e-commerce financing Archives

5 Key Factors When Selecting a Consumer Financing Platform in 2023

Posted on Sep 1, 2023Nov 29, 2023 by ChargeAfter

In the dynamic world of consumer finance, the point-of-sale (POS) financing platform you choose can be essential to your success. As modern shoppers become more discerning and technology-savvy, their expectations for seamless and flexible purchasing experiences have soared. This shift in consumer behavior underscores why the right POS financing platform is crucial for merchants aiming to thrive in today’s competitive landscape.

A cutting-edge POS financing platform goes beyond simply processing transactions—it plays a pivotal role in shaping the customer journey. Offering many financing options empowers customers with financial flexibility, enhancing their purchasing power. POS financing turns potential browsers into confident buyers for high-ticket items that may otherwise be out of reach.

Simultaneously, these platforms open up new opportunities for businesses. An efficient POS financing system can increase conversion rates, boost average transaction values, and foster customer loyalty. By offering consumer financing options, businesses demonstrate an understanding of customers’ financial needs and position themselves as supportive partners rather than just vendors.

In essence, the right POS financing platform forms the backbone of your consumer financing strategy. It merges convenience with financial accessibility, making shopping a less daunting experience for budget-conscious customers. As such, your choice of POS platform is a decision that reverberates throughout your entire operation, impacting sales, customer satisfaction, and long-term business growth. This is why investing time and resources into choosing the ideal POS financing platform is an absolute necessity rather than an optional luxury.

Here are 5 crucial factors when choosing the best POS financing platform for your business:

Omnichannel experience
Wide network of lenders
Easy integration and management
Comprehensive analytics and data
White-label capabilities

1. Omnichannel Experience

In the age of digital innovation, customers crave seamless, personalized experiences. An omnichannel lending approach, which merges in-store financing with online financing options, is critical to meeting these expectations. With this approach, your customers can access financing solutions anywhere they wish to interact with your brand, be it in-store, through an online platform, or via a call center, door-to-door service, or any other point of sale in a seamless experience.

Your POS financing platform should provide a genuine omnichannel experience. In-store, customers could scan a QR code, browse a link, or use an in-store device. For e-commerce financing, the platform should support pre-approval applications, enhancing the user experience and expediting the purchase process. Integration with call centers, enabling agents to send links or codes, ensures customers can access support and services conveniently. By accommodating customers wherever they make their purchases, you’re embracing the power of omnichannel financing.

2. Wide Network of Lenders

A vital aspect of any POS financing platform is its network of lenders. A platform with a network of lenders that covers the entire credit spectrum and includes B2B as well as B2C lenders, and different geographies, positions you to meet the financing needs of all of your customers, even as their needs change.

During this period of high interest rates and inflation, traditional prime consumers are qualifying for near-prime loans, while previous near-prime consumers may slide into the subprime category. This cascading effect can leave a significant population underserved, especially considering that only 17% of retailers offer subprime options, according to a survey by ChargeAfter.

The more comprehensive your lender network, the more safeguarded you are against changes made by single lenders, such as a lender adjusting their credit box, changing their merchant discount rates, or even ceasing operations, which can leave you and your customers without an alternative. It also puts you in a stronger position to negotiate terms with lenders who are vying for your customers’ business.

The flexibility provided by an extensive network ensures a continued seamless operation and robust approval rates.

3. Easy Integration and Management

Your POS system should offer straightforward integration and management as an embedded finance platform. Customers should find it easy to use, with a single application connecting them to multiple lenders within seconds. Additionally, it should provide real-time automated matching at the point of sale, utilizing a waterfall finance method to match customers to the best offers for their credit profile.

For merchants, an embedded lending platform should offer effective post-sales management, including dispute resolution, refunds, and reconciliations. Real-time updates on performance, volume, and order information are essential to optimize lending programs. Direct communication with lenders and tools to track, process, and resolve cases should be standard features of your chosen platform.

4. Comprehensive Analytics and Data

Any worthwhile embedded lending platform should offer actionable analytics and data. A complete view of lending data makes optimizing financing offerings and adapting to shifting market trends possible. With this data at your fingertips, you can plan marketing and retargeting campaigns that build strong customer relationships, enhancing their lifetime and average order value.

Analytics from your platform should also help you to understand and optimize your customers’ journey, showing you where and when customers drop out and where and when they convert, so that you can easily optimize your lending program within your customers’ journeys and improve your ecommerce website performance.

5. White Label Capabilities

A white-label POS system allows you to customize the platform to match your brand identity, increasing customer recognition and loyalty. Whether you’re looking for a white-label BNPL solution or comprehensive white-label consumer financing, your platform should be able to deliver.

Choosing a POS financing platform can be complex, given the broad range of features to consider and the multitude of providers in the market. However, by keeping these five critical factors in mind—omnichannel experience, vast lender network, easy integration and management, comprehensive financing analytics, and white-label capabilities—you’re well on your way to selecting a platform that meets your business needs and enhances your customers’ shopping experience.

Conclusion – The Market-Leading Platform for POS Financing

Retailers are increasingly selecting ChargeAfter’s embedded lending platform for point-of-sale financing. It offers everything you need to provide your customers with a fast and smooth experience at their moment of need. The platform streamlines your financing offer and is easy to manage. Its network of over 40 lenders increases the likelihood that shoppers who seek financing will be approved, with approval rates reaching up to 85%. This broader access to financing options enhances the customer experience, fosters loyalty, and ultimately drives higher sales and AOV.

Are you ready to get your financing right? Book a Demo

About Mark Denman
Mark has worked in the near-prime and tertiary lending space for 30 years. As EVP of Merchants Sales & Success at ChargeAfter, he is responsible for ensuring merchants and lenders get the best care possible.

Empowering Consumers: A Review of Point-of-Sale POS Financing Products for Retailers

Posted on Jul 6, 2023Nov 21, 2023 by chargeafterdev

In the dynamic world of retail, Point-of-Sale (POS) financing, a type of embedded lending, is proving to be a game-changer. Its rapid growth mirrors shifting consumer needs and reflects the changing landscape of the retail industry. According to Future Market Insights (FMI), the embedded lending market, including POS financing, will exceed $32.5 billion by 2023 due to the rapid adoption rate of fintech solutions.

Traditional credit card usage is significantly slowing as younger consumers seek more flexible and accessible alternatives. Unlike the conventional one-size-fits-all approach of credit cards, POS financing platforms offer tailored solutions that cater to the unique needs of different customer segments. The result? A shift towards more versatile financing methods, particularly among younger and underserved shoppers.

Embedded finance solutions come in various forms, each with its unique benefits. From revolving lines of credit that offer a set borrowing limit that businesses can repeatedly tap into to the allure of 0% APR programs that promise zero interest for an introductory period, these POS financing options are as diverse as they are flexible.

Furthermore, Buy Now Pay Later (BNPL) programs have emerged as a popular short-term installment solution. Offering an easy-to-understand structure, BNPL allows consumers to purchase goods immediately and pay for them over time, making the entire process hassle-free. Similarly, the lease-to-own concept has found favor, particularly for subprime borrowers seeking to purchase high-priced items such as appliances, furniture, and electronics.

Types of Retailers Using POS Financing

Retailers in many verticals are adopting POS financing and making it a strategic priority given its flexibility and conveniences. As inflation continues to impact customers, demand for POS financing is rising. According to ChargeAfter data, demand for point-of-sale financing increased by 55% in the first quarter of 2023, compared to the same period in 2022. Retailers benefit from offering a robust POS financing experience that meets the needs of all of their customers, especially those selling big-ticket goods or services that are purchased infrequently. In 2023 retailers that are prioritizing upgrading their POS financing offers include:

E-commerce Stores

Online retailers often use POS financing as it can easily be integrated into their checkout process. This allows consumers to choose a financing option at the point of purchase. However, it’s important for many retailers to offer an omnichannel financing experience.

Electronics Stores

Given the high price of many electronic items such as televisions, laptops, and smartphones, electronics retailers often offer POS financing to make these purchases more affordable for consumers. Customers need to be able to access financing both in-store and online, depending on how they prefer to shop. Additionally, as many electronic retailers serve businesses, they also need to consider B2B financing in their POS offer.

Furniture Stores

Similar to electronics retailers, furniture stores often sell high-ticket items that can be out of reach to many. POS financing can help increase sales and average order value by making these items more accessible to consumers. Retailers need to consider offering an omnichannel financing experience including pre-approval online before visiting a store. They also benefit from offering financing options that cover a range of customers according to different credit scores.

Home Improvement Stores

Stores that sell appliances or home improvement goods like hardware and construction materials often use POS financing. These items can range in price and financing allows consumers to make these necessary purchases more manageable.

Healthcare Providers

Healthcare and beauty business provide elective surgeries and other costly procedures. They make their treatments accessible to more people when they offer POS financing. By offering POS financing, healthcare providers democratize services that were previously out of reach to many.

Automotive Dealerships

Dealerships often use POS financing when selling and repairing cars. They may offer financing options, from traditional auto loans to lease-to-own options.

Jewelry Stores

Given the high price of jewelry, these retailers often offer POS financing to make purchases more feasible for consumers.

Types of POS Financing Products

By offering different types of financing products at the point of sale, retailers meet the needs of more customers.

Revolving Credit Line

A revolving line of credit is a flexible loan arrangement between a financial institution and a customer that establishes a maximum loan balance that the lender permits the borrower. It allows the borrower to use funds up to a set limit and repay them, potentially over and over again. Unlike a traditional loan, where the borrower receives a lump sum upfront and starts paying it back in installments, a revolving line of credit lets the borrower withdraw funds up to the set limit as needed. Interest is charged only on the borrowed amount, not the entire credit limit. Once the borrower repays any portion of the borrowed amount, that portion becomes available again for future use. This “revolving” structure gives the borrower the flexibility to manage their borrowing and repayment schedules within the agreed terms. A typical example of a revolving line of credit is a credit card, where the cardholder can spend up to a specific limit, repay the balance, and then spend again.

Long-Term Installment Loans

Long-term installment loans are loans that borrowers repay over a set number of scheduled payments or installments over an extended period. Depending on the loan agreement, this period can range from several months to several years. Long-term installment loans can be secured or unsecured. Secured loans require collateral, such as a house or a car, and typically have lower interest rates because the lender can seize the collateral if the borrower defaults. Unsecured loans, which are provided at the point of sale, do not require collateral but usually have higher interest rates to compensate for the increased risk to the lender.

The terms of long-term installment loans, including the loan amount, interest rate, and repayment schedule, are typically determined at the outset and spelled out in the loan agreement. Each installment payment reduces the principal amount owed and covers the interest on the debt, making these loans easier to budget for than revolving credit lines, where the minimum payment can vary. Long-term installment loans are often used for major purchases or investments, such as buying a house (mortgage), buying a car (auto loan), or funding higher education (student loan). They provide borrowers with the means to afford big-ticket items and significant expenses they couldn’t cover upfront, spreading the cost over an extended period.

0% APR

0% Annual Percentage Rate (APR) refers to a promotional interest rate offered by lenders where no interest is charged on the principal amount for a specified period. This period can range from a few months to a few years, depending on the terms set by the lender. Often seen in credit cards or auto financing, this offer allows borrowers to finance purchases or transfer balances from high-interest accounts without accruing additional interest during the promotional period.

It’s important to note, however, that once the promotional period ends, any remaining balance starts to accrue interest at the regular rate as defined in the terms of the agreement. Moreover, 0% APR offers usually require the borrower to have good to excellent credit, and the terms may stipulate that if a payment is missed or late, the promotional rate ends prematurely, and a higher interest rate applies. It’s, therefore, crucial to understand the terms and conditions attached to a 0% APR offer before proceeding.

Buy Now Pay Later (BNPL)

BNPL, or Buy Now, Pay Later, is a type of short-term installment financing that allows consumers to purchase goods or services immediately and pay for them over time. Typically, payments are made in fixed installments over a set period, such as weeks or months. One of the main attractions of BNPL for consumers is that, in many cases, these payment plans do not incur high interest or fees, provided payments are made on time. Some BNPL services offer 0% interest financing if the balance is paid within a specified promotional period. This can make BNPL more affordable than traditional credit cards for some consumers, particularly for more expensive purchases.

Consumers need to understand the terms of their BNPL agreement. Late fees may apply if payments are not made on time, and interest may be charged on the remaining balance. In some cases, if the balance is not paid off by the end of the promotional period, interest may be charged retroactively from the purchase date.

BNPL has seen a surge in popularity in recent years, particularly among younger consumers, and is now offered by a wide range of online and physical retailers. Typically BNPL is used for small-ticket items with a value of between $50 and $1000 (Consumer Financial Protection Bureau). Based on five surveyed lenders from 2019 to 2021, BNPL loans grew by 970%, from 16.8 to 180 million. The dollar volume grew by 109%, from $2 billion to $24.2 billion.(Consumer Financial Protection Bureau).

Lease To Own

“Lease to own”, also known as “rent to own”, is a type of agreement that allows a customer to lease a product with the option to purchase it at the end of the lease term. This financing option is typically used for expensive furniture, appliances, vehicles, and electronics for subprime customers. The customer makes regular payments over a specified period in a lease-to-own agreement. These payments contribute toward the total purchase price of the product. At the end of the lease term, the customer can buy the item for either a small residual amount or the sum of the remaining unpaid purchase price.

The advantage of a lease-to-own agreement for customers is that it allows them to use and enjoy an item immediately without paying the total purchase price upfront. It can benefit those who cannot afford high-cost items or do not qualify for traditional financing. However, it’s worth noting that the total cost paid over the lease term can be higher than the item’s original price due to the inclusion of interest and fees. Therefore, customers should carefully review the terms of a lease-to-own agreement before proceeding.

B2B Financing

B2B POS Financing (point-of-sale financing), is allows businesses to finance purchases at the point of sale, the same way consumers do. This type of financing is often used for purchases of larger quantities of goods or services since businesses typically purchase in bulk to meet operational needs, inventory requirements, or to fulfill contracts with their own customers. Most merchants provide their own b2b financing, usually with offers with 30, 60, or 90-day payback. These terms are not favorable for many businesses, especially SMBs, and new providers are coming into the market offering business loans with expanded terms. These new POS financing options offer immediate approval (or denial) of credit at the point of sale, making the purchasing process quicker and smoother and resulting in higher approval rates. The buyer can repay the amount over time per the terms of the financing agreement, which can be up to 12 months, giving businesses greater flexibility. B2B POS financing can benefit both the buyer and the seller. For the buyer, it provides immediate access to needed goods or services without a significant upfront investment. For the seller, it can facilitate significant sales, increase cash flow, and foster stronger customer relationships.

Challenges of Single-Lender POS Financing

While the benefits of POS financing are manifold, relying on a single lender can be limiting. Single-lender solutions can lead to lower approval rates and a poor customer journey. Declined shoppers start the POS financing process again, resulting in cart abandonment, and affecting sales and customer loyalty. There is also the risk of being subject to the changing lending conditions of a single financial institution.

Why Retailers Must Start With Embedded POS Financing Platforms First

Many retailers are turning towards embedded finance platforms that offer many lending options through a single gateway to counter these challenges. With an embedded lending network, retailers can manage multiple financing options like BNPL, installment loans, and lease-to-own, providing an omnichannel financing experience.

Indeed, research by ChargeAfter suggests that 66% of retailers prioritize implementing a consumer financing platform that manages the entire financing cycle, including reconciliations, chargebacks, and dispute resolution.

An embedded finance platform also removes the burden of managing complex requirements from the retailers, facilitating seamless management of waterfall financing, in which applications are automatically sent to lenders in a sequence until approval is obtained.

Merchants are thus looking for point-of-sale financing platforms that offer white-label consumer financing solutions and BNPL white-label options, giving them control over the customer experience while handling the complexity of lending and compliance in the background.

Conclusion

As retailers adapt to the evolving needs of their customers, it’s clear that the future lies in leveraging robust POS financing platforms. Offering an omnichannel lending experience through an embedded lending platform can significantly enhance the shopping experience, increase approval rates, and boost sales, making it a win-win for consumers and retailers.

Through white-label POS systems and a waterfall finance approach, retailers offer consumers the flexibility they desire and a better experience.

Retailers that adapt to these changes and invest in POS financing solutions today will undoubtedly be better positioned to cater

To the needs of the next-generation consumer, we are leading the way in the ever-evolving world of retail.

With embedded financing becoming increasingly popular, it’s time to embrace this trend and reap the benefits of enhanced customer satisfaction and increased sales. After all, in retail, customer experience is king – and an omnichannel financing experience through a robust POS financing platform is a significant step in that direction.

The Difference Between Buy Now, Pay Later (BNPL) and Consumer Financing Platforms

Posted on Apr 17, 2023Oct 18, 2023 by chargeafterdev

The buy now, pay later option has become a widely favored payment method within consumer finance platforms, with over 50% of US consumers utilizing such a service.

What is Buy Now, Pay Later (BNPL)?

Buy now, pay later (BNPL) is an innovative payment option that enables customers to acquire products and services without paying the total upfront. Instead, they can instantly finance their purchases and repay them through fixed, interest-free installments over a set period—for instance, a $100 purchase in four equal installments of $25.

Widely used by a diverse range of businesses, particularly e-commerce retailers, BNPL services help boost conversion rates, increase average order values, and attract new customers. Companies that have integrated BNPL services have experienced up to a 30% incremental rise in sales volume. This payment alternative grants customers the convenience of immediate financing for their purchases paid through predetermined installments.

As a merchant, you receive the complete payment for the item upfront, excluding any merchant fees, and are not responsible for handling the financing. Buy now, pay later providers undertake the responsibility of underwriting customers, managing installment plans, and collecting payments, allowing you to concentrate on expanding your business.

This guide provides an overview of buy now, pay later payment, and other financing options. It will educate you on their functionality and assist you in selecting a provider.

How do Buy-Now-Pay-Later Services Work?

Customers can use BNPL to purchase products or services online or in-store by selecting the BNPL option via an app.
Once a plan is selected, approval from the BNPL platform is obtained, initiating the payment cycle. The first payment is deducted at checkout, while the remaining installments are typically interest-free. Extra costs may be incurred for late payments.

Businesses obtain the entire payment upfront (excluding any merchant fees) upon completing the transaction at checkout. Customers make their installments directly to the buy now, pay later provider, often without interest and with no extra fees, provided they pay on time.

Do Buy-Now-Pay-Later Payment Methods Affect A Customer’s FICO Score (Credit Score)?

What Is FICO Score?

A FICO score is the number used to determine someone’s creditworthiness. Financial institutions and lenders use this as a guide to determine how much credit they can offer a borrower and at what interest rate. FICO scores can range from 300 to 850. The higher the number, the better. A FICO score is based on a few different factors:

When customers exercise caution by avoiding overspending and consistently making timely payments, the majority of buy now, pay later payment options should not substantially affect their credit scores.

How Buy-Now-Pay-Later Services Make Money?

Different FinTechs monetize their BNPL platform in different ways. Generally, providers derive income from the merchant, customer, or both. The fees for merchants vary depending on the provider but typically encompass an initial setup fee and a fixed charge for each transaction. Customer fees usually involve late fees incurred due to missed payments.

What Are The Benefits Of Buy-Now-Pay-Later Services?

Seamless checkout experiences are crucial for any business, especially when targeting e-commerce expansion. Customers anticipate smooth, personalized payment experiences that allow them the freedom to select their preferred payment method. Buy now, pay later payment options provide adaptability and ease to your customers, minimize fraud, and enhance conversion rates and average order values.

As the cost of living increases, customer demands for BNPL solutions will likely grow, making it a superior short-term installment payment option even for credit card holders.

Get Paid Upfront And Receive Protection From Repayment Risk And Fraud:

The merchant obtains the entire transaction amount upfront, without delay—regardless of the customer’s success in paying their installments. Consequently, buy now, pay later providers/lender-network assume all customer risks, protecting your business from fraud. In cases where a customer files a fraud-related dispute, the buy now, pay later provider bears the risk and any related expenses.

Extend Customer Reach:

Providing diverse payment methods enables you to establish a relevant and recognizable payment experience, attracting more customers. Buy now, pay later options appeal to younger consumers who frequently lack credit cards: 27% of millennials and Generation Z shoppers utilized buy now, pay later services in 2021*. Additionally, buy now, pay later services to possess well-established marketing channels, including shop directories and email marketing, which may present further opportunities for reaching new customers.

* Marketingcharts.com – August 2021 | Data Source: Morning Consult

Enhanced Customer Experience:

Buy now, pay later payment solutions provide customers with a quicker, more accessible means of obtaining financing. Customers undergo a soft credit check (as opposed to a hard review associated with other financing methods), and there are no separate applications, application fees, or added processing time. Most providers feature easy-to-understand repayment plans and terms. Additionally, returning customers can enjoy a seamless checkout process, finalizing their payments in just a few clicks.

Increased Sales Conversion

Customers are more inclined to complete a purchase if they can pay over time. Buy now, pay later services help alleviate the sticker shock—making four interest-free payments of $50 appears less daunting than a single $200 credit card transaction with accumulating interest.

Increase The Value Of Sales

Buy now, pay later services eliminate the obstacle to making more substantial purchases by enabling customers to split the payment over time, accommodating their budget. For businesses offering lower-priced products, customers might be more inclined to buy extra items when they discover the option to spread the total cost over in installments.

Problems With Providing Buy-Now-Pay-Later

Buy now, pay later (BNPL) is a popular option for consumers who want to purchase without paying the total amount upfront. However, it has many limitations. It is only suitable for specific credit types. BNPL may be an option for those with good credit and a stable income, but it will decline those with lower credit scores, resulting in low approval rates.
Most BNPL loans range from $50 to $1000. For larger purchases, there is a need for other financing options.
Additionally, existing BNPL providers have a one-size-fits-all approach and don’t offer personalized lending. In today’s world – different people need different consumer financing options, and different consumers have unique financial situations; a customized approach can help them access suitable credit for their needs and budget. Without personalized lending options, consumers may be presented with unstable lending options, resulting in an inability to repay, high-interest charges, and potentially damaging their credit score.
The lack of personalized lending options in existing BNPL providers can also be bad for merchants. When consumers are given a one-size-fits-all financing option, it can lead to a higher rate of default and late payments.

Consumer Financing Platforms

While both consumer financing platforms and “buy now, pay later” (BNPL) solutions provide consumers with access to credit, there are some advantages that consumer financing platforms have over BNPL solutions. First, consumer financing platforms often offer more flexible repayment terms, allowing borrowers to choose a repayment period that suits their budget and financial situation. In contrast, BNPL platforms typically require repayment within a short timeframe, which can be challenging for some borrowers. Additionally, consumer financing platforms may offer lower interest rates and fees than BNPL platforms, saving borrowers money in the long run. Finally, consumer financing platforms may offer a broader range of loan options and loan amounts, making them a better choice for consumers who need more substantial financing for significant purchases. The main reason consumer financing platforms are more flexible and carry these benefits is that they connect to multiple lenders and are not the lender itself. Overall, while BNPL platforms can be convenient for smaller purchases, consumer financing platforms are often better for consumers looking for more effective and flexible financing options.

Buy Now, Pay Later Provider Comparison.

Choosing the right buy now, pay later provider depends on the types of products you sell, their prices, and your customer base. When evaluating providers, consider the following:

Repayment terms: Buy now, pay later providers offer varying installment plans and term lengths, ranging from several weeks to multiple years. If your business has a high average order value, seek lenders that provide repayment over an extended period (like monthly installments over six months). Conversely, merchants with lower average order values may opt for fewer installments over a shorter duration, such as four installments over six weeks.

Credit limits: Each customer will have a unique spending limit based on their usage, credit, and repayment history. However, some buy now, pay later providers impose minimum and maximum credit limits. Assess your average order value and choose a provider that offers sufficient credit for customers to complete a purchase.

Customer location: Determine the markets in which you would like to provide buy now, pay later services, taking into account your customers’ locations. Often, this may involve offering multiple buy now, pay later providers to maximize your geographic coverage. With ChargeAfter’s multi-lender platform, this is unnecessary because the ChargeAfter platform connects you to the relevant lenders and services in one platform.

Affirm

Affirm BNPL range from 4 interest-free bi-weekly payments to extended installments for eligible customers of up to 36 months. The usual 0% APR loans range from 3,6, to 12 months.

Afterpay

Afterpay, known as Clearpay in the UK and the EU, enables customers to split payments into four interest-free bi-weekly installments or three interest-free monthly installments. With 20 million active users, it operates in Australia, Canada, France, New Zealand, Spain, the UK, and the US.

Klarna

Klarna Pay in Installments lets customers spread the cost of an online purchase over three or four interest-free payments. Klarna Pay Later in 30 days allows customers to complete a transaction and pay the total amount later, with no extra cost. Klarna Financing provides up to 36 months of credit for approved customers.

ChargeAfter

Multi-Lender Consumer Financing

Offering the power of choice, ChargeAfter provides a single application for personalized point-of-sale financing, guaranteeing approval and acceptance rates for any consumer financing option. ChargeAfter’s multi-lender platform caters to all credit types and currencies and connects consumers with suitable lenders for all e-commerce and in-store financing needs.

Consumer Finance, Not Only BNPL

Unlike other platforms, ChargeAfter allows for various types of consumer finance:

— Straight Revolve:
A type of credit that a borrower can continue to draw from and repay.

* wallstreetprep.com

— Deferred Interest (6/12/18/24 Months):
The interest is deferred during the promotional period. To avoid paying finance charges, the entire balance must be paid off, in full, at the end of the promotional period.

— Equal Pay:
Equal monthly payments are required during the promotional period. Interest does not accrue during the promotional period. This type of financing is designed to pay off promotional balance in full within the promotional period.

— Fixed Pay:
Fixed monthly payments are required during the promotional period. APR is assessed during the promotional period.

— B2B Financing

B2B financing can take many forms, including trade credit that can help businesses manage their cash flow, invest in new equipment or technology, and fund growth initiatives. B2B financing can benefit both the lender and the borrower. It can help businesses maintain strong relationships with their suppliers and customers while accessing the capital they need to succeed.

— LTO

Lease-to-own (LTO) is a financing option to lease a product or equipment with the option to buy it at the end of the lease term. This financing option is also available for businesses or merchants.

— Private Label Credit Cards

A retailer or brand issues private-label credit cards that can only be used to purchase at that specific retailer or brand. These credit cards may offer rewards, discounts, or other benefits to incentivize customers to use the card for purchases. Private-label credit cards can help retailers build brand loyalty and increase sales by providing customers with a convenient financing option and encouraging repeat purchases.

Supports All Platforms

Easily integrate point-of-sale financing options on your Magento, Shopify, WooCommerce, BigCommerce, hybris, custom platforms, and more with simple-to-connect extensions or basic JavaScript code.

Providing POS checkout financing for your website or physical store has always been more complex.

Credit spectrum

Credit spectrum refers to the consumer’s creditworthiness range, from those with excellent credit to those with poor credit. Lenders use credit scores and credit reports to determine a consumer’s creditworthiness, and this information is used to determine the interest rate and terms of a loan. The credit spectrum typically includes different categories, such as prime, near-prime, subprime, and deep subprime, each reflecting a different level of creditworthiness.

Post Sale Management

ChargeAfter offers all-around performance and transaction reporting through an intuitive dashboard. Access your transaction history, monitor live trades, and effortlessly handle settlements, up-selling, refunds, and partial credits with just a click of a button.

White-label Consumer Finance platforms

As a large retailer or established brand, ChargeAfter is dedicated to promoting your brand rather than ours. Tailor the entire point-of-sale checkout financing experience to align with your brand identity and provide customized Point of Sale finance offers that your customers will easily recognize.

Support

ChargeAfter prioritizes the success of our merchants by offering 24/7 support and assistance. Whether you require aid with processing financing settlements, custom reporting, or developing creative for your next buy now pay later financing campaign, we’re here to assist you in achieving your goals.

About ChargeAfter

ChargeAfter’s headquarters is in New York. The company’s investors comprise prominent entities such as The Phoenix, Citi Ventures, Banco Bradesco, VISA, MUFG, BBVA, Synchrony Financial, PICO Venture Partners, Propel Venture Partners, Plug and Play VC.

For more information & or to Schedule a Demo, visit https://chargeafter.com/contact-merchant/