Product Focus
Financing Solutions That Encourage Shopping
By Elaina Hundley While financing has always been a useful option for consumers on a budget, the uncertainties of the COVID-19 pandemic have left even more feeling especially cautious about how they spend. At the same time, essential items like mattresses can improve rest, encourage better health and elevate quality of life. Financing solutions help make buying a new mattress much more approachable for consumers who may not presently have the funds in full or might not feel comfortable spending a large dollar amount up front.
1 Afterpay Afterpay simplifies shopping for consumers and limits retailer risk by paying the retailer the sale amount in full upfront and then allowing the shopper to pay the money back over time. Afterpay not only offers a nearly interest-free way for shoppers to patron stores, but it also helps market stores to con- sumers looking for a retailer they can afford
to shop with—Afterpay partners are listed in its popular Shop Directory. With marketing that targets consumers, Afterpay can help drive new customers to in-person stores or websites. And, Afterpay seamlessly inte- grates with merchant technology platforms including Shopify, Salesforce commerce, Big- commerce, Magento and more.
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2 UOWN Leasing Positioning itself as a lease-to-own financing solution, UOWN requires no down payment or credit check, offers consumers a choice in when and how they pay, and is free for merchants to offer. Account representatives at UOWN support partners with the training and customer service that retailers need to seamlessly integrate the payment solution. UOWN sets itself apart by being available to consumers without credit, only requiring a monthly gross income of at least $1,000 and an open and active checking account. For this reason, customers can purchase without paying anything up front in the store and instead establish agreed upon lease- to-own payments. UOWN makes it possible for consumers with no credit or poor credit to make essential purchases, like bedding and mattresses.
16 Sleep Retailer / Summer 2020
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