By Elaina Hundley
While financing has always been a useful option for consumers on a budget, the uncertainties of the COVID-19 pandemic have left even more feeling especially cautious about how they spend. At the same time, essential items like mattresses can improve rest, encourage better health and elevate quality of life. Financing solutions help make buying a new mattress much more approachable for consumers who may not presently have the funds in full or might not feel comfortable spending a large dollar amount up front.
Positioning itself as a lease-to-own financing solution, UOWN requires no down payment or credit check, offers consumers a choice in when and how they pay, and is free for merchants to offer. Account representatives at UOWN support partners with the training and customer service that retailers need to seamlessly integrate the payment solution. UOWN sets itself apart by being available to consumers without credit, only requiring a monthly gross income of at least $1,000 and an open and active checking account. For this reason, customers can purchase without paying anything up front in the store and instead establish agreed upon lease-to-own payments. UOWN makes it possible for consumers with no credit or poor credit to make essential purchases, like bedding and mattresses.
Afterpay simplifies shopping for consumers and limits retailer risk by paying the retailer the sale amount in full upfront and then allowing the shopper to pay the money back over time. Afterpay not only offers a nearly interest-free way for shoppers to patron stores, but it also helps market stores to consumers looking for a retailer they can afford to shop with—Afterpay partners are listed in its popular Shop Directory. With marketing that targets consumers, Afterpay can help drive new customers to in-person stores or websites. And, Afterpay seamlessly integrates with merchant technology platforms including Shopify, Salesforce commerce, Bigcommerce, Magento and more.
No fees, no interest, no credit check and no forms. Splitit is a straightforward payment solution that is as simple as its name implies. Enabling consumers to pay for purchases with an existing debit or credit card by splitting the cost into monthly payments, Splitit’s solution is cross-border and omnichannel. The fuss-free solution benefits retailers by making purchases seamless while also guaranteeing payment. By placing a hold on the shopper’s credit or debit card for the total amount of the item, Splitit ensures that consumers do not veer into debt; no money is owed to the merchant or Splitit. During an online transaction, the shopper goes through the traditional checkout process, selecting the credit or debit card of their choice, then determines their number of monthly payments. In brick-and-mortar stores, Splitit is easily confi gured to a computer or tablet. Allowing retailers to employ multiple payment offerings at checkout, Splitit’s solution complements other consumer financing options and store credit cards. Integration is a breeze as Splitit offers numerous free tools and robust customer support.
Serving a network of more than 5.3 million U.S. consumers and over 4,000 merchants including Casper, Purple and Nectar, Affirm offers a simple, transparent and consumer-friendly way to pay. Consumers can select Affirm at checkout to split their purchases into simple monthly payments with set terms of three, six and 12 months. Integrating with merchants at the point of sale both online and in-store, Affirm has proven to lift average order value by 85 percent. Affirm makes it easier for retailers by handling payment collection. Additionally, it has the capabilities to offer custom options as well, including interest-free and simple-interest-bearing versions, with terms of three to 36 months—providing merchants with a solution regardless of normal cart sizes and offering consumers more flexibility. While Affirm is used across generations, it has become particularly popular among Gen Z and millennial shoppers, who make up over half of its consumer base. And with over 4,000 integrated merchants, Affirm has built a network of high-intent consumers that know, understand and trust the product.
A little more in line with traditional financing, Vyze helps consumers spend by offering access to a network of lenders, a seamless application process and options to fit each shopper. Vyze was born out of a desire to offer credit to retail customers without a stressful process—allowing retailers to make more sales. Today Vyze is owned by Mastercard and in stores, it has streamlined the process of applying for credit. With Vyze, consumers use only one application online, redeem in-store and purchase right away. Vyze also offers a simple ecommerce solution to help retailers optimize online check out. To simplify the technical aspects of its solutions, Vyze offers comprehensive customer support as well as knowledge sharing to better tailor its products to the needs of both the merchant and the consumer. Vyze supports its partners with reporting and monitoring capabilities, an efficient process for settling disputes.