opt to use a consumer financing partner instead. By implementing this hybrid model, TaksaExpress hopes that introducing new services to their customers helps reduce operational expenses and prevent potential business losses.

Challenge

Enhanced Sales Channel: Transforming Product Listing

  • Elevate Product Listing as a Sales Channel.
  • Implement a feature that automatically calculates and displays installment payment details for every product.
  • Enable browsing shoppers to gain a clear understanding of their payment obligations for each installment period.
  • Facilitate a perception of affordability to potential customers by displaying installment information.

Streamlined Loan Application Configuration

  • Develop a Configurable Loan Application
  • Empower Taksaexpress to craft customized pre-qualified client experiences effortlessly.
  • Create workflows tailored for approved loan applications.
  • Utilize customer risk profiling as a foundation for workflow customization.
  • Achieve these enhancements without the need for coding or specialized skills.

Real-time Credit Decision Engine

  • Establish a Real-time Credit Decision Engine.
  • Focus on delivering immediate decisions for pre-approved customers.
  • Leverage the purchase history with Taksaexpress as a factor.
  • Develop a customized scoring card considering customer risk profiling and internal data.

Seamless Integrations

  • Implement integrations with third-party providers.
  • Specifically, target financing options for first-time borrowers.
  • Enhance the breadth of financial services offered to customers.
  • Ensure a seamless and user-friendly integration experience.

Solution

Enhanced Sales Channel: Transforming Product Listing

Browsing the Taksaexpress website, users see three tabs related to Product Card: “Buy,” “Buy on Credit,” and “Loan Calculator.”. Our loan calculator is a robust tool that enables users to input essential details such as the purchase price, down payment, and loan term, ranging from one month to two years, to calculate monthly payments, overpayment amounts, and effective interest rates for both installment and bullet loan repayment structures. If you are a preapproved customer and decide to buy on credit, click the “Buy on Credit” button to be redirected to the Borrower Workspace, where you can find all the necessary information concerning the goods and Credit Agreement documents. Sign the agreement by OPT, and the goods will be ready for delivery.

When a customer who is a first-time borrower clicks “Buy on Credit,” they will be guided to the application section. After providing all necessary details, the system will securely transmit the information to a trusted third-party financing provider for verification. The lender will transfer the once the goods are delivered, and all the required documents are signed., the money to the Taksaexpress store’s account. From there, the customer will make monthly payments directly to the lender.

Streamlined Loan Application Configuration

A well-organized and easy-to-follow loan application workflow process. Our interface is designed for non-technical users, like loan officers or administrators, to easily create and modify loan application forms without any coding skills. With our drag-and-drop feature, users can add, remove, or rearrange form elements like text fields, dropdown menus, and checkboxes to customize their layout. Field customization is also possible, allowing users to specify the properties and behavior of each form field. This includes setting validation rules, defining whether a field is mandatory or optional, and selecting the data type that should be entered. Our version control system keeps track of changes to application forms, ensuring a history of modifications and the ability to revert to previous versions if necessary. To maintain security, our role-based access controls and permissions ensure that only authorized users can change application forms and settings.

Real-time Credit Decision Engine  

Rules Engine includes a rules engine editor defining specific lending criteria and policies. These rules can automatically be configured to approve or decline applications based on a predefined threshold. Credit Decision Engine processes applications as they come in, providing instant decisions to applicants. Additionally, the system generates documents automatically and enables electronic signatures, ensuring a seamless loan application process.

Result

To summarize, providing customer financing assistance can help Taksaexpress avoid a disrupted sales process and improve the chances of completing a transaction, resulting in a better return on investment. Additionally, enabling customers to purchase items on credit can lead to larger order values and benefit those with limited funds willing to spend more. Offering financing options can also encourage customer loyalty, particularly for those who prefer to buy expensive items on credit. Consequently, providing customer financing can lead to a rise in repeat purchases.