Application challenges? Solve common issues to help more customers get approved

When customers face difficulties completing their applications, it can cause frustration for them and for your business. Snap Finance strives to provide a seamless and issue-free experience, but sometimes customers are unable to complete an application, often for avoidable reasons.

Don't lose the sale. Review this checklist of the most common application issues and their immediate solutions. Count on Snap to help you navigate any bumps in the road swiftly and efficiently to ensure a smooth application process.

1. Incorrect application information

Ensuring that customers fill out their applications accurately is crucial for a smooth approval process. Errors in personal information, income details, or employment history can lead to delays or rejection of the application. Even a simple typo can derail an application.

Solution:

• Ensure the customer is using a checking account number and not account information for a savings account or credit or debit card
• Keep in mind that P.O. boxes cannot be used as an address
• Remind customers they can use a government-issued ID, such as a passport, if they don't have a driver's license
• Ask customers to carefully review their information for accuracy before submitting the application
• Offer assistance in filling out the application. Sometimes a second pair of eyes can catch errors that the applicant might have missed.

2. Not receiving the PIN/verification code

During the application process, a verification code is sent by text to the mobile phone number provided by the customer. One of the most common issues customers encounter is not receiving the PIN or verification code needed to proceed with the application.

Solution:

• Confirm the phone number is entered correctly
• Ensure the customer provided their mobile phone number
• Ask the customer to select the Didn't Get the Code? link if they've verified their information is entered correctly

3. Additional payment amount requested on the app

Customers may be concerned if the application asks for an additional payment amount. This typically happens when the invoice amount exceeds the approval amount. It's important to remember that any additional payments requested in the Merchant Portal are due to the invoice being higher than the approval amount.

Solution:

• Enter only the invoice amount the customer is financing on the invoice
• Let customers know that any additional payment requested is due to the difference between the invoice amount and the approval amount
• Provide a clear explanation to alleviate any concerns

4. Confirming the status of an e-commerce application

Customers typically get a decision in seconds. After the customer selects Agree and Submit, a loading screen may display signaling the decisioning process is taking place. The results display when it is complete. If approved, the page displays the customer's approval amount and their payment summary.

Solution:

• If there is a delay in an application, help customers confirm the status of their application
• Check for missing information if the application is incomplete or shows as Pending after the application has been signed
• Remember, if the merchandise has not yet been delivered, the status will show as Pending Delivery
• If a Pending Completion status shows, it means the customer’s initial payment failed  
• Clearly and proactively communicate any known issues with a customer's application to manage expectations, reduce anxiety, and improve their overall experience

Benefits of a seamless application process

Snap strives to provide a convenient, easy, and seamless application process so customers can quickly get what they need and you can close the sale.

A smooth and efficient application process leads to increased customer satisfaction and helps increase sales. When customers are able to successfully complete their application, their loyalty to your business will likely increase and they may turn to you again when they need help getting what they need. Snap helps you quickly address common application issues so your team can focus on other important tasks to improve overall operational efficiency.

Customers also benefit from a smooth and efficient application process. Accurate and complete applications result in quicker approvals, allowing customers to make their purchases without unnecessary delays. Clear instructions and prompt support reduce customer frustration, leading to a positive shopping experience. Snap's seamless application process helps build trust and reliability with your customers, encouraging them to return for future purchases.

Ensuring a straightforward and efficient process

At Snap, our goal is to provide a seamless and hassle-free financing experience for merchants and customers. By addressing common application issues promptly and accurately, you can help ensure more customers successfully complete their applications with Snap. Together, we can make the application process as straightforward and efficient as possible.

About Snap Finance

Snap Finance harnesses the power of data to empower consumers of all credit types to get what they need. Launched in 2012, Snap’s technology brings together more than a decade of data, machine learning, and nontraditional risk variables to create a proprietary decisioning platform that looks at each customer through a more holistic, human lens. Snap’s flexible lease-to-own and loan solutions are changing the face and pace of consumer retail finance.

For more information, visit snapfinance.com.

Snap-branded product offering includes retail installment contracts, bank installment loans, and lease-to-own

financing. Talk with your local Snap sales representative for more details on which product qualifies at your store location.  For more detailed information, please visit snapfinance.com/legal/financing-options