Millions of consumers have already made the switch to shopping almost exclusively online. However, not all consumers are in the best position to pay for everything in cash or in full. In this day and age, buy now, pay later (BNPL) payment processors like AfterPay, and Klarna are making it easier for consumers to access the products they need. They can buy what they want and not have to worry about paying the full price up front.
But what about people whose credit scores may not qualify for a BNPL product? There’s a solution to capture this underserved market by offering a lease-to-own (LTO) provider such as Katapult. Your business does not want to lose out on the benefits of LTO.
Benefit 1: Evolving credit? Katapult is the solution!
Katapult is a lease-to-own provider that reaches a target audience many e-commerce stores neglect – an audience with nonprime credit. LTO offers a solution for the people who really want your product, but don’t qualify for BNPL like Klarna, AfterPay, etc., or can’t afford to pay for it all at once. These customers get lost, they’re removed from your sales funnel, and may never visit your store again. Unless you have Katapult! Katapult allows approved applicants the opportunity to lease-purchase goods without making a long-term commitment. You can spread out your customer base with BNPL and lease-to-own options..
Benefit 2: Offering multiple alternative payment options.
Customers can be picky when they’re checking out. Are they going to use a credit card, PayPal, ShopPay, etc.? No one knows, and it’s hard to predict. That’s why you want to offer multiple payment solutions such as BNPL or LTO. BNPL providers have made their staple on most e-commerce sites and some retailers have not added an LTO payment solution that may be available to more consumers with developing credit. Fortunately, Katapult works in conjunction with BNPL processors and provides approved customers the option to lease-purchase the items they desire even if the BNPL providers have declined them.
Benefit 3: The more payment options available, the more transactions!
Don’t be the last to offer LTO! Your business may miss the opportunity to serve a broader customer segment who may be unable to qualify for BNPL.. Therefore, having an LTO option, like Katapult, which enables a broad consumer base to apply for a lease-purchase option with minimal risk to the merchant, is an obvious yes! You grow your revenue and audience by just adding a simple alternative solution that is overlooked by most e-commerce business owners.
Benefit 4: Increase your audience reach.
When you partner with Katapult, you’ll get the benefit of being featured in their Retailer Directory that drives high-converting customers to merchants every day. People familiar with Katapult will automatically see your store, drive up store sessions, and potentially transact. Especially since they know your store offers a lease-to-own option.
Benefit 5: Your business has a true partner!
When you integrate with Katapult, you add a partner who not only supports the integration of alternative checkout solutions but also increases your marketing efforts with segmented emails, asset libraries, and educational materials so your team and your customers know the best way to promote your new checkout solutions. At Katapult, you receive a dedicated Client Success Manager who works with your team to optimize your new lease-to-own solution so you can capture the highest conversion rates possible.