Idle Sleep & ChargeAfter – Making Quality Sleep More Accessible With Buy Now Pay Later

It is estimated that around 70 million Americans suffer from sleep disorders. Being chronically deprived of sleep is caused by numerous factors including poor nutrition, demanding lifestyles, increased stress, and back pain to name a few. While there are many things to address when it comes to sleep disorders, one thing that has helped numerous people, especially those who have chronic back and muscle pain, is investing in a high-quality mattress. Unfortunately, purchasing a brand new mattress is not a luxury most can afford. It is a large expense that can certainly set anyone back in terms of their monthly budget and putting the cost on a credit card is not always feasible either. Depleting your entire limit may prove to not be the wisest choice as situations out of our control do arise and having the financial back up from a credit card can help consumers get out of those difficult situations. 

However, Idle Sleep is now able to address these issues by making high-quality mattresses more accessible thanks to ChargeAfter’s tailor-made Point Of Sale Consumer Finance solutions. 

Who is Idle Sleep? 

Idle Sleep is a Top 10 direct-to-consumer mattress retailer. An Idle Group, and Idle Group Asia brand, was founded by mattress and bedding industry veteran Craig Schmeizer whose vision is to deliver affordable and high-quality mattresses, sleep, and furnishing solutions globally.

What Was The Challenge?

As a pioneer and innovator in mattress and sleep solutions, Idle Sleep’s goal is to provide every consumer with an equal opportunity to enjoy quality sleep. As an eCommerce brand, Idle Sleep had to place its digital and payment experiences at its core in order to provide an unparalleled online shopping experience. With a reported 63% of Millennials and GenZ-er’s not owning credit cards, delivering a full payment and the sub-par experience related to traditional credit was becoming increasingly challenging as more consumers were being declined for financing by alternative POS partners and driving up both website and cart abandonment rates.

The main challenge faced by the Idle Sleep team was to replace the increasing number of credit declines by offering more approvals while also maintaining the brand’s unique user experience and checkout flow on their WooCommerce based site.

ChargeAfter’s Solution

Following extensive research into various Point Of Sale finance partners, Idle Sleep chose to partner with ChargeAfter, allowing them to offer complete tailor-made consumer financing solutions from multiple lenders during the shopping session and at checkout. All of which was done by using a single application. After effortlessly integrating ChargeAfter’s waterfall-based consumer financing platform into Idle Sleep’s WooCommerce site, ChargeAfter replaced the previous financing partner with a diverse network of leading prime, near-prime, and subprime lenders that are able to deliver equal and attainable financing offers for every consumer across the FICO band, which ultimately leads to more approved applications.

The Results

Using ChargeAfter’s network of lenders as well as the seamless user checkout experience, the results showed a 700% increase in financed transactions as well as a 668% increase in financed volumes over a period of 60 days! To break it down across our unique waterfall of lenders, there was an increase of 51.7% from prime lenders, a 35.8% increase from near-prime lenders, and a 12.5% increase from sub-prime lenders. 

Based on the figures above, it is easy to see why ChargeAfter is the preferred partner for your Point Of Sale Financing solutions on your website and in your store!