Category: Blog

Furniture doesn’t last forever, at one point or another, these items do need to be replaced. And if you don’t want to have to replace your new items after a few months or years again, it is worth spending a little extra money to get the items that will last even with frequent use. Whether you are redecorating your home for a more modern touch, or need to upgrade a few items that are looking a little worse for wear, these are the pieces of furniture worth splurging a little extra money on.

A High-Quality Mattress 

Getting a good night’s rest is one of the most vital aspects of leading a healthy lifestyle. It plays a pivotal role in maintaining the health and proper function of many biological organs and functions. Many people don’t realize this, but the state and quality of your mattress do have a significant impact on the quality of your sleep, your posture, and your spine health. 

When it comes to a high-quality mattress, the furniture item that is used the most, it isn’t wise to skimp on the cost. Instead, it should be a well-thought-out purchase, taking into account the type and brand rather than just the price tag. Before making the final decision, ensure you have done all the research and have actually tested out the mattress in person. A mattress that is too firm or too soft won’t support your spine while you are catching those much-needed zzzs. You need to find the right balance that works for your body type and needs. Yes, eCommerce has changed the way we shop, but some items, like a mattress, should still be tested out at the store before making any purchasing decisions. 

Living Room Furniture

Second to a mattress, your living room furniture is probably going to receive the most wear and tear, and the saying “you get what you pay for” holds true with these items. If you want your living room furniture to last more than 4 years, it is worth spending the extra money. A higher-quality sofa or couch will also offer more support as it is manufactured with a sturdier frame. The fabric quality is also a smart investment considering that spills are almost inevitable, especially with young ones. You want to invest in a sofa that offers support, can withstand heavy use, and is made with fabric that is easy to clean and stain-resistant. 

An Ergonomic Office Chair 

The COVID-19 pandemic has highlighted that remote work is entirely possible for some industries. Most companies have requested that their employees continue to work from home, a trend that doesn’t seem to be going anywhere any time soon. If you are fortunate enough to work from home, then splurging on an ergonomic office chair is a worthwhile investment considering that the average American spends 13 hours a day sitting! These chairs are designed to not only last but also to minimize strain on the spine, lower back, and neck. 

Before making the final decision, it is important to do your research into the product features and material used. The term “ergonomic” has become a marketing ploy and can make it difficult when making an informed decision. Take your time to look into reviews and to test the chair out in person at a store. 

A Sturdy Dining Set

Some of the best memories are created around the dining room table and is definitely considered a must-have item in any home if you have the space. This furniture piece is not only important for your eating habits but also serves as a focus piece in the room when entertaining guests. Splurging on one that is sturdy, stain-resistant, and well crafted will save you more money in the long run because it won’t need to be replaced often. 

Saving More With Point Of Sale Furniture Financing 

As we mentioned before, when it comes to furniture “you get what you pay for”. And unfortunately, quality doesn’t come cheap in most cases. But it is still possible to invest in quality furniture without breaking the bank or maxing out your credit cards. Point of Sale, or Buy Now Pay Later furniture financing is paving the way for consumers to get the items they want. Instead of skimping on price or quality due to budget constraints or having to put yourself into more credit debt, you are able to make larger purchases that can be split over a few months without any hidden costs or exorbitant interest fees. This type of furniture financing is customized to your budget, giving you more freedom to make smarter, more financially savvy decisions. Ready to learn more about Buy Now Pay Later furniture financing? Get all the information you need here. 

Now that you know what furniture is worth splurging on and how to gain access to it with flexible financing options, it’s time to furnish your home with the items that make you happy! 

 

It’s no secret that the Point Of Sale financing, or otherwise known ad Buy Now Pay Later (BNPL) space is becoming more popular and relevant for the shoppers of today. It is a financing option customers have come to expect from retailers when checking out. Paying for your purchase in smaller more affordable monthly payments, who would turn that offer down?! 

This type of consumer financing has opened a new door of opportunity for retailers and leveled the playing field for consumers who don’t have access to credit cards or prefer not to have one at all. It feeds into the instant gratification consumers are looking for because let’s face it, waiting till payday to get those new designer heels is an anti-climatic experience no customer wants to face. 

Sure, there are some stores that won’t reap many benefits from BNPL options, like small convenience stores, simply due to the fact that bread or milk is not an impulse purchase. However, there are many industries that do benefit from offering their customers BNPL financing options. 

If you are thinking about implementing consumer finance for your shoppers, here are just a few of the industries that are reaping the rewards of the BNPL boom.

Sustainable Products And Fashion 

Sustainable items are high in demand and rightfully so. The world is taking conscious measures to lower its carbon footprint and make more sustainable decisions when it comes to its purchases. Unfortunately, these goods don’t come cheap and it is not viable for retailers to mark down their price points considering how much more time and labor goes into sourcing and manufacturing these goods. Point of Sale financing helps you keep the price fair for both parties and also makes it more accessible for customers especially with trending products like clothing, fitness accessories, and beauty. 

Travel

While travel has taken a hit due to the current pandemic, a lot of shoppers living in states with more relaxed lockdown rules are still looking to go on vacation to destinations that allow them in. The cost of accommodation, travel, food and extra amenities like spa days, boat trips, and tours add up. Usually, travelers put these expenses on their credit cards and land up paying off the vacation many months or years after it has ended at a much higher cost due to the interest. Buy Now Pay Later travel financing offers your customers a more affordable way to jet set without mounting interest rates if paid back on time monthly. 

Electronics

Unfortunately, our devices are not indestructible. Accidents happen and it is not a cheap exercise to replace them. Outdated technology is also costly to upgrade. And the truth is that only a fraction of your customers have the extra cash lying around to buy these goods upfront. Many people are reluctant to swipe their credit cards for these costly purchases because it not only increases their credit utilization, leaving them with a very low available balance for other emergencies that may arise, but it also lands up costing more once the APR’s, interest, and fees are factored in. With electronic financing options like BNPL, your customers get to choose the terms and conditions that best suit their pockets. Why let your customers max out their credit balances when you can offer them instant financing that is transparent and gives them more bang for their buck with flexible terms to choose from.

Furniture

Much like electronics, furnishing a new house or replacing a mattress is an expense most can’t afford to pay for right then and there. Layby options are also not the ideal solution when it comes to furniture financing. Customers don’t want to pay off a couch they can’t enjoy until the final payment is made. It is a far better shopping experience for the customer when they get to buy the couch or mattress they have been looking for without having to pay up the full amount upfront or wait a few more months until they can go pick up the paid in full goods. BNPL furniture financing is the way forward. Customers can purchase the products they want and take them home the same day without worrying about settling the full cost right then and there. 

These are just a few of the many industries that benefit from BNPL pay later. When all is said and done, it is the final sale that matters. When customers are comfortable and feel confident in your financing options, they will not only complete the transaction but will be more likely to return to your business – a business that understands the financial needs of the modern-day shopper. 

 

The business world is moving online at a rapid speed. The COVID-19 pandemic has only emphasized just how important an online presence is in this day and age. While retail will never truly be dead, moving your retail business to a digital space is a necessity most consumers now demand. What was thought to be strictly offline businesses have now embraced the cyber world. Consumers now have direct access to healthcare, shopping, and other services from the comfort of their own homes. So, who can blame them for enjoying the convenience and comfort? 

It may seem like an overwhelming task to move your products and services online, however, there are so many platforms that have been developed to make the process a whole lot easier. If you are planning to make the digital leap, here are some of the best eCommerce platforms worth looking into:

WooCommerce

WooCommerce is a robust, open-source shopping cart plug-in built to integrate into WordPress website platforms seamlessly and offers a wide range of functionality that can also be customized to suit your needs. WooCommerce can be used to take bookings, sell physical products, offer courses and downloads, memberships, and subscriptions globally or in specific regions. It is mobile-friendly, has support, and is extremely easy to navigate for those who will be invoicing, uploading products, and managing inventory on the back end. In addition to those features, WooCommerce is also affordable, scalable, and is secure. One of the key features of WooCommerce is that it has a wide variety of paid and free extensions available to enable you to expand your functionality and features on your website. 

WooCommerce also supports several payment gateways including PayPal, Visa, Mastercard, and ChargeAfter Buy Now Pay Later shopping cart financing. 

Find out more about ChargeAfter’s Buy Now Pay Later WooCommerce integration here

Shopify

Shopify has a large market share when it comes to eCommerce. This robust platform offers various features for multi-channel purchases meaning that you are able to sell online, in-store, on social media, or through third-party marketplaces. This platform can be used to process payments and refunds, deliveries, and POS transactions in-store. 

While this eCommerce platform is a bit more costly compared to WooCommerce, it does offer an extensive range of extensions, plug-ins, and functionality. Key features include unlimited bandwidth and storage, unlimited product uploads, gift cards, fraud analysis, finance reports, and manual order creation. 

Much like WooCommerce, Shopify offers support for various payment gateways such as PayPal, Stripe, and ChargeAfter Point Of Sale Consumer Financing. 

Find out more about ChargeAfter’s Buy Now Pay Later Shopify integration here

BigCommerce

BigCommerce is an open SaaS platform and is the perfect fit for enterprise-level software companies. While it comes with many of the powerful features also offered by Shopify and WooCommerce such as multi-channel purchasing and selling and SEO tools, it does come with some complexities. 

Key features of BigCommerce include flexible APIs, start-up plans, SEO control, Headless commerce for WordPress, customization, and payment and inventory management.  

Payment gateways supported by BigCommerce include Stripe, Apple Pay, PayPal, Pay with Amazon, and ChargeAfter Instant Buy Now Pay Later Financing. 

Find out more about ChargeAfter’s Buy Now Pay Later BigCommerce integration here

 

COVID-19 has changed all aspects of our lives and has made us aware of just how important our family, friends, and personal health are. It has emphasized just how important it is to nurture our relationships with each other and forced us to take a deep look into our health and well-being. It has also made us aware of things we did not notice before, such as germs lurking on the surfaces in public places like a gym. While some gyms still remain shut across the country, those that are open are not experiencing the same foot traffic as they did before the pandemic. There are many reasons to explain the drop – it could be that gym memberships are simply not affordable anymore, or that people are just scared to be in an environment that may leave them exposed to possibly contracting the virus from touching equipment that is frequently in use by others. The reality is that more and more people have invested in home gyms and it’s not hard to see why. There are no gym fees, no sharing of personal items like towels, equipment, or bathrooms, and no masks required during a strenuous workout in the comfort of your own home. 

According to market research, fitness equipment sales grew by a whopping 170% during the COVID-19 lockdown. Sales for stationary bikes grew by 197% and electric bicycles by 187%! Over 2.5 billion fitness and health apps were downloaded from January to November 2020 across the globe, a 45% increase compared to the same period in 2019. With these apps and free tutorials on Youtube, the at-home fitness space will only continue to grow and so will the competition in the market.  

If you are in the fitness equipment retail space or is an industry you are considering getting into, here are a few tips on how to optimize the shopping experience and build your brand!

Build A Community

Fitness goes beyond the individual. It is a community-centric lifestyle that is used to fuel, improve and motivate. The download stats listed above are enough testament to this crucial factor. Besides selling fitness products, take your brand one step further by adding value. Build a community around your brand with insightful newsletters, blogs, tutorial videos, and offer live stream sessions with instructors using your equipment. This will not only help the customer stay motivated to actually use your products and potentially buy more in the future, but will also help establish your brand as a trusted source of valuable information that enables your customers to reach their fitness and health goals. 

Offer Buy Now Pay Later Fitness Equipment Financing

One of the most challenging factors when it comes to gym equipment is the price. Depending on the type of exercise your customers enjoy, fitness equipment like stationary bikes can range from $2000 and upwards! A high-quality yoga mat can even set your customers back $100 – an amount some customers just simply can’t afford. While we all wish that we could lower prices at will for each and every customer, unfortunately, it is just not a possibility. There are also overheads you need to reach in order for your business to survive. Offering Buy Now Pay Later or Point Of Sale consumer financing from ChargeAfter for fitness equipment is a solution for both parties. You are able to set a fair price and your customers are able to pay off their purchase in smaller, more affordable amounts over a few months. This form of instant financing has become a payment method customers expect when shopping online, which is why it should not be overlooked. 

Be Transparent About Total Costs

When customers are browsing your store, especially one that sells high ticket items, price is a sensitive topic. Don’t ruin the shopping journey for your customers by listing the price of the product without the additional taxes or shipping. When a customer adds a $2000 product to the shopping cart only to find they have to pay an additional $300 to cover the additional charges, it is certainly going to add to the sticker shock and may sway their decision to leave your store and never return. Instead, be upfront about the total price as and when a customer lands on the product page. Don’t leave any room for confusion. It is always better for a customer to have all the facts and details about the product up front so that they can make a clear decision on whether or not they are going to finalize the sale. 

Putting these three tips into action can help elevate your brand and build trust with your customers. By giving them value, an enjoyable shopping experience, and affordable Buy Now Pay Later financing, you are showing your customers that you have their best interests top of mind! 

There is no dispute that mothers deserve appreciation and praise all year round, however, Mother’s Day is a great opportunity to go the extra mile and show them just how much they mean to us. But this significant holiday has gone beyond flowers, chocolate, and cards. In fact, according to surveys, Mother’s Day is one of the third largest holidays after Christmas and Black Friday. This year, 83 percent of the US population are expected to celebrate this holiday with an average shopper planning to spend $220.00, which is $16 more than the previous year. That is a total of around $28.1 billion on this annual holiday!

So how do you get a piece of this action and boost your traffic and sales for this special occasion? Here are some helpful tips to get started.

Get Your Site ‘Dressed’ For The Occasion

We are visual creatures and most of the decisions we make are based on the emotions we feel when things are presented to us. Use your website to evoke positive feelings that are synonymous with a mother’s care and love. Affectionate color pallets like pink, white and red help to spark these types of positive emotions. The graphics you use should also represent appreciation, love, and affection. You could use anything from a mother nurturing her child, embraces, or products shot in an appropriate soft setting using pink, white, or other pastel colors.

Make A Gift Guide

So many shoppers struggle when it comes to choosing the perfect gift for their mothers. What gift could possibly express the appreciation they have? Help your customers out by creating a gift guide specifically focused on products mothers need or want. The guide should also be created to match different personas. For example, set up categories that cater to moms who enjoy yoga, or traveling, or gardening. Doing this will also make the shopping experience more enjoyable and is more likely to entice the customer to return to your store when they need another gift.

Use Incentives

There are no limits when it comes to incentives. Giving your customers a free gift with every order or free shipping will entice customers to purchase on your site. You could offer discount promo codes on certain products and giveaways which can also be used as marketing material for your Google shopping and social media ads. 

Offer COVID Friendly Solutions

With lockdowns and heightened risk, especially among older, more vulnerable people, businesses need to take extra precautions and measures to promote safety at this time. But the solutions also need to be convenient, with the customer’s needs top of mind. Offering curbside delivery for flowers, gift cards, or food items is a great way to ensure the safety and well-being of your customers as an eCommerce retailer. 

Offer Flexible Buy Now Pay Later Financing Solutions

Giving customers some financial relief when it comes to purchasing Mother’s Day gifts is something most shoppers have come to appreciate and expect. Being limited by available finances can cause some stress for shoppers, especially those who want to make their mothers feel celebrated this year. Giving your customers Buy Now, Pay Later also known as Point Of Sale Consumer Financing solutions that allow them to pay for their purchase in affordable monthly installments will help ease the burden and give them more freedom to purchase the gifts they know their mothers really want or need without the added financial pressure. Buy Now Pay later solutions from ChargeAfter enable you to offer your customers various payment options and terms from a multitude of lenders. This means that your customers have more choices and a higher chance of approval for the loan as well. ChargeAfter’s technology is compatible with most existing eCommerce platforms. This includes Buy Now Pay Later for Shopify, Woocommerce, Magento, Magento 2, and more.

In the days leading up to Mother’s Day, advertise your Buy Now Pay Later consumer financing on your social platforms, in newsletters, and on the homepage of your website to increase awareness and traffic!

Technology has become such a pivotal part of our daily lives it’s hard to imagine what we did without our smartphones and laptops. While these innovative bits of technology are practically everywhere we turn and supply is certainly plentiful, they still come with quite a hefty price tag. Keeping up with the latest devices can take its toll on finances, but it’s just something a consumer ‘has got to have’. In this day and age, it is not uncommon to see consumers maxing out their credit cards to get their hands on the latest iPhones. The price and need for these types of devices have turned into a dangerous game that usually leaves the consumer on the losing end. Not only are they racking up debt thanks to interest and additional fees, but they usually wind up paying for these devices long after the next-generation model drops in-store. The goal should not be to bankrupt your customer base, but rather to give them a flexible financing solution that is affordable and doesn’t take years to pay off either. This is where Buy Now, Pay Later electronic financing has the upper hand. 

How Does Buy Now Pay Later Electronic Financing Compare To A Credit Card? 

You may just be wondering what the difference is between offering your consumers BNPL and credit cards. Yes, they both fall under the financing umbrella, but the difference is that with BNPL, affordability is key. 

For example, your customer is looking to purchase the new MacBook Pro. They opt for all the extras like a new mouse, earphones, and charging cable. Once they have added everything to the cart, they are met with a total of around $2,100. They decide to swipe their credit card, which has a limit of $8,000 and already has a balance of $2,400 on it. After checking out, your customer now has a credit card balance of $4,500 and their credit utilization is at 56%!

The problem with this method of payment from the customer’s perspective is that if for any reason an emergency comes up, they might not have the means to cover them. It’s also unlikely that the customer is going to pay off their entire credit card balance in one go, which means they will have high-interest payments in store for them.

Buy Now Pay Later, also known as Point Of Sale financing works a little differently. Instead of swiping a credit card for the same amount, a customer can select the BNPL payment option and apply for electronics financing. Once they check out there is no charge added to their credit card. Instead, the total amount is broken down into affordable payments over 12 months with a very low-interest rate. Some merchants may even offer a 0% APR if the outstanding balance is paid back in full within 6-12 months.

This means their credit utilization isn’t affected, leaving them with more available money in the event of an emergency and they also avoid the 25% APR or more that is usually charged when using a credit card!

The Other Benefits Of Offering BNPL Financing For Electronics 

One of the many reasons more and more merchants are offering POS consumer financing is that it helps customers shop and spend responsibly without leaving them with spiraling debt. After all, a customer who can’t afford your products due to their existing debts isn’t going to help your sales either. Plus, when a customer leaves your store penniless after a shop, it can affect the entire shopping experience negatively and they will more than likely not want to return. 

Giving your customers more affordable options and flexibility helps to create a positive feeling when they think of your brand. They’ll know where to shop the next time they are looking for a new camera or phone. 

Another benefit is that you do not have to handle any of the payment terms either. BNPL platforms like ChargeAfter do the heavy lifting for you. And you as the merchant get the total amount as and when the sale is completed! 

ChargeAfter’s technology can also be seamlessly integrated into your existing systems without having to redevelop your entire platform. Chargefter offers Buy Now Pay Later solutions for Magento, Magento 2, Shopify, Woocommerce, Hybris, Big Commerce and more!

The Bottom Line

It’s clear to see why BNPL is making waves in the industry. While both customers using either payment option will get their laptop at the end of the day, the customer who opts for BNPL electronics financing also avoids the many pitfalls of increased credit card debt, inflated interest rates, and will still have enough credit saved on their cards for unforeseen emergency expenses. 

The Covid-19 pandemic has impacted most industries that exist today, with the wedding space being hit the hardest, an industry that was valued at $74 billion in the US alone. According to surveys, 4% of the 450,000 weddings planned for March 2020 were canceled. While that seems like a small number, it has had a severe impact on wedding vendors. With large gatherings banned and strict protocols in place, many wedding vendors have to adapt to the changing times to avoid shutting their doors for good.

The good news is that there is a light at the end of the tunnel for the wedding industry. Many brides and grooms are still planning their weddings albeit further into the future or cut down to micro ceremonies. The demand is clearly still present for the industry of love, but it may just look a little different. 

The key is to meet the demands of the consumer and here is how offering Buy Now Pay Later (BNPL) financing from ChargeAfter can help:

A Future Without Crippling Debt

Planning a wedding does not come cheap and with the ‘new expectations’ created by popular social platforms like Instagram and Pinterest, some brides and grooms go to extreme lengths to plan their perfect day to ensure it is just as picture-perfect as portrayed in the many lavish and filtered images circulating these social platforms. Feeling this pressure, engaged couples often turn to interest heavy lines of credits and loans to afford these price tags, which can take years to pay back. A new marriage formed on debt can be extremely stressful for both parties. The hefty interest rates bump up the total cost of the loan meaning that some couples land up paying far more for their wedding than the actual cost!

While the pandemic has forced couples to reevaluate their priorities for the big day, there are still many that need to turn to credit to afford even just the necessities. 

Making the sale is also proving harder for most bridal vendors, with many brides opting to purchase simpler, non-traditional dresses for their big day to cut costs. This is where offering Buy Now Pay Later consumer financing becomes an indispensable tool for your business and customers. Instead of shoppers having to choose between the dress and their budget you are able to give them another payment option that is flexible and suited to their unique financial needs. 

How Does BNPL Work? 

Unlike traditional credit, Buy Now, Pay Later consumer financing is exactly how it sounds, it is a transparent and affordable payment plan that does not require much effort or an in-depth analysis of credit history, and the total amount can be paid back over 6 to 12 months. It is presented on checkout and only takes a few minutes to complete. There are also various terms and payback plans available for the customer to choose from without having to increase their credit limit usage or affect their credit score! To add to the customer’s benefit, some merchants may even offer a 0% APR if paid back in full within 6 to12 months, which will directly contribute to more savings. 

How Does Offering BNPL Benefit Your Bridal Store?

The model of Point Of Sale financing is not just beneficial to your customers but also beneficial to your store. Here are a few benefits you can enjoy from Buy Now Pay Later as a merchant:

It’s Omnichannel 

Due to Covid-19, many businesses have had to create a digital presence in order to adapt and meet the demand. With ChargeAfter’s technology, you are able to offer POS financing online, in your store, or even through your call centers. The ChargeAfter platform can be integrated into your existing systems, making it easy to offer this convenient solution to every customer across the globe. ChargeAfter’s digital solutions include:

• Integrated Buy Now Pay Later  services for Magento and Magento 2 platforms
• Integrated Buy Now Pay Later  services for Shopify platforms
• Integrated Buy Now Pay Later  services for Woocommerce platforms
• Integrated Buy Now Pay Later  services for Shopify platforms
• Integrated Buy Now Pay Later  services for Big Commerce platforms
• Integrated Buy Now Pay Later  services for Hybris platforms

And many more.

Higher Approvals

One of the many things that make this form of consumer financing outshine other methods of credit is that the approvals for this type of financing are much higher. This means that a customer has more chance of getting financing from a lender than if they had to apply for a credit card. But not all BNPL solutions are created equal either. ChargeAfter’s technology uses a network of different lenders who offer various payback rates and terms. Thanks to this waterfall financing method, customer approval rates for BNPL services are 85% and over! Other POS financing providers who work with single lenders have approval rates of between 60 to 65%. This means that by using ChargeAfter’s technology, you are able to get up to 20% more BNPL sales. The higher the approval rates, the more sales you close. 

You Get The Money Upfront

Ultimately, when you close any sale, you want to ensure you get the money upfront without having to manage the admin that comes with other financing options like in-store accounts and layaways. Having to take on the admin of recouping costs and collecting monthly payments is also a very tedious and labor-intensive exercise. With BNPL financing, you are paid upfront while the lender deals with the rest. This not only alleviates the stress but also gives you more time to focus on adapting and building your business during the pandemic.

Higher AOVs

As we mentioned before, the pandemic has changed the way consumers purchase. They are prioritizing the necessities and forgoing the things they consider to be luxuries. This means brides are swapping out their dream gowns for something more affordable instead. But with BNPL financing, you are giving them an affordable payment solution that allows shoppers to get their dream dress or suit without breaking the bank. It also opens the door for higher-value sales. For a couple of extra dollars a month, consumers are more willing to take the more expensive option. They have more buying power and more flexibility to get exactly what they want. 

It is a win-win for both parties. Your AOVs increase while your customers are able to afford the gowns and suits they have been dreaming about to really make their special day a truly memorable one! 

Anyone who owns a car knows that purchasing a new set of tires can be quite an expensive ordeal. And it is not just the cost of tires that is overwhelming but the additional services you may need to ensure your vehicle is safe and roadworthy such as alignment, balancing, and extended warranties. These expenses can add up quickly, which can leave a dent in your wallet that may take some time to recover. But it isn’t just the cost that weighs on the consumer’s shoulders, it is also the entire buying experience. With the COVID-19 pandemic, many are still reluctant to visit physical retail stores, which to be frank is becoming more of a hassle than purchasing online with or without the threat of COVID-19. Consumers are looking for affordability and convenience. A way to purchase tires for their cars from the comfort of their homes without breaking the bank either.

ChargeAfter is paving the way to success by providing customers a seamless online shopping experience where they can purchase big brand PCR/LT, lawn, garden, commercial, tractor, and specialty tires and apply for instant, personalized Buy Now, Pay Later tire financing at checkout!

How Does Buy Now Pay Later Tire Financing From ChargeAfter Work?

The ChargeAfter platform makes it exceptionally easy for customers to apply for instant financing in a few simple steps – and without ever having to leave your website! Once customers have chosen their new wheels and added them to the cart, the Buy Now Pay Later financing option can be selected as the payment method. From there, customers are able to apply for tire financing. ChargeAfter’s decisioning engine technology presents your customers with multiple personalized point of sale financing options that are suited to their needs. Once the offer has been accepted and the terms agreed to, customers can complete their purchase and only worry about paying for the outstanding balance over the next few months.

Why Choose ChargeAfter’s Point Of Sale Technology?

For customers and everything else in the world, everything comes down to affordability. And just because it is affordable for one person, it doesn’t mean that it is affordable for the next. The key to ChargeAfter’s Buy Now, Pay Later financing is flexibility. Giving customers a wide range of financing that works for their pocket and not someone else’s. So how is this achieved? With the multi-lender financing network also known as the waterfall financing method. And this is how it works: Once the financing application is submitted by the customer, it is then checked against prime lenders for approval. If the applicant is denied at the first stage, the application moves down to near-prime or “second look” options for approval. If the applicant is still denied, the application is then shared with sub-prime lenders (“lease to own”) for approval. Multiple lenders are checked in the waterfall so various rates and terms are available to shoppers once approved. 

Having access to the diverse network of lenders and various rates and terms means that approval rates are higher. Higher approval rates mean more sales. ChargeAfter’s technology enables tire retailers to boost their customer rating by up to 85% whereas other BNPL service providers who offer single lender services only have an approval rate of around 60 to 65%. This means that just by using ChargeAfter’s POS financing technology merchants can get up to 20% more Buy Now Pay Later tire sales than with any other BNPL service provider. 

The Bottom Line

Partnering with ChargeAfter will give you the upper hand when it comes to affordable tire financing. Providing customers with a convenient and enjoyable online shopping experience and ChargeAfter’s POS financing technology means that customers are able to get the quality tires they are looking for without maxing out their credit cards or dipping into their hard-earned savings!