Point of Sale Consumer Finance In-store (Customer Present) Credit Application Process v2.0

Transcription

1 Point of Sale Consumer Finance In-store (Customer Present) Credit Application Process v2.0 Copyright Braemar Finance 2017 This document contains the proprietary information of Braemar Finance and may not be reproduced in any form or disclosed to any third party without the written permission of a duly authorised representative of Braemar Finance.

2 Table of Contents Table of Contents... 2 Introduction... 3 The Calculator... 3 Figure 1: Calculator... 3 Figure 2: In-store Quick Launch utility... 4 The Credit Application Process... 5 Figure 3: pre-qualification... 5 Personal Details... 6 Figure 4: personal details Address, Employment & Banking Details... 7 Figure 5: address, employment and bank account details... 7 Customer Consent... 7 Figure 6: search consent... 7 Pre-contract Credit Information Video... 8 Figure 7: interactive pre-contract video... 9 Pre-contract Credit Information & Direct Debit Mandate... 9 Figure 8: pre-contract credit information and direct debit mandate... 9 Credit Agreement & E-Signature Figure 9: credit agreement and e-signature Deposit Confirmation Figure 10: deposit confirmation Referred Applications...12 Figure 11 : refer response Declined Applications...12 Figure 12 : decline response Appendix 1: Credit Application states Figure 13 : credit application states... 13

3 Introduction This document outlines the process that enables customers to apply in person for point of sale credit products. The process is designed to be secure and efficient. At the same time it is quick and simple for customers and easily implemented and managed by retailers. The process complies with all relevant legislation including the Consumer Credit Directive (2010). The in-store credit application process is a component of s consumer point of sale finance solution, which also includes the following: The Fast Track Finance Calculator - a powerful in-store sales tool that assists businesses in presenting finance options to customers An online credit application process a comprehensive online credit application process, designed to be seamlessly integrated into your website Application Programming Interfaces (API s) to assist retailers to automate credit application processing Business Portal - A web based account management and reporting system The in-store process works across all hardware options and is supported on Macs, PCs and full size tablets. The Fast Track Finance Calculator The in-store process begins when a customer selects a finance offer presented by the business, using the Fast Track Finance Calculator or in-store Quick Launch utility. Figure 1: Finance Calculator The Finance Calculator runs in a web browser and can be accessed by in-store authorised users from within Business Portal. Using the finance calculator you can present up to four finance options to the customer. For example giving them the option to repay over 6, 12, 24 or 36 months. When you move the price and deposit sliders, the finance details are instantly calculated and displayed.

4 Figure 2: In-store Quick Launch utility Clicking Apply Now displays a confirmation screen where the business can enter a description of the product or service and optionally, a reference, before launching a new credit application form for the customer to complete.

5 The Credit Application Process The credit application form is now displayed. The form has been carefully developed to present correctly on a range of devices including desktops and laptop computers as well as full size tablets. The description of the product or service, deposit and finance details are displayed in the credit summary in the header throughout the application process. The footer contains links to information referred to during the application. Each link opens in a new browser window, sized and positioned to not obscure the application behind. To begin, the business confirms the sale particulars and that the customer is eligible for finance. Figure 3: pre-qualification Personal Details The customer is prompted to enter their personal details as shown below. Date of birth must be selected from a drop down menu. Underage customers cannot proceed beyond this point. address is captured and confirmed. Finally we record the customer s permission to sign the application and agreement on screen. Validation confirms that all fields are complete to the agreed syntax, the address is legitimate, that both fields match and that the checkbox statements are ticked. Validation is shown with a green tick beside each field.

6 Figure 4: personal details

7 Address, Employment & Banking Details The customer is prompted to enter the first line of their address and it is automatically recognised using the Postcode Anywhere database. In the unlikely event that the customer can t find their address it can be entered manually. The customer is then prompted to select the number of years at this address. If they select less than three years, a previous address entry form appears. The form automatically captures up to three previous addresses. Figure 5: address, employment and bank account details Then employment and bank details are captured and validated. The bank account number and sort code is validated and referenced using the BACS Extended Industry Sort Code Database (EISCD). The account name is matched to the applicant surname (non case sensitive surname match). This enables us to populate the direct debit template once approved with the relevant bank branch details, verify that the account can accept Direct Debits and that the account name, applicant surname and applicant address return a positive match. Customer Consent The customer is now prompted for their consent to perform a credit search. Figure 6: search consent The customer must tick the checkboxes to grant their consent before they can proceed.

8 Pre-contract Credit Information Video If the application is approved, the customer is now invited to view a short video that explains the key features, costs and important legal information about the credit product. They can pause the video at any time and replay it as often as they wish. A finance information pane is displayed to the right of the video. The customer must watch the video before they can proceed to the next step. Figure 7: interactive pre-contract video

9 Pre-contract Credit Information & Direct Debit Mandate The pre-contract credit information and direct debit mandate is now presented to the customer in a single scrollable page. The customer is prompted to review the pre-contract credit information and must tick a checkbox to confirm they have done so. Figure 8: pre-contract credit information and direct debit mandate Next the customer is presented with a completed Direct Debit mandate. We ask the customer to tick a checkbox to confirm that they are authorised as a sole signatory on the account and that they authorise the creation of the direct debit mandate.

10 Credit Agreement & E-Signature Finally the customer is prompted to review and sign their credit agreement by ticking a checkbox beneath. Figure 9: credit agreement and e-signature

11 Deposit Confirmation After the consumer has submitted their completed application, the business must confirm that they have taken a deposit from the customer using a Chip and Pin authenticated credit or debit card. Figure 10: deposit confirmation If the deposit is taken by any other means, the business must also request a proof of identity from the customer. Accepted proofs of identity are specified in the business procedure guide. An image of the customer s identity document can be uploaded directly via this screen. To complete the process the business clicks Verify Application. If the customer is receivng the product or receiving the service immedialtelythe business can tick the checkbox to fulfill the application. This automatically adds the application to the settlement file that is paid on the next working day.

12 Referred Applications If the system cannot return an instant decision, the application is referred to an underwriter for manual review. This normally takes just a few minutes, however for applications received after 5.15 pm Monday to Friday or during especially busy periods a decision may not be returned until the next working day. We notify both the business and the customer by immediately when a decision is returned. Figure 11: refer response Our database records the status and each change as it occurs. This means that the customer will always see the correct and relevant message regardless of their route through the process. Declined Applications If the application is declined the business prints a decline letter that gives the customer further information. Figure 12: decline response The same information is also ed to the customer.

13 Appendix 1: Credit Application States Credit application states are defined as below. Initialise A credit application is initiated by the business Pre-decline The credit application has been declined by CreditSentry before submission to the credit bureau Accept The consumer submits the credit application and the lender responds with an ACCEPT decision. ACCEPT decisions are valid for 90 days. Decline The credit application is submitted and the lender responds with a DECLINE decision Refer The credit application is submitted and the lender responds with a REFER decision Verified The consumer has successfully paid their deposit using a credit or debit card (or in the case of zero deposit, the retailer the application has been validated by the business or other means) Fulfilled The business has notified Braemr Finance Fast Track that they have fulfilled the order. Fulfilment is defined as consumer having receipt of their product(s) or service(s). Complete The credit application has been included in a settlement payment from the lender to the retailer Cancelled The credit application has been cancelled Amended The credit application has been amended Info Needed An underwriter requires additional information before the credit application can be decisioned. Error The credit application could not be processed. Action One or more CreditSentry flags has triggered and a proof of identity has been requested from the Customer applicant. Action One or more CreditSentry flags has triggered and the applicant has made two failed attempts to Retailer provide a valid proof of identity. The retailer may now elect to proceed or cancel the application. Action A CreditSentry flag of type forceid_check has been triggered and the applicant has made two Lender failed attempts to provide a valid proof of identity. The lender may now elect to authorise or cancel the application. Resubmitted 89 days have elapsed since the application was last accepted and the application has not been resubmitted more than once previously. Figure 13: credit application states We send a CSN whenever there is a change in the status of a credit application. For example when an applicant is accepted/declined/referred or when they make a deposit payment (Verified). We also send a CSN to acknowledge fulfilment, completion (settlement) and cancellation requests.