Kuo Check is an interest-free installment shopping service launched by Secoo.

Kuo Check is a consumer credit product of Secoo. In simple terms, it can be understood as installment payment. financial form.

When you want to purchase something on Secoo, you can choose the payment method of Secoo check. The first time you use it, Bank Check will combine your personal information to set a consumption limit.

Then you can enjoy installment shopping in 3, 6 and up to 12 installments within the quota. You can enjoy 0 interest and 0 down payment, an extra 41 days of interest-free, and you can also enjoy a 3% discount on the 20th of every month.

It can also be a good way to alleviate everyone’s shortage of cash. You don’t have to save for months for something you want to buy, and you don’t have to live in waste after buying a very expensive thing. tragic days.

The consumption records of Secoo’s checks will be uploaded to the personal credit system. Friends who need loans should use it with caution! ! !

Extended information

The "secret" of Treasury Checks

SECOO (Beijing SECOO Trading Co., Ltd.) was established in 2008 to sell luxury goods on consignment Started its business, after 8 years of development, it currently has six core business segments including Secoo Mall, Secoo Auction, Secoo Finance, Secoo Intelligence, Secoo Media and Secoo Supply Chain, and is transforming into a global high-end consumer service platform .

As of July 2015, Secoo has received 5 rounds of financing, with a total financing amount exceeding US$100 million.

Secoo has launched “Kuo Check” for its C-end member users, which is similar to products such as JD Baitiao, Alibaba Huabei, and Qufenqin.

The difference is that the latter often charges consumers an installment handling fee of 0.5-1.5 per installment, and only gives users interest-free and handling fee-free discounts during special periods, while the bank check allows While enjoying installment payments, consumers can also enjoy negative interest rate discounts of up to 1-3%.

Peng Xiangxi, deputy general manager of Secoo Financial Business Department, said that Secoo Check currently uses invitation whitelist access, and has recently opened nearly 100,000 users, and activated user transaction conversions have reached more than 40. The customers invited this time are mainly users who have purchase records in Secoo and have reached a certain transaction amount. It will be gradually opened to more member users in the future.

The accounts receivable assets generated by Treasury Check are currently transferred to Ping An Bank at a low cost of capital to obtain liquidity. The reason why the asset transfer can proceed smoothly is that Treasury Check and the insurance company Cooperate to introduce personal consumption credit guarantee insurance to avoid the risk of consumer default.

According to Peng Xiangxi, Secoo currently has established a cooperative relationship with two major insurance giants, Zhongan and Sunshine Credit Insurance. Secoo has built a data model with the insurance company and based on consumers’ past consumption at Secoo Amount, frequency, login time, behavior, etc. are used to formulate rules to screen users, determine risk categories, and grant a certain credit payment limit.

At the same time, every bank check transaction is insured by an insurance company. Based on this, Secoo Financial has also launched "VIP Treasury Checks" with a limit of 5 million to 10 million yuan for private wealth customers with total financial assets and fixed assets of more than 30 million yuan.

As for the discounts, premiums and debt asset transfer fund costs and expenses provided by Kuqie, Peng Xiangxi said that because Kuqie’s product design business model and strong risk management methods have controlled the overall cost of the business, at the same time, Secoo Its unit price and gross profit margin are higher than other e-commerce platforms, so it can cover these expenses and ensure long-term sustainable development.

In fact, the launch of Treasury Check is not only the so-called "return to customers", but the main purpose is to use the highly recognizable concept of "negative installment interest rate" to increase customer interest and awareness, and increase Customer stickiness allows Secoo to develop in-depth high-end customers and extend to more transaction scenarios, which in turn helps Secoo build a complete closed-loop financial service.

Currently, Secoo Financial has two major financial products: "Ku Check" and "Ku Tianxia". Kuqie is a consumer financial product, while Kutianxia is a supply chain financial product.

Reference material: Phoenix Information-Decrypting the "Treasury Check" Secoo is playing a big game