Consumer Financing
- Consumer finance spending in the US is estimated at $391 billion per year. Offering financing taps into this huge market.
- 77% of consumers say the availability of financing influences their choice of retailer. Financing gives Merchants a competitive edge.
- 45% of customers said they would not have gone through with a purchase if financing was not available. This means sellers could be losing up to 45% of potential sales by not offering financing.
- Offering financing is estimated to increase sales by 20% or more! Customers who can't afford the full price upfront can pay over time.
- Financing shifts the focus from total price to monthly payments, allowing merchants to increase average ticket size.
- By clearly advertising financing options, Merchants can avoid losing a significant portion of sales to customers who need financing.
- Financing gives customers another way to pay, increasing conversion rates as more browsers become buyers.
- Merchants can gain new leads by advertising financing options on their website. Customers complete applications online.
- Even customers who don't qualify are sent to the Merchants portal, creating a new sales channel.
The bottom line is that point-of-sale financing helps Merchants increase sales, attract new customers, stay competitive, and grow their business. With consumer financing spending topping $391 billion per year, it's an opportunity Merchants can't afford to ignore. Offering financing is a proven sales booster.
