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In today’s fast-paced retail environment, ensuring customers have seamless access to financing choices is critical to boosting sales and building customer loyalty. The ability to pay for goods over time through financing can be the deciding factor when completing a purchase. This is especially true during this period of inflation when people are more protective of their resources. Even without inflation, consumer demand for financing is likely to continue as credit cards drop in popularity with younger generations.

One of the consequences of the rise of demand for consumer financing is that it has become impossible for merchants to create and manage an exceptional financing offer in-house. To manage a robust financing offer, retailers require a technology partner to integrate point-of-sale financing into modern customer journeys. This solution is best provided by a platform that can meet the needs of diverse customer profiles while being fast and easy to use for customers and merchants alike. Implementing the right consumer financing platform has become a strategic must for merchants.

For leading merchants, ChargeAfter is the platform of choice. Here are seven reasons why.

7 Reasons Why Leading Merchants Choose ChargeAfter

A seamless omnichannel financing experience
Expansive Network of Lenders
Easy integration and management
Unwavering Compliance and Security
Higher Approval Rates Equate to Increased Sales
Actionable Analytics and Data
Customize with White Label Consumer Financing

A Seamless Omnichannel Financing Experience

Your customers expect a seamless, omnichannel purchasing experience, especially for big-ticket items. Some customers start their purchasing journey online before heading to a brick-and-mortar store or interacting with a call center. Your financing offer must be embedded into these omnichannel journeys. Your offer must also be flexible enough to meet your and your customer’s needs and not be tied to rigid experiences, such as in-store stands serving a long line of customers.

ChargeAfter enables this with a state-of-the-art customer-facing application. It makes it easy for you to offer different ways to access financing choices at every point of sale. This can include a QR code in-store or online, sending customers a link to apply, promotional links on your eCommerce site, online pre-approval, and in-store devices – whatever works best for you and your customers.

Expansive Network of Lenders

With over 40 lenders embedded into ChargeAfter’s platform, you can easily offer your customers access to diverse financing products that to cater to every consumer, regardless of their financial standing. As a result, your approval rates are likely to increase to up to 85%.

Especially during economic fluctuations, having a diverse range of lenders, including B2B financing options, ensures every customer is included. The platform also offers merchants the flexibility to introduce their preferred lenders. Such an expansive network ensures that you remain resilient against individual lender decisions and allows you to capitalize on every sales opportunity.

Safety net.

Easy Integration with Waterfall Finance Methods

The platform stands out with its simplicity. Merchants can enjoy easy integration of this embedded finance platform into their systems. ChargeAfter uses a waterfall finance method that instantly matches customers with the best lending offers suited for their credit profiles. Additionally, its post-sales management features—dispute resolution, refunds, and reconciliations—provide real-time insights. Such embedded financing ensures that merchants and consumers can transact with ease and speed.

Customize with White Label Consumer Financing

ChargeAfter’s white-label POS system allows customization for businesses prioritizing brand identity, reinforcing brand loyalty. Whether you’re seeking a white-label BNPL solution or comprehensive white-label consumer financing, ChargeAfter has you covered.

Unwavering Compliance and Security

Data security, especially in e-commerce financing, is paramount. ChargeAfter’s commitment to both transactional and personal data security is exemplary. Their platform ensures that every piece of data, from credit details to personal identifiers, is guarded against potential breaches. Furthermore, they adhere to all financial regulations, both federal and local. This commitment to embedded finance solutions, combined with unwavering security protocols, ensures merchants can focus on selling, free from the hassle of intricate financial regulations.

Higher Approval Rates Equate to Increased Sales

Through its multi-lender setup, ChargeAfter revolutionizes POS financing. With a broader spectrum of lenders, consumers enjoy a higher likelihood of loan approval, motivating them to finalize their purchases. This embedded lending approach ensures sales and makes your offerings more accessible to a broader audience.

Actionable Analytics and Data

Data-driven insights are crucial for improving customer experiences and optimizing sales strategies. ChargeAfter offers comprehensive analytics, allowing merchants to understand their customers’ buying journeys. Whether it’s identifying drop-off points or successful conversion moments, these insights enable the optimization of the POS lending process.

Case Study: Jerome’s

The success story of Jerome’s Furniture, a legacy brand with over six decades of experience, has been profoundly enriched by its partnership with ChargeAfter. Jerome’s astute integration of ChargeAfter’s consumer financing platform showcased how forward-thinking strategies can lead to exponential growth, even during economic uncertainties. With a commendable 67% increase in customer financing adoption, Jerome’s has ensured its clientele can afford quality furniture without financial strain. This case study underscores the pivotal role consumer financing plays in modern retail, exemplifying how strategic collaborations and a focus on customer-centric solutions can yield impressive outcomes.

Want to delve deeper into Jerome’s Furniture’s remarkable growth journey with ChargeAfter? Download the complete case study and discover the transformative power of consumer financing in the retail sector. Grab your copy now!

In conclusion, as merchants search for an efficient point-of-sale financing platform, ChargeAfter emerges as a frontrunner. Its focus on omnichannel lending and features like white-label BNPL solutions and waterfall financing ensures that merchants and consumers enjoy unparalleled experiences. In the evolving world of consumer finance and in-store financing, having a partner like ChargeAfter can be the game-changer that sets a business apart.

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.

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

Tag: White label POS system

7 Reasons ChargeAfter Is The Best Consumer Financing Platform