Making financing visible online and in-store helps shoppers know their options and removes hidden barriers to closing the sale. New research from Snap Finance reveals the importance of letting customers know about financing options at every sales touchpoint.
Financing visibility turns browsers into buyers. Customers are more likely to complete a purchase when they clearly see their pay-over-time options.
Shoppers trust store teams for guidance. A well-informed sales associate can make all the difference in helping a customer understand and use financing.
Start the financing conversation early. Introducing financing options, including Snap Finance, early in the sales process helps normalize pay-over-time options.
Promotion in every channel is essential. Consistent signage, web banners, and social posts ensure customers encounter Snap Finance at every step of the journey.
Money is an uncomfortable topic for most people, and it's a particularly challenging conversation for shoppers who wonder if they’ll be turned down for financing. If available financing options, including those for customers with low or subprime credit, aren’t visible in-store, online, and beyond, shoppers won’t know their options. And you can lose the sale.
Snap Finance wanted to learn more about how credit shapes the customer journey for major purchases and services – when credit access can be critical. For our new report, “Closing the Credit Gap: Major Purchase Study,” we asked consumers with and without credit scores below 670 about recent purchases of goods or services of $300 or more.
One of our most important findings was that promoting available financing options for customers turns browsers into buyers. That’s particularly true for the growing number of credit-challenged shoppers who don't qualify for traditional financing.
Financing access and the hidden barrier to sales
Snap Finance found that among consumers with lower credit scores, 78% have been turned down for financing – up 2% from the previous year. When others say no, be ready to help with alternative financing, such as Snap-branded lease-to-own or loan options.
Don’t let motivated buyers walk away empty-handed because simply because they don’t know about options to pay over time. Be upfront during the sales process about all available financing and use in-store and online signage to make it clear what financing is available to your customers. Avoid creating a barrier that keeps customers from getting what they need – and causes you to lose a sale.
Where customers learn about financing options
In our survey, 45% of consumers with lower credit recall learning about available financing options for customers when they made a recent major purchase. They found out about financing in several ways – a store employee, the business's website, in-store signage – which shows the importance of using multiple channels to promote pay-over-time options.
Here’s a breakdown of how credit-challenged consumers learned about financing options:
Store employee: 43%
Store website: 40%
In-store signage: 27%
Online advertising: 21%
Financing company website: 19%
Financing and the role of a knowledgeable sales team
Your sales team is the most powerful tool you have for educating customers about financing. Shoppers often depend on knowledgeable employees to guide them through their choices. Snap Finance recently found that among those with lower credit scores, 20% trust store associates to recommend the best financing for their situation.
Make sure your sales team is well-versed in available financing options, including those from Snap Finance, and can easily walk customers through the application process for each. When your team is confident, your customers will be, too.
Starting the financing conversation
But how do you start the conversation about financing? Timing is everything. Here are moments in the sales process to introduce financing options from Snap Finance.
During product pricing discussions. As you discuss the price of an item, it’s the perfect opportunity to introduce Snap Finance. You might say, “This item is $X, but through Snap Finance, you can get it now and pay later.
During payment discussions. When it’s time to talk payment, open the door to financing by asking, “How would you like to pay today? If you're interested, Snap Finance allows you to pay over time – no credit needed!”1
After identifying budget constraints. If your customer expresses concern about their budget, ease their worries by letting them know they have options. “If this is more than you can pay upfront, Snap Finance may be able to help. Would you like to learn more?”
Prioritizing installment loan and lease-to-own visibility normalizes the conversation and often translates into sales that might otherwise be lost. Snap Finance found that among those who didn’t recall learning about financing during the sales process, 45% of shoppers with lower credit scores would have used financing if they had known about it.
Integrating the financing discussion early and often ensures that every customer, regardless of their credit score, understands the full range of pay-over-time options available. This simple shift can capture revenue that previously walked out the door.
Best practices for omnichannel financing visibility
To reach every customer, promote the availability of Snap Finance across your digital and physical storefronts and social media.
In your physical store:
Prominent signage: Use Snap Finance window clings, posters, brochures, and checkout counter displays to announce that financing is available. Ask your Snap sales rep about free in-store signage and other point-of-purchase (POP) marketing materials from Snap Finance.
Equip your sales team: Provide your associates with talking points, and make sure they know how to start an application from the Snap Finance Merchant Portal or can direct customers to the Snap QR code to apply. Empower them to proactively mention point-of-sale financing as a helpful service.
On your website:
Web banner: Adding Snap’s web banners to your store’s website allows customers to start an application from your site with one click. Download free web banners from your Merchant Portal in the Resources > Marketing tab.
Product page and checkout integration: Integrate information about Snap Finance on your product pages and in your online checkout flow. Make financing at checkout a clear and simple choice. Position Snap Finance with other payment methods.
Beyond your store and website:
Social media: Generate buzz for your business with Snap’s free social media graphics. Find them in your Merchant Portal under the Resources > Marketing tab.
Online Store Locator: The Snap Finance Store Locator identifies you as a Snap Partner and promotes your business to millions of customers.
When comparing online vs. in-store financing promotion, the goal is the same: make it impossible to miss. A customer should encounter information about financing multiple times throughout the sales journey, reinforcing the message that Snap Finance is there to help them get what they need.
How Snap Finance helps you grow your business
When you fail to promote financing options for customers, you’re hiding one of your best sales tools. By making financing options visible everywhere, you empower customers, build trust, and ultimately drive more revenue.
And with Snap Finance, you open your doors to a larger segment of the market – shoppers who are ready and willing to make a major purchase but need an alternative to traditional financing.
Don't let another sale walk away. Start the conversation about financing and watch your business grow with Snap Finance.
Read our full study, “Closing the Credit Gap: Major Purchase Study” to learn more about how businesses like yours can help bridge the credit gap for more customers.
Check out these additional resources from Snap Finance:
Understanding the needs of consumers with credit challenges
Snap-branded product offering includes retail installment contracts, bank installment loans, and lease-to-own financing. For more detailed information, please visit snapfinance.com/legal/products
1Not all applicants are approved. Approvals subject to underwriting qualification criteria.