Author: chargeafterdev

WooCommerce retailers can implement several plugins to drive sales and boost average order values, but few methods prove as significant as integrating a multi-lender platform. As online shoppers become more confident and ready to purchase through WooCommerce, qualities reflected in the latest statistics on the rise of eCommerce, your business’s online store should consider multi-lender platforms as a potentially beneficial integration to meet the expectations of these consumers. In this article, we will highlight how the ChargeAfter multi-lender platform can benefit your business through buy now pay later WooCommerce solutions and showcase the easy integration of this platform.

What is ChargeAfter’s Multi-Lender Platform?

ChargeAfter’s multi-lender platform for merchants is a powerful tool harnessed by the best WooCommerce websites for its ability to support consumers during the checkout stage of their customer journey. The platform filters buyers through a back-end lender platform that connects them with a lender capable of fulfilling their specific consumer financing needs. The platform saves consumers time and money by facilitating efficient delivery of reliable lenders in seconds and ensuring that consumers do not have to undergo the process of credit checks with third-party lenders before making a purchase. This can have a significant number of benefits for both the consumer and the WooCommerce retailer.

The Benefits of Buy Now Pay Later With WooCommerce

By helping your consumers shop online, you help your business grow. The two principles work hand-in-hand, and ChargeAfter’s powerful multi-lender platform has become the go-to consumer financing method for the best online retailers across multiple eCommerce platforms. This is because of the many benefits integration with ChargeAfter can have for your business, and we have outlined a few of them below:

Consumers Shop More Frequently

One of the biggest benefits of buy now pay later solutions with WooCommerce integration is the ability to boost your consumers’ average order values as well as encourage them to shop more frequently. Consumers that have quick and easy access to consumer financing are more likely to checkout rather than abandon their carts. This increase in the flow of buying consumers will improve your margins and help you capitalize on more skeptical online shoppers.

Shoppers Buy Bigger Items

Beyond increasing the stream of shoppers buying from your WooCommerce store, integrating with ChargeAfter’s multi-lender platform will allow more of your consumers access to point of sale financing capable of facilitating the purchase of large ticket orders. Consumers purchasing furniture, for example, stand a better chance of receiving funds from ChargeAfter’s platform than any other lender platform. This will increase the value of the average orders that your consumers place. 

How Easy is Integration with WooCommerce?

The great thing about ChargeAfter’s professional multi-lender platform is that it is easily integrated with WooCommerce. ChargeAfter has developed a seamless plugin that integrates with your online store and is available to consumers who reach the checkout stage of the customer journey. The integration is even more beneficial than traditional lender platforms as the complex process of filtering consumers to capable lenders all happens on the backend. Consumers are quickly given access to consumer financing without the fuss of having to fill out extensive forms and consult with lenders. ChargeAfter also offers affordable plans, making this particular multi-lender platform one of the most accessible on the market. 

With ChargeAfter’s multi-lender platform integrated into your WooCommerce website, your business can benefit from increased sales, improved revenue margins, and other powerful benefits aligned with your major marketing metrics. This integration can be done quickly and easily today by consulting a ChargeAfter WooCommerce specialist equipped with the knowledge to assist you with your integration process.

Online retailers using Magento’s powerful eCommerce platform are always on the lookout for back-end innovations to promote sales and boost revenue. From the consumer journey to the checkout process, every touchpoint is considered by the best Magento sites to achieve consistent, profitable growth. Business owners with marketing departments that have not yet assessed their current platform to determine interesting ways to streamline their customers’ experiences or attract new consumers should take note of how 0% APR consumer financing from ChargeAfter can be more effective than traditional marketing strategies such as discounts. 

In this article, we will outline APR financing in more detail, showcase its benefits as a marketing tool, and suggest how your Magento site can leverage this strategy with ChargeAfter to win customers.

What is APR Consumer Financing?

APR refers to an annual percentage rate and it considers the actual yearly cost of funds associated with a loan or investment. Simply put, APR financing calculates the interest expense on a loan as well as other costs involved in the procurement of a loan. For example, customers who make large ticket purchases on Magento eCommerce platforms such as a mattress need a mattress financing solution that takes into account their loan repayments including the cost of insurance for this lifetime purchase. The APR will include the actual percentage associated with all additional costs, giving consumers peace of mind knowing their exact monthly contributions to funding their dream mattress. The power of APR is in this inclusion of all associated costs, but how does 0% APR consumer financing benefit consumers beyond transparent repayment terms, and is it an effective marketing strategy for Magento retailers?

0% APR Financing is a Powerful Marketing Tool

0% APR financing, or interest-free financing, is an incredibly beneficial point of difference the best online Magento retailers offer their customers. Consumers who shop with stores that offer interest-free loan solutions are more likely to purchase from said retailer as the mitigation of incurring costs brings down their monthly expenses. Another important consideration is that customers are more inclined to make large orders through online stores offering 0% APR financing as steep interest rates on long-term loans can result in enormous repayment terms. Customers are suckers for a great deal, and 0% APR financing may be the greatest deal of them all. Hence, many Magento sites use this offering as a powerful marketing tool.

Is APR Financing More Powerful than a Discount?

While it may be more costly to offer 0% APR consumer financing initially, the benefit of receiving the total cost of sold products as opposed to discounted costs cannot be ignored when looking at long-term marketing strategies. In fact, 0% interest financing is economically equivalent to offering a 5% discount. Where it far outweighs the appeal of a discount and economic growth-boosting potential of offering one is in the way that it encourages faster purchasing decisions, larger order volumes, and sustained customer satisfaction. 

How to Leverage 0% APR Financing From ChargeAfter

Magento retailers can leverage the marketing potential of 0% APR financing with ChargeAfter’s powerful multi-lender point of sale financing solution. The system is designed to provide customers with fast access to interest-free loans by connecting them with reputable lenders capable of facilitating their unique shopping needs. The integration is seamless, and consumers are quickly matched with a willing lender to ensure that checkout is efficient as well as provide them with the necessary funding to make larger orders. With ChargeAfter’s 0% APR financing options plugged into your Magento platform, your store could increase customer retention and improve your bottom line today.

Consumers are smarter, more confident, and more careful during their online shopping journeys today more than ever before, and this is likely to do with the rise in eCommerce as a result of the Covid-19 pandemic. More customers have access to their favorite stores at their fingertips and more competition is drawing consumer attention as digital marketing soars. For this reason and more, Magento merchants need to develop innovative marketing strategies, utilize the newest online retail tools, and partner with the best consumer financing companies to target, convert, and retain customers who make considered purchases. 

But, what exactly is a considered purchase, what challenges do they present to Magento merchants, and how do Magento merchants benefit from offering consumer financing for considered purchases? We’ll take a closer look at all of these questions and answers in this article. 

What is a Considered Purchase?

Today, consumers are more inclined to research product options, take into consideration product reviews, and plan methods for financing large orders as they are more careful with their online shopping. This is even more notable with sentimental products such as jewelry, high-value items such as mattresses, and long-term investments such as real estate. As opposed to split-second decisions, or impulse buys, these purchases and more fall into what is called a considered purchase.

Considered purchases involve intensive customer research, competitor analysis, and consultation, typically owing to a longer purchasing cycle associated with the higher risk versus reward. Considered purchases are becoming more prevalent in Magento merchants’ stores, especially those looking to land large order volume purchases, and there are several significant challenges these platforms face regarding considered purchases.

The Challenges of Considered Purchases

Considered purchases slow down the time taken to make a sale, subsequently resulting in lower monthly sales reports. This can negatively affect a retailer’s financial figures and the prolonged purchasing cycle can lead to revenue loss. This is among the many challenges Magento merchants face from considered purchases. Listed below are several additional problems associated with considered purchases:

• Despite brick-and-mortar stores experiencing a decrease in foot traffic during the pandemic, studies suggest that almost half the percentage of global shoppers prefer making considered purchases in-store
• There are far more online Magento stores available to consumers, increasing competition for considered purchases

Does Consumer Financing Benefit Considered Purchases?

One of the critical ways Magento merchants can improve their sales of considered purchases is by leveraging the benefits of consumer financing. Consumer financing solutions from ChargeAfter spotlight the powerful support of multi-lender financing platforms in reducing the challenges associated with considered purchases. For example;

• Reduced purchasing cycle as consumers have quick access to personalized loan solutions, thus, increasing monthly sales and encouraging the growth of margins
• Large orders are funded more successfully because of the wide availability of lenders willing to loan to all types of shoppers, increasing revenue generated per order
• Zero credit checks give considered purchasers more confidence and widens a merchants consumer pool, developing a stronger and broader grasp of the Magento shopping market
• Personalized repayment plans ensure that each shopper or considered purchase benefits from tailored options, giving consumers peace of mind knowing that they are covered with the best possible financing solution
• Financing is done on the back-end, meaning Magento merchants can spend more time focusing on customer service and thus promote retention or facilitate a quicker time-to-purchase

The benefits of consumer financing for considered purchases are endless and cover far more than what’s listed above. These are just a few ways Magento merchants can utilize ChargeAfter’s consumer financing platform to secure considered purchases with their cautious buyers. Doing so should help your company see an increase in revenue, better margins, and consistent consumer growth despite online retail becoming more competitive.

Many Magento merchants get a massive shock when they sit in with their marketing teams and run through their Google Analytics. Figures presented may show very low average order values or few repeat customer purchases, creating headaches among the marketing department as to what strategies are working and what’s not. In many cases, the final and most critical consumer touchpoint – checkout – is being ignored. Whether business owners are aware of new checkout-based marketing tools or yet to discover the options available to them, point of sale consumer financing is proving to be a crucial component for boosting important Magento eCommerce metrics.

In this article, we will list five of these key eCommerce metrics and showcase how point of sale consumer financing from ChargeAfter can improve these results.

1. Cost of Acquiring New Customers

Acquiring new customers is a cornerstone of business success but it does not come cheaply. Every consumer touchpoint needs consideration and marketing teams for Magento merchants to place an extensive amount of time, resources, and advertising budget to promote brand awareness to new customers. That said, your cost of acquiring new customers can be significantly reduced by providing new shoppers with tools to make a purchase, such as consumer financing from ChargerAfter. This feature enables first-time shoppers to quickly and easily convert to paying customers through the provision of funds needed to buy what’s in their cart.

2. Cart Abandonment Rate

While many new customers may checkout and purchase their online cart full of goods, others are quickly driven away from your site when they see the total cost. Some consumers may not have the funds to order their goods and others may have found an alternative Magento merchant offering a better customer experience. Either way, cart abandonment rates can be minimized with consumer financing as it gives all customers access to personalizing funding options. These customers are then more inclined to pay for what they’ve added to their cart. 

3. Average Order Value

The benefit of facilitating orders in online shoppers’ carts through consumer financing is also in the fact that more customers are capable of purchasing large-ticket items. The ability to receive loan support on bigger orders means that Magento merchants using ChargeAfter’s multi-lender platform experience higher average order values. 

4. Conversion Rate

When it comes down to advertising spend, conversions are the critical eCommerce metric that justifies one’s extensive ad budgets. There is little point in spending hundreds of dollars on conversion ads that return zero or very little sales. But, it’s often difficult to determine where exactly the issue is that causes shoppers to flee from an online retailer. Or is it? In most cases, conversion rates are impacted at the checkout stage when customers decide, for one reason or the other, to abandon their carts. Magento merchants can boost their conversion rates, helping customers old and new make purchases, through offering ChargeAfter’s first-rate consumer financing options.

5. Repeat Customer Rate

While acquiring new customers is one part of the marketing funnel, retaining existing companies is another entirely and requires its own financial and time investment. Magento retailers need to adopt new techniques to promote customer retention, one such being the implementation of exceptional consumer financing solutions. Through the integration of ChargeAfter’s multi-lender platform, merchants can experience the benefit of a streamlined checkout process that encourages their consumers to make more purchases. This platform takes the hassle out of online shopping for the customer as well as frees up time for your marketing team to focus on customer retention strategies such as email campaigns.

There is no end to the benefits of introducing a powerful consumer financing platform into your online store, and Magento retailers can experience increased new customer acquisition, lower cart abandonment rates, larger average order values, higher conversion rates, and greater customer retention with ChargeAfter’s solution.

Customer retention is imperative for online retailers as tapping into new audiences can become more costly than serving your current market when taking into account digital marketing and advertising budgets, among other avenues to reach consumers who are unaware of your Magento eCommerce store. For this reason, business owners must improve the efficiency and effectiveness of their critical consumer touchpoints, with the checkout stage being the final step in securing sales. One such strategy for encouraging customer buy-in at this stage of the consumer journey and encouraging customer retention is to offer point of sale financing solutions through the integration of multi-lender platforms like ChargeAfter. 

The powerful platform helps facilitate the lending of finance to customers who are ready to buy but lack the capital to make a purchase, a process that does wonders to encourage customers to return to your online store for the following key reasons:

Personalized Point of Sale Financing Solutions

ChargeAfter’s multi-lender platform allows customers shopping on Magento stores to access POS financing solutions from a range of reliable lenders. When the customer arrives at the checkout stage, they are encouraged to utilize the multi-lending platform that connects them with a personal financing solution tailored to their unique shopping requirements. This aspect of personalization means that every customer receives a payment plan specific to their order, which in turn promotes trust with the online retailer. Personalization is critical for customer retention and its implementation through ChargeAfter’s point of sale financing platform will encourage customers to return for access to new, tailored payment plans for their next order.

Checkout Efficiency for Customer Satisfaction

Loyal customers return to online retailers time and time again because of the efficiency that their eCommerce platforms offer. During the checkout stage, customers are swayed by the effort and time required to make a purchase and tend to shop with Magento retailers that minimize these two influential shopping factors. The integration of ChargeAfter’s multi-lender platform ensures that each shopper experiences a streamlined financing process that does not require them to leave to third-party sites or consult their bank for funding. By pooling the entire process onto your eCommerce website, customers enjoy the satisfaction of shopping with ease and without having to leave your shop. 

Affordable Consumer Payment Plans

Customer retention is supported through the integration of cost-saving strategies, and the implementation of a point of sale financing solution will provide them with a range of affordable payment plans to make a purchase. These plans are driven by their unique budgets and order values, giving them the best and most cost-effective solution to an otherwise risky and interest-driven process. Customers are more likely to return to online retailers that give them the best bang for their buck during the checkout stage.

Automation Mitigates Anxiety

Automation is paramount in the success of Magento online retailers as small businesses save massive amounts of money relegating tedious tasks to management platforms. Whatsmore, automation serves customers shopping online stores as it helps deliver solutions quickly. Customers arriving at the checkout stage may feel overwhelming anxiety should they have to leave your site and consult a banking partner for finance. That’s where ChargeAfter’s consumer financing options come in. This streamlined and automated process gets everything done in a timely manner with minimal effort required from the consumer, a benefit that will encourage more customers to return to shop with one’s Magento store. 

Success encourages more success, and leveraging ChargeAfter’s powerful multi-lender platform is bound to boost your sales and growth through encouraging customer retention. By personalizing payment plans, improving efficiency, offering affordable solutions, and mitigating consumer anxiety, Magento retailers can enjoy more of this success with returning customers.

Omnichannel strategies are becoming a critical part of the Magento 2 and online retail process, informing much of the activity of eCommerce websites no matter the platform as these strategies are geared towards improving a customer’s experience with one’s company online. Despite the importance of implementing new marketing strategies like an omnichannel approach, many eCommerce businesses have yet to leverage the power and benefits of these strategies alongside customer-centric consumer financing solutions such as the multi-lender platform developed by ChargeAfter. The following article will discuss omnichannel strategies further and spotlight how consumer financing from ChargerAfter supports said strategies. In doing so, we will show you how to boost sales on your Magento 2 retail store today.

What is an Omnichannel Strategy?

An omnichannel strategy is a marketing approach that aims to deliver customers with a comprehensive and completely integrated shopping experience that considers the online user journey, brick-and-mortar experience, and every touchpoint in between. An omnichannel strategy is designed to leverage technological innovation at every level of the consumer journey, from access to codes in-store that allow customers to purchase from their mobile devices instead of at the checkout counter to browsing products online and receiving a coupon to redeem them when trying on the outfits in-store. 

The back and forth process of an omnichannel strategy intends to serve customers convenience wherever they are in the consumer journey, with the checkout stage being the most pivotal part and the result of a successful strategy. For this reason, omnichannel strategies need to include effective and efficient consumer financing solutions to improve the rate of conversions at checkout. 

How Consumer Financing Supports Omnichannel Strategies

As discussed, consumer financing is a pivotal part of an omnichannel strategy as it may make or break an online sale for Magento 2 eCommerce websites. The integration of effective consumer financing solutions such as ChargeAfter’s multi-lender platform gives more purchasing power to consumers, thus encouraging online sales for the business. Let’s take a look at the key factors influencing online shoppers thanks to the successful implementation of consumer financing.

Browsing and Buying at Consumer’s Fingertips

Consumer financing solutions such as a multi-lender platform allow consumers to quickly and effortlessly access funds needed to make a purchase on one’s online store. This efficient delivery of point of sale financing ensures that the customer journey is streamlined and incredibly efficient, factors that align with an omnichannel strategy’s intention of giving consumers browsing and buying capabilities at their fingertips.

Effective Management of Customer Activity

Consumer financing platforms, like those developed by ChargeAfter, allow online retailers to keep track of their customers and manage their activity through solving their online shopping problems. Back-end analytics and full-reporting support from ChargeAfter also allow retailers to leverage a successful omnichannel strategy.

ECommerce Unification with Consumer Financing

Consumer financing delivers a unified eCommerce solution for consumers who require POS financing to make a final purchase decision. The ability to offer customers access to finance quickly and easily through the website will save them time they may have spent failing to apply for a loan through their bank. The time-saving potential for customers shopping with ChargeAfter-integrated Magento retailers will make an impressive difference in sales figures and align with a fully integrated omnichannel strategy.

Boost Your Magento 2 eCommerce with ChargeAfter

ChargeAfter’s powerful multi-lender platform has been successfully integrated with thousands of Magento 2 eCommerce websites, giving retailers access to superior consumer financing support to encourage sales growth. The implementation is easy and affordable, allowing retailers to develop successful omnichannel strategies and leverage the critical checkout stage of the consumer journey in no time. Merchants can contact ChargeAfter today to receive more updates on the power of multi-lender point of sale financing platforms. 

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.

Customers have become more tech-savvy and confident, qualities that have helped increase the rate at which consumers shop online. Urged on by COVID-19 pandemic lockdowns and social restrictions, the ease of online retail is also answering consumer challenges and businesses are responsible for ensuring an efficient and effective online consumer journey to meet the growing influx of smart online shoppers. The use of buy now pay later multi-lender checkout options is proving invaluable to eCommerce merchants and consumers alike, as these new solutions streamline the consumer journey to provide quick and easy shopping experiences as well as faster paths to conversion. 

In this article, we will explore the 5 reasons why customers prefer shopping with merchants who use ChargeAfter’s buy now pay later (BNPL) multi-lender platform and highlight why your eCommerce website should consider integrating this powerful technology.

1. Instant Access to Financing

One of the biggest factors that turn shoppers away from online stores is payment options and financing solutions. Many eCommerce websites fail to offer their customers access to a range of payment methods as well as point of sale financing solutions to facilitate a quick sale. Customers who shop online stores with buy now pay later systems are able to make a same-day purchase as they have access to instant funding. This helps consumers reward themselves with a purchase today and helps businesses grow their monthly sales.

2. Personalized Buy Now Pay Later Solutions

Instant access to financial support is only possible with merchants that provide comprehensive buy now pay later solutions for a range of customer segments. Customers are often unwilling or unable to shop online at stores that do not offer payment systems covering the entire credit spectrum. ChargeAfter’s multi-lender platform ensures that every customer has access to financing no matter their credit score. This personalized platform saves consumers from the worries of their credit rating, worries that may turn them away from a merchant’s online store.

3. Reliable and Trustworthy Financing

ChargeAfter accepts lenders that adhere to their policies and vets them to ensure that consumers receive financing from only the best lenders in the marketplace. The quality control gives consumers who shop with merchants using ChargeAfter’s buy now pay later platform peace of mind and confidence that they are receiving support from a reputable, reliable, and trustworthy source. Increasing consumer confidence at this point of the checkout stage is critical as it will help secure the sale.

4. Shop from Any Destination

Consumers around the world can benefit from online stores that integrate ChargeAfter’s BNPL multi-lender checkout option as the system works for customers no matter where they are based or where they are shopping from. Consumers shop from the comfort of their homes, on the go, at their workplaces, or during vacations, so the multi-country facilities of these platforms ensure satisfied customers across the globe.

5. Purchase Pricier Products

Customers who are searching for pricier products are more reluctant to buy on credit as the longer it takes to pay off, the more they end up paying for the product. Take consumers who are looking to purchase a mattress, for example. These products cost a lot as is, and with added interest rates can go well beyond an average consumer’s budget. Consumers who calculate the final cost, which is most smart online shoppers, may stop before checkout and reevaluate their options – often searching for more affordable deals elsewhere or going for something second-hand. Merchants can mitigate this risk by integrating ChargeAfter’s multi-lender platform which gives consumers instant access to comprehensive payment plans that suit their needs and budgets. This helps consumers easily access and finance pricier products more confidently.

From personalized buy now pay later solutions to comprehensive and affordable payment plans for pricier products, online shoppers prefer purchasing from merchants using ChargeAfter’s powerful buy now pay later multi-lender checkout options.