Back to School and Point of Sale Financing

point of sale financing
Point of Sale Financing – The Next Wave of Credit
July 24, 2019

Back to School and Point of Sale Financing

back to school and point of sale financing

Back to school is a term that we have all come to face in one way or another. As parents, some of us secretly throw parties the moment the kids are dropped off at school, or when the big yellow bus rolls down the block. For others, (mostly first-time parents) it can be an awakening experience full of anxiety, or fear of the familiar “known” feelings full of your own memories as a child.

Whatever back to school means to you, one thing that is certain and that we can all agree on is – spending. Back to school obviously is not just about sending your first grader on their way or buying a new laptop for your freshmen anymore. Back to school has turned into an annual shopping spree or almost a mini-holiday shopping season for most.

Every retailer, mom and pop, big-box and online store is boasting their best and finest back to school deals. You can find anything from laptops, cookware, giant 75” led TV’s, new smartphones, clothes – you name it. It’s on sale!

With “back to school” already here, and the upcoming holiday shopping season (Labor Day, Columbus day, Halloween, Veterans day, Thanksgiving, Black Friday & Cyber Monday and Christmas) at our doorstep, as a business you need to make sure that you’re ready to convert as many shoppers as possible and empower them with flexible payment options and methods at the point of sale. According to a recent survey released by ChargeAfter’s partner, SplitIt, 35% of consumers would spend more on back to school shopping if they had the option of flexible payments available to them on the site.

Were you aware that 63% of millennials don’t own a credit card? With the average back to school purchase ranging at $500, that’s a lot of cash to pay, especially for those that don’t have credit cards to use and pay with online.

So, what’s the answer?

  1. Flexible payment options that are personalized to the individual consumers
  2. Choices and options

Did you know that (CharegAfter) retailers that offer point of sale financing on their websites see a 40-50% increase in their average order values? But it doesn’t end there. Retailers also report seeing site-wide sales increase by 30% or more!

How does that happen?

1.Flexible payments

CharegAfter is a multi-lender point of sale financing platform that connects merchants and lenders that provide checkout financing for every consumer type at the point of sale while approving up to 85% of the applications. Merchants using ChargeAfter have access to various financing options and can offer different financing choices based on the product, sale or even marketing campaign – to include: Open lines of credit, 0% APR, Buy now & pay later, Split payments and Lease to own programs.

2.Choices and options

One option is hardly an option for anyone especially in a consumerist and personalized shopping retail environment we have all been accustomed to – thanks to the numerous personalization companies and tools being used by retailers of all sizes today. It’s simple. Consumers want and expect tailor-made experiences. ChargeAfter’s matching engine presents the consumer with multiple payment options (when available) that they have been approved for. This allows the consumer to select the best choice for them based on the loan term, length, amount and more. In return, merchants see a much higher “acceptance” rate which results in higher-order values and site-wide sales.

About ChargeAfter

ChargeAfter’s platform was founded with the goal to help every consumer access to fair, and obtainable financing options tailored to their unique needs.

ChargeAfter is a market-leading financing platform that empowers retailers to offer consumers personalized financing options at checkout from multiple lenders. Through our growing network of global lenders, retailers can approve up to 85% of applicants in real-time and increase sales by up to 45%.

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