to your customers
Differentiate yourself by being an ally
There are now more ways than ever to purchase household goods. Traditional furniture and appliance stores, online channels, direct from manufacturer, or second hand from individuals. Successful retailers look for ways to become the preferred, trustworthy option for purchasers who realize they have choices.
According to an Affirm survey:
without impinging their credit score
Customers can access financing
Today’s more sophisticated consumer is wary of financing options that and affect their credit scores. Purchasers are also wary of carrying high credit card debt that is both expensive and has a negative effect on credit.
Snap doesn’t just provide financing, its EDGE leads program pairs merchants with preapproved customers!
that provides you leads!
Snap is a powerful marketing partner
Purchase options
Cash of course, is thousands of years old. Credit cards have been with us since the 1950s. Now, we have digital wallets and even cryptocurrencies. There are more ways to pay for goods and services than ever before.
Why Snap Finance
At Snap, every aspect of what we do is intended to help grow your business. We understand and recognize that need to provide easy and flexible options for credit challenged customers. By doing so, you can serve a much broader customer base, while protecting the integrity of your brand.
At Snap, our core values are more than lip service. They’re part of our daily interactions and business practices. Our purpose of helping our customers and serving our partners is clear and reflected in all that we do.
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Making the purchase easy and effortless is a way to compete and differentiate. Amazon for example has patented its easy “1-Click" purchase method. Local and online retailers can provide ways to enable purchases while preserving the buyer’s cash flow via painless, inexpensive financing.
According to an Affirm survey , 79% of millennials say that finances are the area of their lives where they feel most confident, while 61% of respondents also say that pandemic life made younger generations more financially savvy.
Dealing with today’s savvier buyer means offering options that make financial sense to them and to you.
Snap Finance uses its own proprietary assessment. This means that retailers can offer painless “what if” qualifying to purchasers “so they know how much they qualify for if they decide to purchase after talking it over.”
Today’s consumer is loyal to the retailer that demonstrates loyalty in return. This makes it important for the successful retailer to differentiate itself by helping customers make prudent purchase that make financial sense, while remaining profitable for the retailer.
A customer may be preapproved for $5,000 while making a $1,000 purchase. That leaves $4,000 of preapproved credit, and that customer is introduced to participating retail partners, already able to make a purchase with the remaining credit.
Cash is almost always an option except for online purchases. For big ticket items, cash is actually costly to handle (think armored courier service), and brings significant risks that must be managed.
Credit cards are the traditional way consumers finance big purchases, but they can be costly to the retailer—especially the premium rewards cards—and many consumers don’t like the way purchases affect their credit scores.
There are the traditional “rent-to-own” stores that mainly focus on furniture, but they have both a stigma, and a reputation for only offering low-end options.
Consumer loans are still aroundare still around, usually through white-label finance companies that work with retailers, but 35% of Americans don’t qualify for traditional financing.
This means that “Buy Now, Pay Later” options such as Snap are becoming more and more popular.
Snap is a true win-win solution for both retailers and customers, enabling retailers to close 30-40% more big ticket sales. Even online retailers can help customers to check out with bigger baskets!
Sources: 1. CNBC / 2. Pew Research / 3. Affirm
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For more information to help your customers buy what they want, click here.