Home improvement loans to fund renovations went up from 10% in 2019 to 15% in May 2020.
A recent survey by Lightstream revealed that COVID-19 fails to derail Americans’ plans for home improvements – at least 73 percent of consumers are planning to renovate their homes this year. However, consumers planning home improvements remain divided over how to fund their projects. The majority (63 percent) plan to use their savings, 31 percent plan to tap credit cards, and the remaining 6 percent might use home equity lines of credit. Home improvement loans are also a popular choice to fund renovations, up from 10 percent in 2019 to 15 percent in May 2020.
In a situation where consumers are less economically secured and holding back spending on discretionary purchases, home improvement loan options could bring some relief for them. You, as a merchant, can help your consumers in handling these challenges.
The right solution is the first step
Skeps financing for merchants – a financing solution that delivers the most value to your business and help your consumers with loan options at lower interest rates.
To meet your customers’ financing needs and ease their purchase experience, Skeps offers a unique product that allows brands to collaborate with its partner network (consisting of lenders and financial institutions) to present personalized loan offers to all credit tiers (prime, near-prime, and subprime). Once you implement Skeps at your end, your contractors can help your customers with a whole array of personalized offers for the required amount.
With instant checkout and single credit inquiry, your customers get a seamless brand experience. And, a range of personalized offers not only eases the checkout process but also decreases the cart abandonment rate and increases customer loyalty. You can read how personalized experience is the key to customer loyalty.
Over and above this, whether it is a lender or us, nobody has access to your customer data except you. You have absolute control over customer data, and PII is inaccessible to anyone else as your customer data resides inside your infrastructure. A lender only gets to see the customer data once the customer accepts an offer.
Financing solution that delivers the best
100% approval rates – When you collaborate with multiple lenders to present personalized loan choices to your customers, you only tend to get best-in-class conversions.
Tech-enabled data security – Skeps has a patented technology that permits the retention of your customer data within your firewalls. It also enables a frictionless user experience with no redirects.
White-label branding – With white-label branding, you can promote your brand from application through payment. Your brand identity remains intact, and financing becomes an integrated part of the checkout.
ZERO upfront fees – There is no setup cost or licensing fee – you pay only after a successful transaction is made.
One simple integration – With a one-time integration you can collaborate with current and future partners. The integration is fully customized so you can focus on your business.
Integrate Skeps to grow your business
So, what are you waiting for? Unlock financing options for your customers in just 4 steps –
- Installation – Don’t worry, we do all the heavy lifting for you!
- Integration – Integrate Skeps with your existing systems with simple API
- Collaboration – Collaborate with lenders of your choice using our dashboard
- Kick-off – Start evaluating your customer applications with partner lenders!
You can also discover how Skeps’ effective financing helped ABC Home Renovation increase approval rates to 80% and customer satisfaction rate to 50%, delivering an impeccable customer experience and making a difference in their checkout journey.
Keep watching this space to learn more about our product! In case you want to give it a try, request a demo today!