Barclaycard moves into online finance market with bFlex launch

Barclaycard has moved into the online finance market with the launch of its new bFlex product.

Online retailers can integrate the product into their online ordering systems, and have the option to offer interest-free credit and regular credit financing options to their customers at the online point of sale. Customers choose the amount, term and monthly repayment using a series of sliders before completing their purchase in real time.

Musical instrument retailers Sounds Great is the launch retailer for the product, enabling purchases of equipment from electric guitars to home recording equipment.

Barclaycard says the bFlex product is different because it is controlled by the consumer, unlike, it says, traditional credit services that can tie consumers into pre-packaged solutions or terms set by the retailer. It can also be accessed instantly at the point of sale.

“Both consumers and retailers want simplicity and flexibility when buying and selling – and online is no different,” said Ronnie Denholm, managing director of Barclays Partner Finance. “Barclays Partner Finance and Barclaycard have a wealth of experience in creating innovative payment products and bFlex will allow retailers to offer a truly flexible payment solution at the point of sale, and consumers to spread the cost of their purchases.”

Barclays Partner Finance already offers e-finance at the point of sale for larger purchases.