Are you considering offering multiple payment options to your customers but not sure where to begin? First of all, it’s a smart move — it’s what today’s customers are not only seeking in their shopping experiences these days. But for many of them it’s simply a necessity ; with rising prices and tight budgets, paying upfront or with credit for larger home items is simply unrealistic. So retailers providing those options are more likely to attract and retain customers, giving their business a competitive edge. 

But where to begin? It all starts with understanding the basics of the alternatives to financing that are out there today. In this comprehensive article, we’ll guide you through a detailed exploration of those basics, the all-around benefits of offering them in your stores, and the strategies to effectively promote these sought-after options.

Understanding Alternatives to Financing

As consumer interest in alternatives to financing grows, more businesses are exploring which best suits their needs. So to effectively promote these alternatives, it’s crucial to grasp what the concept is. 

Alternatives to financing are comprised of various flexible payment options (including lease-to-own) that allow customers to not have to pay for their products all at once. Instead of paying the full upfront price, customers can shop using payments as agreed within their chosen payment option. 

Benefits of Using Alternatives to Financing

Increases Average Order Value and Conversion

Alternative to financing solutions eliminate a major cost barrier for customers, enabling them to shop using their preferred payment option. This opens the door for customers to shop for higher-value items such as furniture, appliances, tires or other large shopping needs. It also encourages them to add more items to their shopping carts, which can result in higher average order values and increased conversion rates for your business.

Improves Customer Experience

Customers have diverse payment preferences. By offering alternatives to financing, businesses can cater to a larger audience. Customers who struggle with the inability to qualify for a store credit card would suddenly have the means to shop with your business for the products they need. This provides the opportunity for you to broaden your customer base in a way your competition can’t.

Reduces Risk for Businesses

With alternatives to financing such as lease-to-own, businesses receive the original item amount upfront. The provider takes on the responsibility of underwriting customers and managing payment collections, allowing businesses to focus on their daily operations. 

Make These Alternatives Easy to Find

If your customers can’t easily locate your lease-to-own (LTO) option, they won’t use it. To maximize its effectiveness, ensure that your payment options are readily accessible both on your website and in your physical store. Consider adding buttons or banners to product descriptions, category pages and on your homepage to prominently display messaging about this service. You can also include point-of-sale materials in your physical store to raise awareness. This extra effort to be transparent about this benefit at the outset can help instill trust and draw customers in before they even begin to shop.

Use Various Marketing Channels

To reach your customers effectively, utilize all available marketing channels (in addition to the suggestions in the previous paragraph) to inform them about LTO as a payment option that gives them flexibility in shopping. This includes your website, email marketing, social media, paid advertising, SEO and in-store signage (for starters). A multi-channel approach will help you connect with a broader audience and generate interest in your alternative to financing options, drawing them toward your business and away from your competitors.

Use Clear Language

As in all marketing efforts, simplicity and understandability in your messaging is key — so when describing your LTO options, avoid using “market-speak” jargon or complex terms. Instead, use simple and clear language that will help ensure your customers know precisely what they’re signing up for when they choose to use a lease-to-own solution. Again, transparency builds trust and credibility.

Acima Leasing’s Alternative to Financing

Now your question may be: Where do I even start looking for the most effective alternative to financing service? Who can my business trust to provide this service effectively? 

You can trust Acima Leasing, one of the leading providers of lease-to-own solutions as an effective, easy-to-operate alternative to financing solution. Acima’s leasing process is seamless, with a quick and straightforward application for lease agreements and flexible payment options that allow customers to attain ownership whenever they’re ready. 

It’s important to note that these flexible lease-purchase transactions are not credit, loans, or financing transactions. With Acima Leasing, your customers can get the eligible items they want without using credit*.

Acima Leasing also gives retailers everything they need to set up and market their solutions. Once in place, customers can then shop however is most convenient for them — through their mobile app, online or in physical stores at thousands of retailers nationwide. One such retailer is Fifth Avenue Furniture, which started offering additional leasing options with Acima Leasing in 2014. While they initially approached the LTO journey with skepticism, they soon realized the immense benefits it offered to their customers. As they can attest the moment they started utilizing this alternative to financing option, “Fifth Avenue Furniture took off." 

The Acima Leasing Advantage

Acima Leasing offers a range of benefits that make it a standout choice for businesses seeking an alternative to financing solutions. Let’s delve into the advantages of partnering with Acima Leasing:

Merchant Location Exposure

Acima Leasing's website features retailers by product category. This empowers potential customers to embrace a lease-to-own solution at a wide range of possible locations, be it online or in-store, and available both locally and nationally. 

Simple Application Process

Acima Leasing’s user-friendly application process ensures that your customers can quickly and easily apply for approval. This simplicity is key to a seamless shopping experience.

Flexible Payment Option

Acima Leasing’s flexible payment option caters to your customers’ unique needs. The due dates of their renewal payments are based on the pay dates they enter on their application. After they make their first renewal payment, they’re able to change their payment frequency if needed. 

Support for Retailers

Acima Leasing provides valuable support for retailers, including access to a personalized merchant portal and customized marketing materials. This support helps you easily and effectively promote the accessibility your customers would have to an easy lease-to-own solution and the ability to shop without using credit* – leading to an increase in conversions for you.

Get Started with Acima Leasing Today

We hope this comprehensive exploration of alternatives to financing has provided you with a thorough understanding of the benefits it offers to both businesses and customers. By offering a flexible payment option and unlocking the shopping power Acima Leasing can provide your customers, you’ll make it easier for them to shop the items they desire while you may ultimately increase your sales and revenue (like Acima Leasing did for these retailers). 

Acima Leasing is also dedicated to highlighting the benefits of LTO to your customers by providing you with access to a personalized merchant portal and customized marketing. Apply today and let us show you how Acima Leasing can be the alternative to financing solution you need to help your business succeed.