In-house financing will increase profitability for your store by adding another revenue stream to your pocket, approving more customers for financing, increasing your closing ratio and owning the customer relationship for repeat business.
Why Offer Lease To Own & In-House Financing?
In-house financing will increase profitability for your store by adding another revenue stream to your pocket, approving more customers for financing, increasing your closing ratio and owning the customer relationship for repeat business. Here are the details:
New Revenue Stream
You should be collecting the financing revenue from your customers instead of the financing companies.Third-party financing companies typically charge fees and take all of the financing income while you do all the work. It’s time to claim what’s yours! In-house financing ensures that all of the profit goes to your bank account.
More Customers
Financing companies have a higher cost and more risk than you, so they’re more stringent on underwriting a customer than you need to be. This means you can approve more customers without increasing the risk.
Increase Closing Ratio
When you can approve more customers for financing then your closing ratios go up. Average ticket sizes go up, salespeople are happy, customers are happy, and this creates a snowball effect of customer growth.
Repeat Business
Everybody loves a returning customer. When you have your own in-house financing solution, you’re automatically communicating with your customers every month when the system collects payment for you. You stay at the top of their mind when they’re ready to buy again! (Plus Business Warrior has remarketing campaigns built for you as an upgrade option)
Higher Profit Margins
By offering in-house financing, you can dramatically increase your profit margins. Third-party financing companies typically charge fees and take all of the income generated from financing, taking all of your revenue profit. In-house financing ensures that all of the profit goes to your bank account.
Competitive Advantage
Offer unique and attractive financing terms to differentiate your business from your competitors. In-house financing places you fully in control. Create special promotions, such as zero-interest periods or flexible payment plans to stand out from the competition.
New Revenue Stream
You should be collecting the financing revenue from your customers instead of the financing companies. Third-party financing companies typically charge fees and take all of the financing income while you do all the work. It’s time to claim what’s yours! In-house financing ensures that all of the profit goes to your bank account.
More Customers
Financing companies have a higher cost and more risk than you, so they’re more stringent on underwriting a customer than you need to be. This means you can approve more customers without increasing the risk.
Increase Closing Ratio
When you can approve more customers for financing then your closing ratios go up. Average ticket sizes go up, salespeople are happy, customers are happy, and this creates a snowball effect of customer growth.
Repeat Business
Everybody loves a returning customer. When you have your own in-house financing solution, you’re automatically communicating with your customers every month when the system collects payment for you. You stay at the top of their mind when they’re ready to buy again! (Plus Business Warrior has remarketing campaigns built for you as an upgrade option)
Higher Profit Margins
By offering in-house financing, you can dramatically increase your profit margins. Third-party financing companies typically charge fees and take all of the income generated from financing, taking all of your revenue profit. In-house financing ensures that all of the profit goes to your bank account.
Competitive Advantage
Offer unique and attractive financing terms to differentiate your business from your competitors. In-house financing places you fully in control. Create special promotions, such as zero-interest periods or flexible payment plans to stand out from the competition.
How Does PayPlan Work For In-House Lease-To-Own Financing?
PayPlan is an end-to-end lending platform that allows anyone to launch a best-in-class lease-to-own program in under 45-days.
PayPlan includes everything you need, from borrower applications and underwriting to payment processing and collections. Best of all, PayPlan is fully configurable. This puts you fully in control over your terms and who you approve – allowing you to keep the revenue generated from interest and fees rather than handing off that hard-earned money to a third party like Snap Finance.
Effortless Implementation
Easy Implementation
Live in 45: With help from a world-class operations team, lenders can be live processing loans through the PayPlan system in as little as 45 days.
Powerful Customization: Our implementation team does all the work of configuring the PayPlan platform to fit your unique needs.
Easy To Use
Easy To Use
Frictionless Applications: Deploy intuitive, mobile-friendly applications built by world-class designers to provide amazing borrower experiences and improve conversion rates.
Rapid Approvals & Funding: Advanced automations allow you to deliver approvals instantaneously and fund loans in seconds, keeping borrowers engaged and coming back for more.
Industry Leading Lending Rules
Industry Leading Lending Rules
Plug & Play: PayPlan works right out of the box, so you can focus on what you care about and trust your lending platform to do all the complex work for you.
Customizable Credit Rules: PayPlan gives you total control over the financing approval process so that you are in charge of who you approve, allowing you to sell more products.
Fully Automated
Fully Automated
Instant Underwriting: Leverage PayPlan’s built-in algorithms that analyze hundreds of data points instantly to deliver smart underwriting decisions that move product and drive profit.
Automated Payment Processing: PayPlan fully automates the collecting of payments on your financing agreements to keep cash rolling in with no additional labor.
End-To-End Lease-To-Own Platform
PayPlan is the Business Warrior flagship product - an end-to-end lease-to-own platform built for one purpose - to make businesses more profitable. It’s a completely transformative solution built by industry experts and designed to simplify, optimize, and improve every aspect of a lease-to-own business, from acquisition to application to decisioning to loan management to servicing.
Loan Origination System
An all-digital origination platform that verifies borrowers, connects to open banking, and has both automatic and manual offer generation, shaped perfectly for your lease-to-own business.
Decision Engine
Turn hours into seconds with automated decision-making, reducing fraud, generating profitable offers, and allowing you to make an offer at the point of sale.
Loan Management System
Use powerful loan management tools to reduce manual processes, streamline operations, and manage reporting.
Loan Servicing
Empower your team to focus on the day-to-day while our robust loan servicing tools handle the intricacies of management and payment processing, ensuring a highly profitable and scalable lending operation.
How PayPlan Increases Revenue Streams and Enhanced Profit Margins
In-House lease-to-own financing is a powerful tool that is proven to unlock new levels of revenue and profit within a business. Often, this additional revenue can be completely transformational for a retail business.
Increase Product Sales
Third party financing providers are highly risk averse and frequently decline financing to quality borrowers. In-house financing allows you to approve these individuals to sell more products with low risk.
Interest Income
With in-house financing, you keep all of the additional income generated through deals. For most businesses, this means an immediate increase in revenue, often by more than 30% - all of which is profit.
Processing & Application Fees
Late fees and penalties from financed purchases contribute additional streams of revenue which otherwise would be paid to third-party service providers. This can generate another 2 - 5% of additional revenue.
Repeat Business
Stand out from the competition by approving customers they decline and offering competitive financing. This incentives customers to return and helps generate more repeat business.
PayPlan™ Vs. Third Party Solutions
Unlike products like snap finance, PayPlan empowers businesses to have complete control over their financing programs. More importantly, PayPlan enables you to retain every dollar of interest paid through your financing agreements, rather than paying them to a third party.
Third Party Solutions
Make Money From Interest
Building relationships is a crucial aspect of this step, but it is not a determining factor in the success of the AI approach.
No
Yes
Keep Application Fees
No
Yes
Control Financing Approvals
Single meeting info gathering may produce a high-quality, brand-aligned website, but uniqueness and conversion success cannot be guaranteed.
No
Yes
Expand Customer Base
No
Yes
Improve Customer Loyalty
The content produced from a single meeting's information may not be fully customized and tailored, as limitations exist in the scope of information gathered.
No
Yes
High Level Customer Experience
The AI approach is suitable for services that rely on leads and only offer one product. For services with more offerings, an additional fee may apply.
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