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  • Credit
  • Innovation
  • United Kingdom

UK GAME Pilots Text-Based In-Store Credit Approval Service

Roughly twenty Experience GAME stores in the UK are taking part in a pilot for “Mobile for Credit”, a service launched in partnership with Experian and Close Brothers Retail Finance. The idea is to streamline in-store purchasing processes and financing applications for game consoles and dedicated products.

By way of making it easier for customers to access in-store payment facilities, GAME are taking part in a pilot run of “Mobile for Credit”: a service meant to improve customers’ trust and allowing them check from their mobile phone whether they may be granted a loan. A “soft score” is then pulled to confidentially be granted a pre-approval.

Potential borrowers have to send the keyword displayed in-store via text message to apply for a loan. They receive a link to a form on an Experian website, where they fill in their name and postcode. Their credit history is then interrogated and they instantly get an answer as to whether or not their application can be approved. If approved, they only have to approach the counter to validate the application process.

This pre-application check is free, secure and does not affect the customer’s person’s credit history. This test phase is intended to overcome customers’ fears in-store, as they might think retailers would not approve their application if their credit score isn’t good enough.

Comments – In-store financing options becoming more flexible

With this service, GAME provides British customers with an alternative solution to self-reliantly spread their payments over several instalments. They can verify the likelihood of their request being approved prior to even starting the application process in-store.

This value-added service seems relevant for merchants, since it improves their range of in-store financial services and deals with some persisting obstacles: potential buyers have access to diversified and innovative customer processes, likely to secure their loyalty. This option may also boost GAME’s sales.

All in all, in-store financing solutions are becoming increasingly popular: brands have come to realise that their customers expect similar “freedom” when purchasing items online and in a store. Many players see the=is as an opportunity, including Square in the US (Square Installments).