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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.  

 

 

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.”

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 chargeafter.com/about-us.