Choosing the Best Consumer Finance Option for Your Business

Fintech technologies that emerged in recent years allowed online businesses a variety of opportunities to increase sales and attract new clients. They also made eCommerce enterprises more flexible. It is almost impossible to make an online store successful nowadays, without implementing at least one consumer finance option, which is necessary to have the ability to compete with other eCommerce businesses on the market.

Buy Now Pay Later

Nowadays, Buy Now Pay Later (BNPL) has taken over as the primary form of consumer financing. Any customer can access many lending platforms on an online store during the checkout process, offering BNPL lending and POS financing with a range of payment plans. Although receiving funding for goods and services is not a new feature, Fintech and eCommerce companies have improved their ease of use and comfort for customers. It was made possible by clever suggestions and inventions from reputable global lending companies like ChargeAfter, which has become a leader in BNPL lending. Contrary to typical bank loans, one of the key benefits of BNPL lending is that it frequently has no impact on credit score. On top of that, the shop now pay later option has become a great helper for clients who are not eligible to apply for credit cards or traditional loans.

BNPL financing has received criticism despite the many advantages it offers. Consumer finance and BNPL lending, in general, have developed a negative reputation among some clients as a result of the development of unregulated consumer financing platforms that charge high fees and provide poor terms to their customers. That has led to the implementation of new regulations in various nations, including the United States. Leaders of consumer finance companies have not experienced any issues, and they are continuing to grow and get stronger thanks to the new features.

Payment Options

Consumers now have even more comfort when purchasing thanks to smart payment options, especially since that Fintech startups and other businesses are regularly developing faster payment methods.

One of the most popular payment methods used during shopping is mobile payments, which are connected to many online stores so that customers can make the payment with a single click. Shoppay options, which are provided by online stores, typically have the ability to save payment methods with other information, making mobile payments and payment experiences, in general, faster and more convenient.

Payments using QR codes have also gained popularity.  It may not be as quick and comfortable as other smart mobile payment options, however, when it comes to BNPL or consumer financing, where there are many scamming cases, QR code payment is offering the safest experience. Because the information on the QR code cannot be changed, it gives you a guarantee that the payment will be made in the right and safest way.

Another method of payment is chat commerce, which merely allows customers to pay by messaging or chatting with intelligent chatbots. Users of BNPL and consumer financing are starting to favor this function more and more in the US.

Data-Driven Marketing

Data-Driven Marketing was one of the best characteristics that helped e-commerce become even more popular and have the capacity to attract more customers and sales. The ability to comprehend consumer wants is the best feature. Businesses can forecast their future needs and design their marketing strategies based on the data gathered from various client interactions. It increases sales while saving the business money and time.

Social Media Marketing

Using social media is one of the best strategies to sell products. Some e-commerce companies generated significant amounts of revenue just by adopting social media marketing. Customers can only access the firm’s website and make a purchase using BNPL lending and the preferred payment plan after reading the information on social media.

Smaller firms and producers have thrived thanks to this style of social buying. In essence, social shopping enables content producers to sell their goods while also creating content about their companies. Big brands are utilizing social media to market and sell their goods, with everyone from Gucci to Nike doing so.

Choosing the best Lending Platform

Even though different smart payment options are making consumer financing and Buy Now Pay Later services faster, the main priority should always be the financing platform that will be chosen and implemented on the online market of the business. It’s always a lending platform that offers the best options to the clients and also the name and reputation of the platform work in the best way possible when it comes to getting more consumers and increasing sales.   The first step to success is choosing the right consumer financing platform for your company. If the firm integrates a top global lending platform, like ChargeAfter, on its website, it can be confident that its clientele will grow significantly.

First of all, ChargeAfter’s current customers already have complete faith in the system. Additionally, ChargeAfter connects its merchants and customers with the best and most reliable lenders. After submitting an application through ChargeAfter’s Waterfall financing system, customers are matched with the most appropriate lenders, resulting in the best payment options and financing experiences possible.

With various aspects of point of sale financing, BNPL lending, and other consumer finance choices, Fintech businesses are, in conclusion, improving the ease of online purchasing. Although there are numerous smart payment choices available, choosing the right lending platform should be the top priority for businesses in order to increase their customer base and prevent existing customers from defecting to unregulated platforms. After that, as a secondary step to success, other clever features can be added, including payment alternatives or customer support.

About ChargeAfter

ChargeAfter is a leading multi-lender platform for Buy Now pay later (BNPL) Consumer Financing. It connects businesses with the most reliable lenders, enabling them to offer customers the greatest financing solutions. With the best system of Waterfall Financing, ChargeAfter guarantees BNPL lending to every shopper, by matching the most relevant lender to every client. Using the unique consumer financing technology, ChargeAfter provides all parties, merchants, lenders, and consumers, with the best shopping experience. Phoenix, MUFG, VISA, Bradesco, BBVA, Synchrony, PICO Partners, CITI, Propel Venture Partners, Plug and Play, and other companies worldwide are among the investors of ChargeAfter.