Customers and retailer businesses have long been interested in consumer financing, but Fintech businesses and consumer lending platforms have made it much more convenient and enabled them to provide customers and merchants with much better, smarter, and more pleasant features than they could before. Because so many newly created global lending platforms have entered the market, leaders like ChargeAfter have had to come up with smarter ideas and implement more features to maintain their titles as leaders. As a result, BNPL and consumer financing, in general, have become much more enjoyable than they were in the past.
So, what makes consumer financing so important, and how does ChargeAfter provide the greatest features available?
What is Buy Now Pay Later
Buy Now Pay Later (BNPL) is a modern take on consumer financing that was available in the US throughout the 19th century. Modern Fintech firms enhanced BNPL with fresh features and made it more consumer-friendly. It is safe to conclude that it was successful, as BNPL is currently one of the most widely used methods of consumer financing.
When customers apply for BNPL at the point of sale, they can obtain the funds they require for the goods or services. Once the application is complete, the client gets the money and pays the entire amount over time using a set payment plan. It increased customer flexibility and simplified the shopping process.
There can be different types of BNPL lending offered on the website, the best platforms are always offering no-fee options, as the only benefit they get are from the merchant fees, or the extra charges in case of late or missed payments. Some consider it a disadvantage of BNPL lending, however, there is no financing institution that has no penalties for not following the payment plan. So we can still say that the BNPL is the best option when consumers need to finance their needs.
How ChargeAfter Benefits Merchants
On the market, various platforms for global lending have appeared. All parties involved in the financing process can now profit from the shopping experience thanks to ChargeAfter, the top consumer financing platform. The ChargeAfter platform benefits merchants in many ways. The availability of numerous reliable lenders, together with the quick and simple application process, enhances sales for retailing businesses, increases their average order values (AOV), and broadens their clientele because a pleasant shopping and financing experience always ensures a customer’s return. According to Forbes’ research, merchant businesses can boost sales and fortify their operations by introducing consumer financing. BNPL is a route from a startup to a successful company.
Consumer Financing for Customers
The ChargeAfter global lending platform’s distinctive features assist more than just retailers. Additionally, it has grown in popularity among customers. When looking for the finest consumer finance deal while purchasing, a customer takes all relevant factors into account to find the greatest solution. ChargeAfter provides a list of the greatest leaders who can be relied upon to deliver the best consumer finance with no fees or minimal additional costs for the loan. It becomes the most comfortable experience for the clients, and this is how ChargeAfter won trust. ChargeAfter’s Waterfall Financing System, in particular, allows customers to swiftly complete only one application while the system matches the best applicable lender with the customer in need.
BNPL for Lenders
The ChargeAfter consumer finance platform is getting more and more customers these days as a result of its popularity. It has piqued the curiosity of more lenders in joining ChargeAfter as partners. ChargeAfter attracted lenders as well since it offers lenders a large number of new clients, which is the goal of any lending platform to attract more consumers and increase revenue. We can take Fortiva Retail Credit as an example. Fortiva and ChargeAfter had a deal, and as both, Fortiva and ChargeAfter benefited from it, to ensure they could obtain a larger customer base and gain more from ChargeAfter’s top financing platform, they expanded their collaboration.
ChargeAfter also benefits from different lenders. The more lenders will be available on the platform, the stronger Waterfall Financing System will become. As it works as a matcher or consumers and lenders, the probability of approved credits will increase with an increased amount of lenders.
Why You Should Consider Consumer Finance
It has become nearly impossible for customers to buy things with a single payment as a result of the escalating costs of various goods and services. There are situations where customers lack savings and are unable to pay for the necessary goods, especially when we are talking about emergencies. Customers in need can benefit greatly from consumer financing and Buy Now Pay Later programs. Additionally, customers prefer to divide payments and use the payment plans that financing platforms or lenders offer, even when necessary money is on hand. The reason is simple when you are able to split the payment without paying extra fees, or just paying a small amount on top, it gives you much more freedom of controlling your finances.
Finally, we can state that given the variety of global lending platforms on the market, it is essential to take all factors into account and choose the best one. Choosing the right company can help you in any situation, whether you’re a consumer trying to acquire money or a business searching for a BNPL lending platform for your website. ChargeAfter is the ideal choice since it offers the easiest and most transparent financing method, which is advantageous to all parties involved.
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.