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

Source: HP.com newsroom

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.