ChargeAfter Is Treading On High Prices With Buy Now Pay Later Tire Financing
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!