What is Snap Finance? How Snap Finance works and its benefits,

Snap Finance is a lease-to-own financing provider that gives credit-challenged shoppers the power to buy what they need now and then allows them to make affordable payments to pay off over time.

Snap was founded on the principle that financing should be accessible to all. It’s easy to implement, and Snap’s sophisticated algorithms don’t rely on FICO scores when considering approvals. Buyers know in seconds whether they have been approved or not.

Snap Finance
Snap Finance

Snap also believes in complete transparency, so a buyer knows the cost of their lease without any surprises or hidden costs. With Snap, buyers have flexible payment options, ranging from a standard 12-month full-term lease to a 100-day payment option, which provides a substantial reduction in overall costs.

How to snap finance Works

Snap Finance wants its merchant partners to be successful while supporting their customers. In 2019, Snap generated $890M in merchant sales, completing more than 870K lease applications. Some merchants have seen approval rates of up to 80%.

Attract more customers and increase more sales for your business by providing financing options to credit-challenged buyers who would otherwise leave empty-handed.

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The Snap Finance Checkout extension will be embedded seamlessly into your checkout flow as a payment option, where Snap handles application approval, payment processing, and lease servicing.

Snap finance Account and Pricing

To offer Snap Finance Checkout on your website, you must first fill out our inquiry form. You will need to go through a revision process to be approved as a Snap Finance partner and create a merchant account. Snap Finance Checkout is free to download and install, but transaction fees may apply to customer orders and will vary from merchant to merchant depending on merchant type and level of partnership.

Snap finance Features

  • Snap Finance continues to drive the merchant business. In 2019, Snap helped drive more than $890M in sales for our merchants.
  • Merchants who use Snap see an acceptance rate of up to 80%.
  • Snap approves up to $5,000.
  • Snap traders rated their experience with an average NPS of 84%.
  • Snap offers a 100-day cash payment option that allows a buyer to pay off their lease in 100 days, paying a small processing fee in addition to the cost of goods.
  • Snap assumes full responsibility for servicing the customer’s lease and reducing fraud.

Snap finance Security

No PCI data will be transmitted between WooCommerce merchants and Snap Finance.

The Snap Finance Checkout extension will be added as a payment type to your checkout page, allowing authorization and capture to be processed through WooCommerce.

When buyers select Snap Finance as their financing source, they will be guided through a separate web experience hosted by Snap Finance using a popup mode, where they will be able to access a lease used by Snap Finance to finance their purchase. Will go through an application process to be approved for. Once the lease application is approved and signed, buyers will be taken back to the merchant checkout page to complete their purchase.

Snap finance (FAQS)-

1. How do I apply for a developer account?
Ans. The Snap Developer Program is open for now to existing merchants who wish to offer financing to their customers at checkout. If you are an existing merchant, please ask your sales representative to enable your account for eCommerce and then email [email protected] with your account details and we will put your developer account in the sandbox for testing. and send you the details. If you are not an existing merchant, please fill out this application https://snapfinance.com/partner to be onboard as a merchant.

2. How to get the client id and client secret key?
Ans. You need to log in or signup at https://developer.snapfinance.com/ to generate your client ID and secret key.

3. How will the merchant check the loan application status?
Ans. The merchant needs to log in to https://merchant.snapfinance.com/ to check the loan application status.

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