EPOS software and solutions provider Pursuit is set to use £250,000 of Coronavirus Business Interruption Loan Scheme (CIBLS) funding to help jewellery retailers by offering them the option of monthly payments instead of annual licence fee payment.
Pursuit has secured the Government-backed CBILS from its bank, RBS and will use the funds to underwrite the expansion of payment flexibility the company is able to offer.
The option of monthly payments is available to both existing users and jewellers changing to the Pursuit system.
Existing users have the choice of restructuring contracts and switching from an annual licence fee to a fixed-cost monthly payment cycle. The arrangement can also cover technical support services.
Mike Burns Pursuit managing director said: “We are all in this together. Even before we considered CBILS funding, from early in the lockdown our underlying financial strength enabled us to help members of our user community with restructured contracts.
“We have a good history with the bank, and due to the financial strength of the business, the loan was approved only ten days after we applied. The payment cycle option is one of a series of financial benefits we are able to offer.
“The pandemic has been a harsh lesson. E-commerce is an essential part of the reinvention of the High Street. As an affordable short cut for jewellers who until now have not sold online due to the expense, we recently introduced a website scheme that eliminates expensive design and set-up costs.
“The website management tools are fully automated, and the technology is seamlessly integrated in real-time with the wider Pursuit system – and of course the cost can be built in to an overall fixed-price monthly licence fee arrangement.”
Article taken from the Retail Jeweller Website. Please click here to read the article on their website.