Attempting to offer the cheaper credit option for the buyers and SME businesses at the same time requires deep expertise in dealing with merchants of such size. We have experience in dealing with SME’s and strategy in place to bring that “right at the checkout” lending comparison tool to the UK, so both buyers and local businesses could benefit.
At the present moment, there are few to no point of sale (POS) consumer finance brokers that would allow end consumers (buyers) to choose the options and decide which lenders are they willing to proceed with, be it classic financing or interest-free options. We believe that a sustainable credit market needs more alternatives to high-cost credit and the opportunity of choice for the end-users. At present, retailers either work with one financing provider that forces buyers into entering the high-APR agreements or work with BNPL companies that lack transparency and charge merchants high fixed-fees.
Simply, no company would allow merchants to manage their entire lending stack from one single platform via a single API. With JO1N merchants get the opportunity to easily integrate all possible third-party lenders without juggling complex integrations right and offer that at the checkout. Do more like a merchant with few clicks and less-code. Online or offline, the customers will benefit from the same “one window to all banks”, while not wasting time at the checkout and filling in their credit details only once.
Entering the credit details only once, the buyer could advance to the page where one can choose the lender to borrow from and sign the contract almost instantly due to the Open Banking 90-day consent. In the meantime, benefit from the lower costs, unlike the average of 24% APR on credit cards.
Unlike the majority of the competitors, we are going for less tech-savvy customers in areas where our competitors would not go. Large companies, such as Klarna or Zip predominantly focus on giant retailers overlooking small and medium businesses, moreover, ignoring the needs of less technologically advances sole proprietors. Additionally, it is important to note that only two known start-ups (DivideBuy & Zilch) are fully the UK founded.
Post-transaction experience – to us is an equally as important experience as a BNPL or login experience built for our customers. When we purchase products using different credit cards, usually all of our transactions are across all of the bank statements on different retailers, also it is necessary to check various emails to find the tracking information, figure out how to return something, or if willing to reorder certain products. We think that it is a huge opportunity for us to provide value to both consumers and merchants. Thinking of consolidating all of that information in one tool => that’s what we are building with our buyer dashboard, home of all your e-commerce shopping. Everything related to your experience with e-shopping. By using our platform customers will be able to build wish lists, be able to reorder products via beautiful and convenient UI and UX that combines multiple sourcing channels. Essentially, we are building an ecosystem, we start with BNPL, currently working on our Universal ID propositions, which is an intersection between PoS-financing and identity. 1-click authentication and 1-click purchases.
If it is an offline product that merchant signs up => the merchant gets “JO1N Merchant Account” and operates with it over the JO1N SaaS platform in three ways:
1) Manual. Fills in the application for the buyer manually (up to 8 minutes if a new customer or up to 2 minutes if the customer has JO1N account ready in place)
2) Semi-manual. Sends out the self-complete application form to the buyer (up to 6 minutes if a new customer or up to 1 minutes if the customer has JO1N account ready in place)
If it is an online product that merchant signs up => the merchant gets “JO1N Merchant Account” and operates with it in one way: The merchant sets up the account and has access to her/his dashboard just to process and complete his duties once the product is sold. Easy and smooth.
Pre-scoring itself takes less than 3 seconds.
Decisions from lenders are available in less than 6 seconds and can take up to 60 seconds.
As millions of individuals have been affected financially as a result of unprecedented times, we focus on affordability and transparency for our buyers and are positioned to eliminate frictions at the checkout for both customers and merchants. Promoting responsible lending values, we want to ensure that customers can afford to repay deferred purchases and enter into either interest-free or interest-bearing agreements.
We’d love for you to get to know our company early before we start conquering the market, as there could one day be a good fit for us to discuss potential cooperation. JO1N us on our journey and sign up to the mailing list to learn about our progress. Currently, we’re in the progress of integrating the top lenders into our platform and plan to open the doors to buyers and sellers in the next following months.
JO1N us and be part of the UK lending market innovation! 🚀