Point-of-sale lending on the increase in the US
The Economist reported on the rising popularity of point-of-sale lending in the US, noting that many retailers are now offering their customers the option to pay for goods over six to 12 months interest-free. Consumers who might have financed big-ticket purchases with a credit card are increasingly utilising these "point-of-sale" loans instead. The article noted that over-the-counter lending is being led by innovative tech startups. Interestingly, Australia seems to be well ahead of the US in this space, with AfterPay and ZipPay now processing a material percentage of all retail spend Down Under. Retail Directions' point-of-sale enables our clients to offer both payment options to their customers.