e-commerce Archives - ChargeAfter

Get Ready for Black Friday with POS financing

Posted on Oct 10, 2023Nov 29, 2023 by ChargeAfter

Black Friday is characterized by deeply discounted deals, early store openings, and unparalleled consumer enthusiasm, it’s been consistently marked as the busiest shopping day in America with merchants preparing for months in advance.

What is Black Friday?

Black Friday, the day following the U.S. Thanksgiving holiday heralds the onset of the Christmas shopping season. This year it falls on Friday 24 November. In 2022 more money was spent than in the previous year with a rise in both instore and online sales.

In 2022:

In-store sales in the US increased 12% YoY (Mastercard)
Ecommerce sales in the US grew 14% YoY (Mastercard)
Global online sales on Black Friday grew by 3.5 in 2022 to reach $65.3 billion (Salesforce)
Payments made using BNPL increased by 78% (Amazon)

Why is Black Friday Important?

While the shopping spree typically extends to the subsequent “Cyber Monday” and spans an entire “Cyber Week” for many retailers, Black Friday remains emblematic. Beyond retail, this day offers an economic snapshot, a barometer for the nation’s financial health. Through the lens of Keynesian economics, which posits that consumer spending fuels economic activity, Black Friday’s sales figures can provide insights into the nation’s economic trajectory and consumer confidence.

Challenges Shoppers Face on Black Friday

Merchants meticulously prepare to cater to an influx of shoppers. This involves bolstering their eCommerce platform’s performance to prevent site slowdowns or crashes, diversifying payment options, especially with POS financing to enhance transaction success, and leveraging the efficacy of email marketing, which boasts a 4.1% conversion rate. Moreover, they strategize their discounts well in advance and prioritize a seamless online shopping and checkout experience to ensure customers enjoy an uninterrupted journey, optimizing both satisfaction and sales.

Synonymous with mega deals, Black Friday also comes with its own set of challenges for eager shoppers. One of the primary concerns is the potential for overspending. The alluring discounts and limited-time offers make deviating from a pre-decided budget easy. Shoppers might spend more than intended, especially if shopping with a credit card.

Another significant challenge is the chaotic in-store experience. Packed aisles, long queues, and overwhelming crowds can be a deterrent for many. In some cases, enthusiastic shoppers brave the cold and stand in queues for hours, only to discover that their desired product is out of stock or they get to the till only to be declined for financing.

Demand for consumer financing at the point of sale continues to rise, yet many retailers still struggle to seamlessly provide adequate financing options. Low approval rates and a subpar customer experience can result in cart abandonments, causing both frustration for the shopper and lost sales for the store.

Overcome POS Financing Challenges in Time for Black Friday

Point-of-sale financing has rapidly evolved, with consumer demands shifting and the economy showing stress. Black Friday, the shopping bonanza, is just around the corner, and merchants must be prepared to face the challenges this presents, especially with their point-of-sale financing offers. A recent survey from ChargeAfter, the embedded lending platform for point-of-sale financing, highlights the challenges that merchants face with their POS financing, including low approval rates, difficulties integrating multiple lenders, challenges with post-sale management and more.

Consumer financing is increasingly playing a strategic role for merchants as consumer demand grows. This makes perfect sense in a tumultuous economy with high inflation and soaring interest rates. For consumers, the assurance of personalized financing choices that can include spread-out payments with little to no interest, or access to other lending options such as lease-to-own, revolving credit and so on can be a beacon of hope, enabling them to commit to bigger purchases they otherwise might have foregone.

It is no longer possible for merchants to manage a robust financing offer. To provide customers with an omnichannel waterfall financing experience, they need a technology provider.

How Jerome’s Furniture Tamed Their POS Financing Challenges

Merchants who’ve recognized and adapted a platform-first approach to this trend are reaping considerable benefits. According to a case study of Jerome’s Furniture experienced a substantial uptick in sales – up a staggering 67%. These figures become even more compelling when you factor in the economic decline.

By weaving consumer financing seamlessly into their business model, Jerome’s Furniture underscored their commitment to customer empowerment and saw a surge in customer financing adoption. This indicates a vast segment of their clientele is now leveraging the store’s flexible payment options. The most commendable aspect? Despite the market turbulence in 2022 and 2023, Jerome’s Furniture maintained high approval rates, thus ensuring that customers had undeterred access to a more manageable and less burdensome financial framework.

So, as Black Friday looms, merchants have a clear strategy laid out for them: embed multiple lenders into the point of sale through an embedded lending platform. Not only does it promise to increase sales, but it also fosters brand loyalty and trust. In these unpredictable times, providing customers with financial ease can set a brand apart, making it a beacon for those looking to make the most of their Black Friday shopping.

Ready to upgrade your financing for Black Friday? Request a demo.

eTail eCommerce & Omnichannel Retail Conference 2023

Posted on Jan 19, 2023Oct 18, 2023 by chargeafterdev

Visit us at eTails Retail Conference held at JW Marriott Desert Springs in Palm Springs, California. The event is running from 27 February 2023 to 2 March 2023.
You will find our booth at ‘Startup Valley’

ChargeAfter is a b2b FinTech omnichannel innovator of Consumer Finance. We offer flexible white-label financing solutions for retailers and online merchants.

Our consumer financing solutions enable you to offer finance wherever your shoppers are. Online, In-store, and over the phone.

eTail has been bringing together global brands and retailers since 2003 and is excited to continue gathering key industry players in a safe, collaborative, and personalized way. The event is for senior-level, omnichannel & e-commerce executives and buyers who look to remain innovative and ahead of the curve by delivering value.

The event offers access to over 1800 retail professionals, of which over 53% are Director/VP level and up, making it a valuable investment of time. eTail is a must-attend for leading e-commerce and omnichannel minds and brings together a high proportion of decision-making teams with buying power

The event consolidates leading experts in retail to share knowledge and insights on the latest industry disruptions and future trends. With a 65% retailer attendance rate, it is the only event in the industry that has more buyers in attendance than sellers.

Why ChargeAfter Launched a White-Label BNPL (Buy Now Pay Later) Service

Posted on Aug 11, 2022Oct 18, 2023 by chargeafterdev

Financing platforms must create new services or integrate existing ones to stay up with the demands of merchants and customers in the market as modern consumer financing develops quickly. Given the intense competition in the market and the growing popularity of BNPL lending, it is difficult to stay on top without modernizing the financing system and providing the highest level of customer service. That has become the reason why the leader in consumer financing, ChargeAfter, has decided to implement BNPL white label services.

What is the BNPL white label?

The company can employ consumer finance in its e-commerce store and brand it under its name when using the BNPL white label services provided by the financing platform. Simply put, the retailing business can make its operation appear more professional and can do so in the simplest method imaginable. Instead of spending a ton of money developing a new finance system, retailers may now provide branded POS financing services by just utilizing the existing model.

Why did ChargeAfter adopt a White-Label service?

As the market becomes more competitive, more BNPL providers are attempting to gain an advantage by introducing fresh services that rival BNPL providers do not. Additionally, BNPL white label has grown in popularity among both consumers and merchants, and since ChargeAfter’s lending platform has always given customers the best services possible, the company decided to implement white label services as well. This will keep merchants informed about the consumer financing industry and allow them to enhance their performance. Retailers are now able to get greater results and rise to the top of the selling sector thanks to BNPL white label, which has its advantages.

Benefits of BNPL White Label

BNPL white label has advantages of its own, much like other consumer financing features. With many BNPL benefits in general, we can go over the following three advantages of white label services:

1. Makes your Business Well-known and Reliable

White label services, as we already established, are branded with the firm’s name, giving the company a more trustworthy appearance in the eyes of the customer. As the corporate name is less easily recalled than the lending system itself, when customers use consumer financing without a white label, it is typically a one-time transaction. The reason for this is that customers search for the best BNLP lending option rather than the store itself because the financing platform is the one that specifically allows customers to divide their payments, and customers prefer to select the right platform rather than search for the right store online. So, branded finance software will increase customer loyalty and brand recognition for your business.

2. Makes the Financing Experience Better

When a customer wants BNPL services at the point of sale, they are typically referred to the websites of various financing platforms, where they may have to spend a lot of time filling out numerous forms to obtain the funds they require. In the case of the BNPL white label, the customer fills out the application on the e-commerce website. In particular, when using ChargeAfter’s white label services, the merchant can be confident that the customer will receive credit for the purchase because ChargeAfter provides them with a number several lenders from which the system will select the most appropriate option for their needs.

3. Boosts Sales and Conversion Rate

As was already mentioned, white label services provide a better user experience, which may be a key factor in reducing cart abandonment and increasing traffic to your websites. By utilizing ChargeAfter’s BNPL white label services, your business can provide the greatest experience to the consumer, which will naturally have a favorable impact on sales and conversion. Buyers want simple financing and a shopping experience.

Summary

To sum up, ChargeAfter’s global lending platform has adopted BNPL white label services to stay up with the industry’s rapid expansion and provide the best BNPL lending services to retailers. As consumer finance is becoming one of the main ways to purchase items or services, ChargeAfter makes it possible for consumers to buy things online in the best way possible.

Want to learn more? Reach out to us here.

Provide BNPL to your retail clients with ChargeAfter’s Buy Now Pay Later White Label Solution

Posted on Aug 8, 2022Oct 18, 2023 by chargeafterdev

It goes without saying that the BNPL (Buy Now Pay Later) consumer financing strategy aids businesses’ expansion and success. It affects customers’ experiences and gives the company a more modern, polished appearance.

If BNPL lending is properly executed, it will undoubtedly boost sales and AOV (Average Order Value). According to studies from previous years, BNPL consumer financing is assisting e-commerce online stores to convert more buyers and provide them with the finest experience so they will become regular customers in the future.

Selecting the appropriate finance platform for your e-commerce is crucial. Many businesses rely on ChargeAfter’s BNPL financing platform, which only works with reputable and knowledgeable lenders.

Benefits of White Label BNPL

Fintech businesses are inventing better ideas as retail finance advances each year, and merchants must keep up with them and use their services to ensure that their online stores are modern and that they are providing their customers with the greatest BNPL lending alternatives. According to Meidad Sharon, the CEO of ChargeAfter, they check their software system monthly to make sure it is always up to date and they also always encourage their merchant customers to use their newly developed services.

There are three main reasons why you should implement ChargeAfter’s BNPL white label services.

1. Makes Shopping Experience Better

There are typically a few BNPL lending choices available when the retailer company uses consumer finance on their website, which can occasionally make it uncomfortable for the customers to use the services. With a variety of online options, customers must navigate to several websites and create accounts in order to apply for BNPL services. ChargeAfter decided to integrate BNPL white label services because all those processes took a long time, giving retailers the chance to provide their customers with a far better and more seamless purchasing experience. Due to how much easier and faster the procedure is, it allowed consumers to access consumer financial services more easily.

2. Consumers Trust you More

Putting your name on the service can improve your company’s reputation and increase consumer confidence. In order to see what kind of payment plan or interest rates they receive when using BNPL services to purchase a product online, consumers are more inclined to look to the Fintech company providing the BNPL services. However, when you offer the BNPL white label service, where BNPL services are performed under your brand, it naturally boosts consumer trust and the rate of repeat business. Therefore, with this technique, customers receive BNPL loans directly from your business, and by providing them with the finest services, customer loyalty is raised.

3. Boost Conversion and Sales

As was already said, white label services can greatly simplify the buying process and give shops the opportunity to win over more customers and boost sales. When the business is adopting the proper white label BNPL choices, the customers find it more alluring. Customers always choose simple processes to obtain consumer financing and shop online. Most of the time, when someone wants to buy a product, they search online for the best option. The shops must ensure that their offerings effectively convert visitors who are browsing their websites into buyers. Therefore, the conversion rate is readily boosted when you have a quick and simple way, like white labeled BNPL service.

The same is true for current clients. If a business can provide the best services, like ChargeAfter’s white label choices, it can be confident that clients will make additional purchases and come back for their subsequent ones.

We may conclude that using ChagreAfter’s BNPL white label services will only help your business and increase its performance in the long run.

We never interfere with your customers’ experiences while Certegy is your white label BNPL partner. You benefit from cheaper expenses, less risk, larger transaction volumes, greater average buying capacity, or more regular sales with higher conversion, while your customers enjoy a quick, smooth checkout.

Want to learn more? Reach out to us here.