How Point Of Sale Financing from ChargeAfter Can Help Increase Customer Retention on Magento

Jun 19, 2021

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.

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About the author
Chris Lloyd
“ChargeAfter is amongst our top rung of partnerships, and they enable us to deliver consistent. The conversion uplifts ChargeAfter creates helps drive strong value for DXL Group and our customers.”