Banc Sabadell is preparing to grow in consumer credit. The Catalan entity will allow purchases of up to 2,500 euros to be financed directly from the point-of-sale terminals (POS) of the businesses, both for the bank’s clients and for other users who do not even have a relationship with the company and are members of other groups. It thus becomes the first in Spain to offer this service from its terminals for both customers and non-customers.
Sources from the organization explain to elEconomista.es that the new benefit will begin to be offered in sectors such as furniture, opticians or health centers. Financing will be granted in an average time of five minutes after users fill out a form with their mobile phone. It will go on sale in mid-November.
In this way, Banc Sabadell brings its Instant Credit service to POS terminals thanks to the fact that the new terminals are already equipped with an Android system. With the new technology, developed within the bank, it will allow the deadlines and cost of financing to be sealed at the moment of purchase. The credit will not go against the card limit, so the buyer can obtain better conditions.
It will allow businesses to set up specific campaigns for times when they want to increase sales, whether on days like Black Friday or during off-peak periods. In addition, they will receive the full amount of money, since the financing will be with the bank.
Bank Sabadell With this service you do not fear an increase in late payment. The firm directed by César González-Bueno assures that it will work with businesses and companies with which the experience is positive and trusts in their risk policies to confirm or deny the credit requested by users through their POS.
It does expect, however, to grow in a segment dominated by large contracts – in which Caixabank and Banco Santander usually rule -, specialized players, such as Pepper, or financial companies owned by large groups – Volkswagen, for example, or El Corte Inglés, shared with Santander, have their own entities to finance operations.
Furthermore, the commitment to the POS business helps the entity chaired by Josep Oliu to strengthen and strengthen relationships with SMEs and the self-employed, a field in which Sabadell has always shown strength. This service, beyond attracting new business, serves to build loyalty and provide added services to the clients the bank already has.
Last May, González-Bueno celebrated that the bank had gained a 20% market share in the POS business. “It is like the star product for commerce, where the entire flow of activity enters, one in five POS terminals are from the bank,” he emphasized.
Transform your mobile into a POS
Beyond the new financing service, Banc Sabadell’s offensive in the POS segment is complemented with a new application to turn the smartphone into a payment terminal. The service, which is already offered by banks such as Caixabank and BBVA, is designed for self-employed workers or small businesses that work a lot at home or as a backup device in case a problem arises with the principal. It will work with NFC technology and will allow payments both through another mobile phone and with a credit card.
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