News & Press Archive - ChargeAfter

HP Expands Financing Options for Consumers Across All Credit Tiers

Nearly every U.S. consumer[1] now eligible for financing their favorite HP products on HP.com

News Highlights:

Empowers U.S. consumers with purchasing power to acquire technology needed to work, live and play
Offers financing options for various plan terms to qualified buyers or lease-to-own with no credit needed
Positions HP as tech leader with consumer financing options for PCs, printers and peripherals

PALO ALTO, CA, July 25, 2024 — Today HP Inc. (NYSE: HPQ) announced new, comprehensive U.S. consumer financing options for HP products purchased on HP.com[2]. By leveraging ChargeAfter’s technology and collaborating with three leading financial providers – Bread Financial™, Concora Credit and Koalafi – HP can now offer nearly every U.S. consumer[1] a financing option when they shop for personal computers (PCs), printers or peripherals on HP.com. Finance options include promotional financing to qualified buyers , or lease-to-own options with no credit needed. Visit HP Financing for more information and details.

With many consumers feeling the increased pressure of high inflation rates, maxed credit cards and limited disposable income, offering consumers more choice in financing has become increasingly important. In fact, 91 percent of electronics shoppers say it is somewhat to very important that their favorite retailer accepts or offers their preferred type of financing[3]. With these collaborations, HP can now deliver more options to customers across the credit spectrum.

“HP believes that everyone has the right to access the technology that powers our world,” said Deborah Baker, VP, Head of Global Payment Solutions at HP. “We have teamed up with leading financial service providers to help empower the creators, the inventors, and the geniuses of tomorrow. Our new financing options give almost any US customer the financing power to purchase the technology they need to work, learn and play.”

Broader Access to Financing Options with ChargeAfter

Technology has fundamentally changed retail, giving customers more personalization and choice. However, financing at the point of sale is still limited[4] and approximately half of applications are still declined[5]. The problem? Most merchants only integrate with one or two providers, leaving declined customers with no other choices.

With ChargeAfter’s embedded lending platform, HP.com U.S. consumers can now access personalized financing choices from Bread Financial, Concora Credit and Koalafi. By providing some information on HP.com, nearly all U.S. customers are then matched with a suitable financing provider for their specific needs.

“We are excited to support HP’s ongoing commitment to delivering exceptional point-of-sale financing that meets the evolving requirements of their customers and makes cutting-edge technology accessible to all,” said Meidad Sharon, CEO and Founder of ChargeAfter. “This collaboration showcases ChargeAfter’s role as a pivotal partner in revolutionizing point-of-sale financing for major retailers. We look forward to continuing our journey with HP, driving innovation and customer satisfaction together.”

Private Label Credit Card and Buy Now, Pay Later

Bread Financial will initially offer a private label credit card and buy now, pay later options in 2025. Customers will first prequalify with Bread Financial on HP.com for all financing options with minimal customer data required.

“As a leader in promotional financing in the consumer technology vertical, Bread Financial is proud to extend our capabilities and seamlessly offer a tailored payments experience to HP’s customers,” said Val Greer, Executive Vice President and Chief Commercial Officer, Bread Financial. “We look forward to helping HP drive sales and empower their consumers with the right financing options for their specific needs.”

Non-Prime Access to Credit

Concora Credit can help HP non-prime consumers gain access to credit. With non-prime credit cards, customers can spread their payments over time to meet their budget needs.

“At Concora Credit, we are focused on helping non-prime consumers do more with credit and are excited to work with HP to help their qualified customers gain access to leading technology,” said Bruce Weinstein, President and CEO of Concora Credit Inc.

Lease-to-Own

Koalafi offers convenient and transparent lease-to-own financing to consumers who may not qualify for traditional loans, ensuring more HP customers can get the technology they need, while enjoying the benefits of flexible payment options. With a lease, customers can make fixed payment amounts over a maximum of 12 or 24 months and have the flexibility of paying off their lease early to lower financing costs.

“The HP team shares our passion for delivering exceptional experiences to every customer, regardless of where they are on their financial journey,” said Boomer Muth, CEO of Koalafi. “HP’s technology has the power to positively transform lives and ignite joy, and we’re thrilled to help more consumers seamlessly access HP products.”

Availability

HP’s new financing options from Bread Financial (private label credit card) and Koalafi (lease-to-own) are now available to HP.com customers in the United States. Financing options from Concora Credit are expected to be added in August 2024 and buy now, pay later options from Bread Financial are expected in early 2025. HP plans to expand to other HP.com stores in other markets in the future.

About HP

HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.

[1] Excludes U.S. consumers with a history of fraud and/or those who are unable to verify their identity. Other exclusions may apply.
[2] Excludes gift cards and subscriptions.
[3] Sales Finance Study, Bread Financial, September 2023
[4] ChargeAfter-commissioned research with Global Surveyz 100 executive retail decision-makers in the US, December 2022
[5] Data extracted from ChargeAfter platform, January to May 2024.

ChargeAfter Expands Embedded Lending Network with Snap Finance Partnership

ChargeAfter expands its lending network with Snap Finance to strengthen its subprime lender coverage, addressing the needs of up to 57 million Americans.

NEW YORK, July 16, 2024 — ChargeAfter, the embedded lending platform for point-of-sale financing, announces its partnership with Snap Finance, a fast, flexible pay-over-time financing option provider. The collaboration strengthens ChargeAfter’s subprime lender coverage, equipping merchants with additional options to better support customers who are likely to be declined for traditional financing or credit models.

Snap Finance offers consumers who are establishing or rebuilding their credit access to lease-to-own and subprime installment programs. Approximately 57 million Americans hold subprime credit ratings emphasizing the market need for subprime purchase provision solutions. The integration of Snap Finance into ChargeAfter’s network enables merchants to provide instant no-credit-required financing options through a seamless waterfall experience at the point of sale. This is crucial for retailers and service providers in home goods, aftermarket auto and service, and beyond to improve approval rates and drive revenue growth. Snap Finance is the latest lender to join ChargeAfter’s network which incorporates a diverse range of point-of-sale financing options, catering to the entire credit spectrum through a full point-of-sale financing waterfall.

Cooper Blackhurst, SVP of Strategic Partnerships at Snap Finance, commented, “Snap Finance is thrilled to partner with ChargeAfter to help merchants deliver our financing options to an underserved consumer segment. Snap’s recent research found 44% of credit-challenged consumers avoid retailers that don’t offer point-of-sale financing, demonstrating the importance of full financing credit coverage for merchants and their customers. Our partnership with ChargeAfter enables us to connect with credit-challenged consumers at their moment of need through an upgraded experience that requires a single application and delivers instant notification of approval.”

Meidad Sharon, CEO and founder of ChargeAfter added, “We are delighted to partner with Snap Finance, a leading provider of no-credit-required point-of-sale financing options. This collaboration not only enhances our network of lenders, but also reinforces the value that ChargeAfter delivers to merchants and their shoppers. By expanding our network, merchants have an additional option to cater to their entire customer base and achieve approval rates of up to 85%, boosting sales and fostering customer loyalty”.

About ChargeAfter

ChargeAfter is pioneering the embedded lending network for point-of-sale consumer financing for merchants and financial institutions. Powered by a network of lenders and a data-driven matching engine, ChargeAfter streamlines the distribution of credit into a single, secure, and reliable embedded lending platform. Merchants can rapidly implement ChargeAfter’s omnichannel platform online, in-store, and at every point of sale, enabling them to provide personalized financing choices to their customers.

ChargeAfter is backed by payment expert investors including Visa, Citi Ventures, Synchrony Financial, Banco Bradesco, MUFG, PICO Venture Partners, Propel Venture Partners, and The Phoenix. ChargeAfter is headquartered in New York with an R&D center in Tel Aviv. For more information, visit https://chargeafter.com/about-us.

About Snap Finance Company

Snap Finance harnesses the power of data to empower consumers of all credit types to get what they need. Launched in 2012, Snap’s technology brings together more than a decade of data, machine learning, and non-traditional risk variables to create a proprietary decisioning platform that looks at each customer through a more holistic, human lens. Snap’s flexible solutions are changing the face and pace of consumer retail finance. For more information, visit snapfinance.com.

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ChargeAfter Granted Patent for its Embedded Lending Technology

ChargeAfter solidifies its position as a leader in the embedded lending landscape with the granting of a patent for its technology.

New York, March 26, 2024 ChargeAfter, the embedded lending platform for point-of-sale financing, announced that it has been granted a patent for its cross-service transaction facilitation technologies and dynamic transaction interfaces, by the United States Patent and Trademark Office. The patent underscores ChargeAfter’s position as a leader in point-of-sale financing solutions and reinforces its commitment to developing the best platform for merchants, lenders, banks and financial institutions.

ChargeAfter’s platform revolutionizes the lending landscape by serving as an advanced financing orchestration layer, effortlessly bridging the gap between merchants and a diverse network of lenders. The platform, customizable for both merchants, as well as banks and financial institutions, offers a tailored point-of-sale financing experience that may be used under their own brand. Seamlessly integrated across all customer touchpoints, it empowers merchants to present personalized financing options to their customers precisely when they need it, enhancing the shopping experience at every stage of the buying journey.

In a single application, shoppers are instantly connected to a network of lenders that cover the entire credit spectrum and offer a diverse array of financing products, such as short and long-term installments, revolving credit, and lease-to-own, with options for both B2B and B2C transactions. The platform also enables the configuration and use of both a waterfall and marketplace model to streamline the approval process and optimize the customer experience to ensure optimized approval and checkout rates. Merchants in the US, Canada, and Australia that integrate ChargeAfter’s embedded lending platform quickly experience improved approval rates of up to 85%, contributing to higher sales and greater customer loyalty.

Meidad Sharon, founder and CEO of ChargeAfter commented, “The awarded patent recognizes ChargeAfter’s innovative approach to cross-service transactions and confirms our position as the leading solution for point-of-sale financing. It is underpinned by the unique technology that underlies our embedded lending platform and our unwavering commitment to providing the best technology solution to our partners and clients. This achievement is the result of years of research, development, and refinement that have gone into our platform. ChargeAfter is dedicated to providing unparalleled solutions to merchants, banks, lenders, and ultimately shoppers as they seek personalized financing choices within their purchasing experience.”