How ChargeAfter’s Point of Sale Financing Benefits Your Online Retail Store’s KPIs
The biggest and most successful online retail stores have either invested in or are currently in the process of integrating point of sale financing solutions. Point of sale financing is one of the most sought-after checkout plug-ins on eCommerce sites as it allows customers to easily, quickly, and affordably shop with their favorite brands. Online retailers can leverage ChargeAfter’s powerful POS financing solution to share these benefits with their consumers and, in return, boost the success rates of their prominent digital marketing key performance indicators (KPIs).
In this article, we explore ChargeAfter’s POS financing solution in more detail and discuss how it can benefit one’s retail store’s KPIs.
What is ChargeAfter’s Point of Sale Financing Solution?
ChargeAfter’s point of sale financing solution is a powerful checkout integration that connects customers with lenders that are able to fulfill their financial needs to make a purchase. For example, customers that wish to buy a mattress can utilize ChargeAfter’s POS financing plug-in at checkout to receive loans at zero interest that cover the total value of the item in the cart. ChargeAfter is able to facilitate this seamless and cost-effective financing solution through a large network of prime and subprime lenders. Online stores that partner with ChargeAfter have the freedom to continue business as usual as ChargeAfter ensures successful consumer financing. Whatsmore, payments are made upfront and in full so that the business benefits immediately from consumers utilizing the point of sale financing plug-in.
How POS Financing Benefits Your Businesses KPIs
With a better understanding of ChargeAfter’s POS financing solution, we can now consider the benefits that it offers businesses in terms of supporting the success rate of KPIs. We will assess the need for investing in a consumer financing plug-in based on these findings.
Abandon Cart Rates
Abandon cart rates are a tricky KPI to assess as there is a lot of consumer psychology to consider when assessing the customer’s reasons for abandoning. Customers could have found a better deal elsewhere as they shop multiple stores simultaneously. They could have reassessed their need for a specific product. Or, they may not have been able to afford the product. When it comes to these considerations, online retailers need to assess what they can and cannot control at checkout. With regards to financing, businesses can give consumers the tools to afford their carts without having to drop the price of items and this is done through the integration of point of sale financing. This checkout plug-in should help you decrease your store’s abandoned cart rates.
Average Order Values
Considered purchases are those that involve high consumer investment. Jewelry, cars, mattresses, and other long-term investments require larger consumer capital that customers do not always have access to. Most shoppers have to seek third-party financial support from their service provider and this can be cumbersome and costly when one takes into account interest rates. ChargeAfter’s POS financing platform, however, gives consumers instant access to zero-interest loans at the push of a button on your website. Whatsmore, no credit checks are needed. As a result, businesses that utilize point of sale financing platforms are more likely to improve their average order values as more consumers are willing and able to make large ticket orders.
Average Order Volumes
Online retailers that utilize consumer financing platforms also experience a greater frequency of purchases. ChargeAfter’s multi-lender plug-in gives businesses access to a broader consumer base as customers who were previously unable to secure financing as a result of credit checks and other hindrances can now easily, comfortably, and confidently shop with retailers that offer consumer financing. With access to a larger consumer pool, online stores will see a rise in their average order volumes.
In a nutshell, the integration of ChargeAfter’s checkout financing solution will positively affect all of your retail store’s digital marketing KPIs, including abandon cart rates, average order values, and average order volumes.