Free Consumer Finance Retailer Insights Survey 2023

The rapidly evolving retail financing landscape presents new growth opportunities for merchants looking to expand their businesses.

Providing an omnichannel experience for consumer financing options is becoming increasingly important. With implementing a consumer financing platform a priority, it is crucial to manage the financing cycle and integrate with in-store point-of-sale systems. In this article, we will outline key points based on ChargeAfters’ Retailer Survey on the State of Consumer Financing related to retail financing and the implications for merchants in 2023.

 

 

What is in the Survey

Explore a range of retailer priorities on consumer finance, including:

 

Demand for Consumer Financing

Find out the importance of consumer financing and retailers’ take on consumer demand for POS financing.

 

Consumer Finance Approval Rate

In the survey, we assess the frequency of customers who walk away with a poor customer experience and lost revenues for the business and how statistics are a problem for near-prime and subprime customers.

Merchants find this information critical for expanding their financing options to remain competitive. Learn about the importance of Retail financing options such as in-store financing, checkout finance, and payment plans and how these can help merchants offer financing solutions that meet the needs of their customers.

 

Demand for Expanding Consumer Finance Lenders

Retailers want to serve the entire credit spectrum better and add to their lender portfolio. See how important it is for retailers to add B2B lenders, tertiary lenders (also known as a third-look lender), and secondary lenders to their financing portfolio.

The survey reveals how the drive to broaden the variety of options for consumers translates directly to improving the customer experience and revenues for the merchants, who are currently leaving money on the table.

 

Importance of Implementing Consumer Finance

End-to-end management of the financial cycle is crucial for financing platforms. Retailer insights reveal retailer priority on implementing a consumer financing platform and the range of essential considerations required, like, how the platform should manage the financing cycle, from reconciliations to chargebacks and dispute resolution, the ability to integrate with in-store Point-of-Sale, offering an omnichannel experience and connectivity to various lenders.

 

How vital is Consumer Experience & Omnichannel?

Providing omnichannel financing options is vital for most merchants, but smaller merchants must catch up. Today’s consumers often require an omnichannel experience when utilizing consumer financing and BNPL tools. The survey shows the importance of consumer experience and omnichannel from the retailer’s perspective.

The data paints a picture of consumer finance as an increasingly critical function in the business, linked to customer experience, revenues, and business growth. With technology investments and expansion a priority, merchants ask themselves – am I remaining competitive enough to support the business and my customers?

 

 

Conclusion

Download the FREE survey to gain insight into retailers’ demand for consumer financing, particularly for lower-priced items.

Find out what retailers need to improve customer experience and revenue and how crucial it is for merchants to provide an omnichannel experience for financing options. In the survey, learn how consumer financing is becoming an integral part of the customer experience, with some retailers creating a unique function for BNPL and consumer financing options.

As technology investments and expansion become a priority for merchants in 2023, they must remain competitive enough to support their businesses and customers. By understanding and addressing these critical findings in our survey, You can see how merchants can leverage the advantages of financing and capitalize on the growth opportunities offered by the rapidly evolving retail financing landscape.

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

 

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.