ChargeAfter has announced its partnership with pay-over-time financing option provider Snap Finance in order to expand its embedded lending network. Following this announcement, the partnership is expected to strengthen ChargeAfter’s subprime lender coverage, as well as equip merchants and traders with additional capabilities in order to better support clients who are likely to be declined for several traditional financing or credit models.

In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Snap Finance provides its clients and customers who are establishing or rebuilding their credit access to lease-to-own, as well as subprime installment programs. The incorporation of Snap Finance into ChargeAfter’s network will enable merchants and businesses to provide instant no-credit-required financial capabilities through a secure experience at the point of sale.

This process represents a crucial step for retailers and services providers in home goods, aftermarket auto, and solutions to optimise approval rates and drive revenue growth. At the same time, Snap Finance will join ChargeAfter’s network, which incorporates a diverse range of POS financial options that cater to the entire credit spectrum through a full point-of-sale financing waterfall. Snap Finance’s recent research found that 44% of credit-challenged customers avoid retailers that don’t offer POS financing, which demonstrates the overall importance of full financing credit coverage for traders and their users.

The partnership with ChargeAfter will enable the company to connect with credit-challenged clients at their moment of need through an upgraded experience, which will require a single application and will deliver instant notification of approval. At the same time, the collaboration will allow ChargeAfter to optimise its network of lenders, as well as reinforce the value that delivers to traders and their users. By expanding their network, businesses will also have the additional option to cater to their entire client base and achieve approval rates of up to 85%.

This process is expected to boost sales and foster customer loyalty. .