Promote Faster Conversions With Tire Financing from ChargeAfter

Online shopping makes buying easier and quicker than ever, and automobile owners are turning to eCommerce stores to conveniently order their tires and more. These costly orders benefit online retailers as they drive up average order values, however, they can be difficult deals to close. The time it takes to convert a casual consumer browsing tires into a paying customer makes all the difference when it comes to sales, and tire financing solutions may provide the fastest route to purchase. In this article, we assess ChargeAfter’s Buy Now Pay Later platform and its ability to promote faster conversions.

What is ChargeAfter’s Buy Now Pay Later Platform

ChargeAfter is the leading market provider of consumer financing solutions that come in the form of a buy now pay later integration with online retail stores. The easy to install and affordable plugin works with a variety of retail platforms, including Shopify, Magento, and WooCommerce to name a few. Once installed, customers browsing your vehicle repair or automobile accessory store have access to buy now pay later financing when making their purchase. 

The ChargeAfter platform connects your potential customers with an array of prime and subprime lenders willing to fund their purchase, confirming a partnership with a reputable lender within minutes and not requiring the consumer to leave your store to a third-party site or financial service provider. By receiving access to a lender, consumers are capable of paying for their tires and/or other automobile parts and accessories in full and pay back the financing in monthly installments with zero interest attached. 

How Does Tire Financing Promote Faster Conversions?

With a better understanding of how ChargeAfter’s buy now pay later platform works for tire financing, let’s take a closer look at how online retailers can benefit from the integration through the promotion of faster conversions and more. 

Easy Access to Financing on the Front-End

The trick to securing sales at checkout requires online stores to equip their customers with every possible tool to continue through the sales funnel without having to leave their store. The more shoppers engage with your retail store at every level, the more likely they are to buy for you. With ChargeAfter’s buy now pay later platform, consumers receive access to consumer financing during their front-end experience on your website. They no longer need to visit an alternative site for financial assistance and this ease of access to financing encourages more sales

Faster Navigation Means Faster Time to Purchase

ChargeAfter’s buy now pay later integration comes in the form of a reliable and easy to navigate plugin that appears at the checkout stage of the consumer journey. The platform itself makes a consumer’s life easier as it utilizes a simple and effective UI and UX design to ensure that customers are not distracted during the buying stage. This faster navigation minimizes the time to purchase, allowing more customers to flow through your sales funnel at checkout more quickly and regularly. 

Ability to Order Larger Volumes

The ability to order larger volumes is backed by the personalized benefits of ChargeAfter’s buy now pay later platform. Personalization is critical in digital marketing, and access to tailored financing solutions that offer zero-interest repayment plans means that more customers can more easily make a large tire financing order. The time it takes to land these large order sales is significantly reduced as more consumers in your sales funnel are capable of funding their orders.

From providing a more efficient and effective front-end user experience to giving more consumers access to tire financing to make large orders, ChargeAfter’s buy now pay later platform proves to be a reliable checkout plugin and digital marketing strategy to benefit online automobile and vehicle repair stores. 

How ChargeAfter’s Buy Now Pay Later WooCommerce Platform Promotes Large Ticket Sales

Despite the many benefits of buy now pay later solutions, thousands of WooCommerce platforms are yet to adopt these powerful consumer financing integrations and, as a result, hinder themselves when it comes to increasing average order volumes, improving customer retention, and promoting sales rates. With ChargeAfter’s revolutionary buy now pay later WooCommerce plugin, online retailers can experience these benefits and more within days. In this article, we will discuss how leveraging this particular buy now pay later solution can encourage growth with regards to promoting large ticket sales.

How Large Ticket Sales Improve WooCommerce Business

Large ticket sales are the cornerstone to WooCommerce business success as they amount to far greater return on investment, improvements in large ticket sales drive up average minimum order values, and they supplement inevitable poor-performing months in a WooCommerce’s sites yearly calendar. The benefit of encouraging large ticket sales cannot be ignored, yet many retailers fail to facilitate the efficient and consistent purchase of these expensive items. It would be wise for retailers to pinpoint new tools to facilitate the sustainable purchasing of expensive items, and one crucial method is through consumer financing.

ChargeAfter has, to meet this need, developed a buy now pay later platform that offers consumers incredible, tailored financing to ensure they are capable of making large ticket purchases. The benefit of a multi-lender platform ensures that no customer turns away during the checkout process and abandons their cart. 

How Buy Now Pay Later WooCommerce Solutions Drive Large Ticket Sales

The reason that ChargeAfter’s buy now pay later WooCommerce solution is so successful is because it utilizes a multi-lender platform that other similar services on the market do not. This means that customers are funneled through a reliable lending platform until they are matched with a lender capable of fulfilling their unique consumer financing requirements. Featuring no credit checks and an array of lenders with minimal to no interest rates, customers shopping with ChargeAfter-integrated WooCommerce stores are more inclined to accept consumer financing for large ticket purchases.

Buy now pay later WooCommerce solutions offer customers several other significant benefits that may help promote the sale of large ticket items. We have outlined these in more detail below:

Improved Customer Loyalty for Large Ticket Sales

Customer loyalty plays a pivotal role in large ticket sales as customers who trust your brand are more likely to make big orders than those shopping for the first time. To ensure that customers become loyal shoppers, you need to provide many novel touchpoints on their consumer journey. This is especially true during the checkout stage, and ChargeAfter’s buy now pay later solution is one of the most powerful checkout plugins to drive large ticket sales through encouraging customer loyalty. This is because this platform is reliable, trustworthy, and eases consumer challenges during their shopping experience. 

Stronger Brand Image for Greater Order Values

As consumers become more skeptical of brands, your company image is important when punting large ticket sales. Consumers searching for expensive items such as mattresses are far more eager to purchase from WooCommerce retailers with a strong brand image backed by positive customer reviews. Despite many review strategies capable of encouraging customers to leave positive reviews, consumer financing with zero interest rates from ChargeAfter’s buy now pay later WooCommerce platform is becoming a popular integration for its ability to facilitate a better shopping experience. For this reason, customers may be more likely to share great experiences that they have had with your brand.

Large ticket sales are crucial to WooCommerce business success and the integration of ChargeAfter’s buy now pay later platform will allow your online store to thrive in the competitive retail landscape through facilitating greater value purchases.

How Magento Merchants Benefit From Offering Consumer Financing for Considered Purchases

Consumers are smarter, more confident, and more careful during their online shopping journeys today more than ever before, and this is likely to do with the rise in eCommerce as a result of the Covid-19 pandemic. More customers have access to their favorite stores at their fingertips and more competition is drawing consumer attention as digital marketing soars. For this reason and more, Magento merchants need to develop innovative marketing strategies, utilize the newest online retail tools, and partner with the best consumer financing companies to target, convert, and retain customers who make considered purchases. 

But, what exactly is a considered purchase, what challenges do they present to Magento merchants, and how do Magento merchants benefit from offering consumer financing for considered purchases? We’ll take a closer look at all of these questions and answers in this article. 

What is a Considered Purchase?

Today, consumers are more inclined to research product options, take into consideration product reviews, and plan methods for financing large orders as they are more careful with their online shopping. This is even more notable with sentimental products such as jewelry, high-value items such as mattresses, and long-term investments such as real estate. As opposed to split-second decisions, or impulse buys, these purchases and more fall into what is called a considered purchase.

Considered purchases involve intensive customer research, competitor analysis, and consultation, typically owing to a longer purchasing cycle associated with the higher risk versus reward. Considered purchases are becoming more prevalent in Magento merchants’ stores, especially those looking to land large order volume purchases, and there are several significant challenges these platforms face regarding considered purchases.

The Challenges of Considered Purchases

Considered purchases slow down the time taken to make a sale, subsequently resulting in lower monthly sales reports. This can negatively affect a retailer’s financial figures and the prolonged purchasing cycle can lead to revenue loss. This is among the many challenges Magento merchants face from considered purchases. Listed below are several additional problems associated with considered purchases:

  • Despite brick-and-mortar stores experiencing a decrease in foot traffic during the pandemic, studies suggest that almost half the percentage of global shoppers prefer making considered purchases in-store
  • There are far more online Magento stores available to consumers, increasing competition for considered purchases

Does Consumer Financing Benefit Considered Purchases?

One of the critical ways Magento merchants can improve their sales of considered purchases is by leveraging the benefits of consumer financing. Consumer financing solutions from ChargeAfter spotlight the powerful support of multi-lender financing platforms in reducing the challenges associated with considered purchases. For example;

  • Reduced purchasing cycle as consumers have quick access to personalized loan solutions, thus, increasing monthly sales and encouraging the growth of margins
  • Large orders are funded more successfully because of the wide availability of lenders willing to loan to all types of shoppers, increasing revenue generated per order
  • Zero credit checks give considered purchasers more confidence and widens a merchants consumer pool, developing a stronger and broader grasp of the Magento shopping market
  • Personalized repayment plans ensure that each shopper or considered purchase benefits from tailored options, giving consumers peace of mind knowing that they are covered with the best possible financing solution
  • Financing is done on the back-end, meaning Magento merchants can spend more time focusing on customer service and thus promote retention or facilitate a quicker time-to-purchase

The benefits of consumer financing for considered purchases are endless and cover far more than what’s listed above. These are just a few ways Magento merchants can utilize ChargeAfter’s consumer financing platform to secure considered purchases with their cautious buyers. Doing so should help your company see an increase in revenue, better margins, and consistent consumer growth despite online retail becoming more competitive.

ChargeAfter Is Treading On High Prices With Buy Now Pay Later Tire Financing

Anyone who owns a car knows that purchasing a new set of tires can be quite an expensive ordeal. And it is not just the cost of tires that is overwhelming but the additional services you may need to ensure your vehicle is safe and roadworthy such as alignment, balancing, and extended warranties. These expenses can add up quickly, which can leave a dent in your wallet that may take some time to recover. But it isn’t just the cost that weighs on the consumer’s shoulders, it is also the entire buying experience. With the COVID-19 pandemic, many are still reluctant to visit physical retail stores, which to be frank is becoming more of a hassle than purchasing online with or without the threat of COVID-19. Consumers are looking for affordability and convenience. A way to purchase tires for their cars from the comfort of their homes without breaking the bank either.

ChargeAfter is paving the way to success by providing customers a seamless online shopping experience where they can purchase big brand PCR/LT, lawn, garden, commercial, tractor, and specialty tires and apply for instant, personalized Buy Now, Pay Later tire financing at checkout!

How Does Buy Now Pay Later Tire Financing From ChargeAfter Work?

The ChargeAfter platform makes it exceptionally easy for customers to apply for instant financing in a few simple steps – and without ever having to leave your website! Once customers have chosen their new wheels and added them to the cart, the Buy Now Pay Later financing option can be selected as the payment method. From there, customers are able to apply for tire financing. ChargeAfter’s decisioning engine technology presents your customers with multiple personalized point of sale financing options that are suited to their needs. Once the offer has been accepted and the terms agreed to, customers can complete their purchase and only worry about paying for the outstanding balance over the next few months.

Why Choose ChargeAfter’s Point Of Sale Technology?

For customers and everything else in the world, everything comes down to affordability. And just because it is affordable for one person, it doesn’t mean that it is affordable for the next. The key to ChargeAfter’s Buy Now, Pay Later financing is flexibility. Giving customers a wide range of financing that works for their pocket and not someone else’s. So how is this achieved? With the multi-lender financing network also known as the waterfall financing method. And this is how it works: Once the financing application is submitted by the customer, it is then checked against prime lenders for approval. If the applicant is denied at the first stage, the application moves down to near-prime or “second look” options for approval. If the applicant is still denied, the application is then shared with sub-prime lenders (“lease to own”) for approval. Multiple lenders are checked in the waterfall so various rates and terms are available to shoppers once approved. 

Having access to the diverse network of lenders and various rates and terms means that approval rates are higher. Higher approval rates mean more sales. ChargeAfter’s technology enables tire retailers to boost their customer rating by up to 85% whereas other BNPL service providers who offer single lender services only have an approval rate of around 60 to 65%. This means that just by using ChargeAfter’s POS financing technology merchants can get up to 20% more Buy Now Pay Later tire sales than with any other BNPL service provider. 

The Bottom Line

Partnering with ChargeAfter will give you the upper hand when it comes to affordable tire financing. Providing customers with a convenient and enjoyable online shopping experience and ChargeAfter’s POS financing technology means that customers are able to get the quality tires they are looking for without maxing out their credit cards or dipping into their hard-earned savings!