Business finance news

NOVA Retail Finance has claimed that 70% of its consumer credit applications will he over the Internet by the middle of next year.

As more and more retailers move to on-line authorisation, Nova believes it is well positioned to meet the demand, having made substantial investments in its IT systems.

In 2001, Nova Retail Finance, a member of the Hitachi Credit group of companies, authorised more than 270 million [pounds sterling] worth of consumer credit agreements--predominantly through electrical, furniture, jewellery and home improvement retailers.

Currently, around 30% of its credit business is transact ed electronically with larger customers, including Miller Brothers, taking advantage of electronic transmission.

Tony Snape, Nova retail Finance's head of sales, said: "We are predicting that around 70% of our business will be authorised on-line by mid-2003. The benefits to retailers are immense."