PERTH-based computer financier RentSmart has joined with Coles Myer-owned e-tailer Harris Technology to launch what is believed to be the world’s first online, in-store finance approval facility.
The system enables customers to shop online at Harris, then be automatically approved – without human intervention – for up to $15,000 in credit to pay for the goods in their cart.
RentSmart marketing manager Neil Le Febvre said the system had significant ramifications for the evolution of the business-to-business e-tailing market.
He said it allowed online transactions of significant value that most businesses would not consider using a credit card for.
Harris Technology managing director Ron Harris said he was not aware of any other facility in the world that enabled this level of lending at the virtual checkout.
Mr Harris said the combined system allowed customers to simply visit the Harris site, shop, apply to RentSmart to finance the equipment in their basket, and be confident of receiving their order shortly.
Customers fill in a few application screens with basic business information that is automatically checked against RentSmart’s credit matrix as well as the Credit Reference Association of Australia database.
Approval can be delivered within minutes.
The minimum purchase is $500.
