Financing Solutions Platform: How In-Store Financing Works

an ecstatic woman after a shopping spree, looking at her phone for financing notificationStruggling to find a solution to dwindling sales, or sales that never seem to get off the ground, with your e-commerce business? Perhaps in-store financing is the solution to your dilemma.

Retail finance solutions like Vyze that offer more opportunities for customers to buy with ease and peace of mind can convert plenty of “window shoppers” to repeat customers. Here’s how it works.

Customer Wants to Buy

A customer finds your site and is interested in a service or product that you offer. The price of the service or product, however, is what’s stopping them. They are on the fence about it, and may soon give up on buying or simply look for an alternative they can afford, even if that option doesn’t come close to the quality or functionality they truly want.

They Try Your Financing Offer

Because you have the right technology, the customer can apply for in-store financing using any device: smartphone, tablet, or computer.

Customer is Approved

Again, because of your advanced technology, the customer gets a message after a few minutes that they have been approved. The message also tells them how much they’ve been approved for.

Special Rate Applies

As your customer used your in-store financing platform, they also receive a special rate. An example would be giving them 0% interest for six months.

You Get Paid

The financing company pays you the amount of the product or service that your customer bought. Some financing companies may charge a minimal fee or cut from the financed product.

Customer Takes Product Home

Your customer happily takes the product with them or receives it. Now they only have to make the monthly payments to the financing company.

See how much easier it is to offer in-house financing these days? Without in-house financing, that customer would still be dreaming of buying that product or service, and may soon just move on and forget about it if they couldn’t afford to pay cash for it. But if you have the right technology, you can increase your sales by as much as 120%.

Think about offering in-house financing today, and get the right platform to offer it to your customers. Customers who enjoy a financing opportunity are more likely to spend more on future purchases from you.

About the Author

James Maxwell, a Media Buyer at a media buying agency in New York. He was a former media ethics professor at a university in Los Angeles.