5 Reasons Why Magento Retailers Benefit from ChargeAfter’s Point Of Sale Financing
As online retail continues to grow and projections indicate an uptick from pre-pandemic estimates of a 12.8% increase in eCommerce sales to 13.7%, it’s no surprise that Magento retailers and other online stores are constantly on the search for consumer-centric innovations that will encourage profitable growth alongside these figures. One such area of extreme importance for online retailers is the checkout stage on the consumer journey, a touchpoint that needs new tools to leverage conscious buyers and help businesses capture sales. Point of sale financing solutions have become paramount for their benefits to both the consumer and the retailer, acting as a solution to credit problems that may encourage more sales and drive consumer loyalty. In this article, we will highlight the 5 reasons why Magento retailers benefit from ChargeAfter’s point of sale financing platforms.
1. Access to Multi-Lender Point of Sale Financing
ChargeAfter’s unique point of sale financing solution sets it apart from the array of other POS financing platforms available to Magento retailers. The reason ChargeAfter is showcasing added value is through the implementation of a multi-lender platform. This system funnels consumers through prime and sub-lenders until they receive acceptance of a personalized payment plan that suits their unique needs. For example, ChargeAfter will filter consumers through the financing application process in real-time and connect them to a lender that is capable of facilitating their financing needs. This gives a retailer’s consumers access to the largest selection of lenders, ensuring they are able to access funds to purchase in the quickest time possible.
2. Higher Conversion Rates at Checkout
The perks of using ChargeAfter’s multi-lender point of sale financing encompasses the platform’s ability to reflect higher conversion rates at checkout. Consumers who arrive at the checkout stage and are worried about their ability to finance their purchase are quickly and easily given access to a wealth of payment plans aligned to their financial capabilities. For example, consumers will be partnered with lenders that allow for small monthly repayments at no interest rate and this is all done without the need for a credit check. The worries stripped from having to receive a credit check allow potential customers to turn into paying customers more efficiently as they are less discouraged during this late stage of the consumer journey.
3. Building Loyalty With Customers
In retail, customers respond to companies that make their lives easier for them. In online retail, this is truer than ever. The pandemic encouraged online shoppers to become more confident and this newfound confidence has brought with it a much more vigilant customer with varying demands from the online stores they shop with. Customers are more inclined to purchase from retailers that facilitate their unique consumer journey. When it comes to point of sale financing, ChargeAfter’s multi-lender platform will showcase one’s Magento retail businesses desire to assist their customers during the checkout process, ushering in a positive company image among these shoppers. Furthermore, this consumer support is likely to equal more return customers and this helps one’s Magento retail business’s long-term growth.
4. Broader Consumer Base
As consumers are not required to undergo intensive credit checks with ChargeAfter’s point of sale financing, more are able to purchase products from Magento retailers that utilize the powerful platform. This gives online retailers access to a wider consumer pool, encompassing customers who have turned away from competitors during the checkout stage as they have not had access to financing.
5. Increased Sales of Large-Ticket Items
A huge draw-in for online retailers using ChargeAfter’s multi-lender platform is the ability to finance their customers’ purchases of large-ticket items. Mattress financing is proving a massive point of sale problem that can be solved through the use of this platform. This is because customers can source funds for mattresses, and other large-ticket items that they may have previously been ineligible to purchase because of failing loan applications with their bank. An increase in sales of large-ticket items drives bigger sales margins for Magento retailers.
Magento retailers should consider the benefits of implementing ChargeAfter’s point of sale financing platform if they wish to flourish in the growing and competitive online retailer industry.