How electronic stores that offer access to financing may support more customers
Offering access to lease-to-own financing may give electronics retailers another way to serve shoppers who need additional payment flexibility. Learn how to make financing more visible throughout the shopping journey and inform customers about available ways to get what they need.
Key takeaways
Make financing easy to find. Highlight payment options across product pages, marketing, and in-store conversations so shoppers know what’s available before checkout.
Reach beyond traditional credit. Snap Finance’s lease-to-own financing is open to applicants across a wide range of credit types, with no credit history required to apply.¹
Keep more products on the table. Paying over time may help qualified shoppers consider another path before they delay a purchase or choose a less suitable option.
A laptop for work. A phone that suddenly needs replacing. A television that finally gives out. Electronics purchases are not always planned upgrades – and even when they are, higher-ticket technology can require a significant upfront investment.
That cost may be difficult to cover all at once, especially for shoppers with limited access to traditional credit. According to Snap Finance research, 39% of consumers with lower credit scores said they were not very or not so confident they could cover a $300 unexpected expense.
For electronic stores that offer financing, such as Snap Finance’s lease-to-own financing, providing another payment option may help make their business relevant to a wider range of shoppers. But simply offering electronics financing at checkout may not be enough. Making financing options visible throughout the shopping experience can help ensure customers know about available payment options while they research and compare products.
Why does financing matter for electronics shoppers?
Electronics can represent a substantial household expense, and the need for them can arise with little warning. While the latest television or gaming setup might be a planned upgrade, other technology can play an important role in work, school, communication, or everyday life.
When paying the full cash price upfront is not workable for a shopper, having access to another payment option may be helpful – especially for those with limited or no credit histories.
Electronics store financing may give eligible customers another way to get the technology they need. Rather than relying solely on paying the full cash price upfront or traditional credit, shoppers can consider available payment options and determine what works for their situation, such as Snap Finance’s lease-to-own financing.
For merchants, financing can be more than another option at checkout. Making it clearly available may help broaden the range of shoppers who have another payment option when considering what they need.
How can electronic stores that offer financing support more customers?
Consumers may consider more than price when choosing an electronics retailer. Product selection, availability, expertise, convenience, customer service, and available payment options may all factor into the decision.
For some shoppers, available payment options may be part of what they consider when deciding where to shop. Customers who cannot or prefer not to pay the full price upfront may look for electronic stores that offer financing as they research their options.
That makes financing one potential part of a retailer’s broader value proposition.
The key is making it visible. Simply offering access to financing does not mean it will attract more customers. If retailers want shoppers to consider financing as an available payment option, they should make that information easy to find before checkout – across their website, marketing, and in-store experience.
As explored in Snap’s guide to offering financing to your customers, financing availability is only part of the equation. Retailers should also make sure shoppers know what payment options are available.
How can you reach electronics shoppers earlier in their search?
Electronics shoppers may research and compare their options before making a purchase. They may look at specifications, read reviews, check inventory, visit several websites, and look at prices across multiple retailers before making a decision.
For merchants, this creates an opportunity to make financing information available while shoppers are still researching their options.
Consider making electronics financing visible across:
Electronics category pages
Product detail pages
Dedicated financing pages
Local SEO content
Paid search campaigns
Social media
Email and SMS campaigns
Search intent matters here, too. A shopper looking for a specific laptop, television, smartphone, or gaming system may also be interested in available ways to pay. By clearly communicating financing options across relevant channels, retailers can make that information easier to find earlier in the shopping journey.
Where should you make financing visible on higher-ticket electronics?
Financing visibility may be especially relevant on products with a higher upfront price.
Depending on eligibility, that could include:
Laptops and computers
Televisions
Smartphones
Gaming systems and equipment
Home entertainment products
Other higher-ticket electronics
Consider presenting financing information early enough for customers to understand their available payment options as they research and compare products.
Consistency also matters. If your website promotes financing on a product page, customers should be able to find the same information when they visit your store. Keeping financing information consistent across digital and in-store channels can help ensure shoppers know what options are available throughout the shopping journey.
How can financing give electronics shoppers another option?
Imagine a shopper looking for a laptop for work. They find a model with the processing power, storage, screen size, and battery life they need, but paying the full cash price upfront may not work for their current budget.
Financing, such as Snap Finance’s lease-to-own financing, may give eligible shoppers another option to consider when deciding which product meets their needs and budget.
That does not mean associates should use financing to encourage customers to purchase more expensive products. Instead, conversations should start with what the customer actually needs. Associates can help shoppers compare useful features, quality, expected use, and price, then make them aware of available payment options.
The goal is to give customers the information they need to make their own purchase and payment decisions.
How can financing fit into complete technology solutions?
Electronics often work as part of a larger setup. Depending on the customer's needs, more than one product may be relevant to how they plan to use their technology.
For example, that could include:
A computer, monitor, and accessories
A television and soundbar
A gaming computer, monitor, and peripheral
A laptop and accessories needed for work or school
When appropriate, associates can make customers aware of available payment options as they consider the products that fit their needs.
Relevance should guide the conversation. Associates can ask what the customer wants to accomplish and recommend complementary products that support that goal – rather than adding products simply to increase the transaction.
How should electronics associates introduce financing?
Electronics associates already help shoppers navigate purchasing decisions. They explain technical specifications, compare brands, answer questions about features, and help customers determine which products may fit their needs.
Payment options can be another useful part of that conversation.
Associates should know how to:
Introduce available financing consistently
Use simple, approved language
Explain how a customer can begin an application
Direct shoppers to the appropriate source for complete terms and details
Most importantly, associates should offer the same information consistently rather than making assumptions about who may need financing or who may qualify based on appearance or perceived financial circumstances.
Customers can decide whether financing is relevant to them. The associate's role is simply to make sure they know what options are available.
How can you make financing visible to digital shoppers?
Electronics shoppers may visit several retailers, compare products and prices, check inventory, or spend time researching before making a final decision.
That gives retailers additional opportunities to make financing information available throughout the digital shopping journey.
Consider including relevant payment information in:
Browse-abandonment emails
Cart-abandonment messages
Product remarketing
Back-in-stock campaigns
Seasonal technology promotions
Keep the message connected to what the customer was already considering. If a shopper viewed a specific laptop, for example, a follow-up can provide a clear path back to that product and include relevant information about available payment options.
Offering different ways to pay may also help retailers serve shoppers with a range of payment needs.
How do you know how customers are using electronics financing?
Do not look at approvals alone when evaluating an electronics financing program. Tracking activity throughout the shopping journey can help retailers better understand how customers are using financing and where it fits into the broader business strategy.
Useful metrics may include:
Financing application starts
Approval activity
Approval-to-purchase conversion
Funded sales
First-time customers
Average order value
Financing adoption by electronics category
Website engagement with financing content
Over time, these metrics may help retailers identify patterns in how financing is used across products, channels, and campaigns. For example, retailers can compare application activity when financing appears on product pages or look at financing usage across different electronics categories.
Use those insights to evaluate placement, messaging, employee training, and marketing over time.
Snap Finance merchant partners have access to key metrics through the Merchant Portal.
Give electronics shoppers another way to get what they need
For electronic stores that offer financing, providing another payment option may broaden the range of shoppers who have a potential way to get the eligible technology they need – including consumers who may have limited access to traditional credit.
Snap Finance helps retailers offer access to lease-to-own financing designed to serve a wide range of shoppers. Customers can apply online or in-store, and Snap also provides retailer support and marketing resources that may help businesses make lease-to-own financing more visible throughout the customer journey.
The role of financing extends beyond checkout: Electronics retailers can make available payment options easier to find across search, product pages, marketing, and in-store conversations so customers have that information as they consider their purchase.
Customers may already be looking for the technology they need – making information about both eligible products and available ways to pay easy to find can help ensure shoppers understand their options when deciding how to move forward.
Give more electronics shoppers another way to get the technology they need – partner with Snap Finance today.
Looking for more ways to strengthen your payment strategy and reach more customers? Explore these additional resources from Snap Finance:
The advertised service is a lease-to-own agreement provided by Snap RTO LLC. Lease-to-own financing is not available to residents of Minnesota, New Jersey, and Wisconsin.
1 Not all applicants are approved. While no credit history is required, Snap obtains information from consumer reporting agencies in connection with applications, and your score with those agencies may be affected.