The Importance of Offering Financing

In today’s competitive retail landscape, offering flexible financing options is no longer a luxury—it’s a necessity. Consumers increasingly seek convenient payment solutions that align with their financial situations, and businesses that accommodate this demand stand to gain significantly. Enter LendPro, a pioneering Lending-as-a-Service (LaaS) platform designed to revolutionize the way retailers provide consumer financing.

Recent studies highlight the critical role financing plays in consumer purchasing decisions:

• Influence on Shopping Choices: A significant 77% of consumers indicate that the availability of financing options influences where they choose to shop. 

• Awareness Gap: Despite this, only 49% of consumers are aware that financing is available in stores, suggesting a substantial opportunity for retailers to better communicate these options. 

• Online Research: Furthermore, 68% of shoppers interested in financing conduct their research online before making a purchase. 

By integrating comprehensive financing solutions, retailers can attract a broader customer base, increase application rates, and ultimately drive higher sales.

Introducing the LendPro Consumer Financing System

LendPro offers a robust, user-friendly platform that simplifies the financing process for both retailers and consumers. Key features include:

Pre-Qualification at Home

LendPro enables customers to pre-qualify for financing from the comfort of their homes. This feature not only boosts consumer confidence but also encourages them to visit the store with assured purchasing power. 

Application Waterfall

With a single application process, customers gain access to multiple lenders, catering to a wide range of credit profiles. This streamlined approach enhances approval rates and reduces the burden on sales associates. 

Financing Performance Portal

Retailers can monitor and analyze the performance of their financing programs through a secure, role-based portal. This tool provides valuable insights into lender performance, application history, and sales associate activity, enabling data-driven decisions. 

Tailored Solutions for Various Business Sizes

LendPro recognizes that businesses have unique needs based on their size and scale:

• Smaller Businesses: For retailers with a few locations or even just one, LendPro offers a multiple-lender financing platform that can be implemented swiftly, often within days. 

• Large Enterprises: For multi-location or nationwide retailers, LendPro provides a platform that seamlessly integrates with existing point-of-sale systems, consolidating customer data and offering a cohesive financing solution. 

Industry Applications

LendPro’s versatile system caters to a variety of industries, including:

• Home Furnishings and Renovations: Simplifying the credit process for businesses dealing with furniture, mattresses, appliances, HVAC, or home improvements. 

• Medical & Dental: Assisting healthcare practices in providing patients with the means to access necessary care promptly. 

• Mobile & Personal Electronics: Enabling electronics retailers to offer seamless financing options, enhancing customer acquisition and satisfaction. 

• Automotive: Supporting automotive businesses and service centers in increasing financing applications and approvals. 

• Jewelry: Providing jewelry retailers with a comprehensive platform to offer flexible financing to their customers.

Enhancing the In-Store Experience with Kiosks & Devices

To further streamline the financing process, LendPro offers modern, user-friendly kiosks pre-loaded with their financing application. These secure devices can be integrated into the retail environment, allowing customers to apply for financing privately and conveniently. Alternatively, retailers can opt to use LendPro’s software on their own tablets or terminals, providing flexibility in implementation. 

Proven Results and Testimonials

Retailers implementing LendPro’s system have reported significant benefits:

• Increased Revenues: Home furnishing and improvement retailers have seen revenue increases ranging from 10% to 15%. 

• Higher Approval Rates: Furniture retailers experienced a 5% increase in applicants to their existing prime lenders and a 25% to 40% increase in approvals from alternative lenders after adopting LendPro’s waterfall process. 

Testimonials from satisfied clients further underscore LendPro’s impact:

“Partnering with LendPro has been a game-changer for us. The launch of this collaboration in November 2024 has already created a large lift in credit sales, and the responsiveness and attention to detail from the LendPro team have been a highlight of our partnership.”

— Lee Nelson, Assistant Controller, American Furniture Warehouse 

“Our stores are getting great results from the LendPro system.”

— Jim Muir, President, Experimac 

Conclusion

Incorporating LendPro’s Consumer Financing System empowers retailers to meet the evolving demands of today’s consumers. By offering accessible, streamlined financing options, businesses can attract more customers, increase approval rates, and drive higher sales. Embracing such innovative solutions positions retailers for sustained growth in an increasingly competitive market.

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