What is checkout financing?
Checkout financing is another term, similar to POS financing that refers to installment loans available at the point of purchase.
While in-store financing refers to loans available at the point of sale in-store, checkout financing refers to loans offered during the merchant’s online checkout process. Loans available online are crucial in order to offer the consumer a smooth omnichannel experience, where financing online matches that available in-store.
Checkout financing is essential in order to counteract the high percentage of cart abandonment by online shoppers. Offering installment loans at this point means that consumers are more likely to complete their purchase.
Checkout financing can either send the consumer to the website of the third-party lending platform at the point of application or in the case of Jifiti, remains on the merchant’s website, white-labeled to look the same.