With consumer financing becoming the absolute goliath that it is, there are many different providers out there. Each offers their own suite of financial products, software platform, and lending sources. This leads to some strategic differences between their apps and services. It is important to understand why these differences are significant and what they mean for the end consumer and the merchant they are purchasing from.

Let’s breakdown a few of the biggest players in POS financing:

• Afterpay
• Chargeafter
• Affirm
• Skeps

We will discuss what separates Skeps from apps like Afterpay, Chargeafter, and Affirm, and how each of these platforms adds value for both the consumer and the merchant.

Afterpay

Afterpay is an Australia-based fintech firm that operates as both a lender and a fintech platform. This means that the funds they disperse are their own, as are their underwriting requirements. As a result, approval speeds are pretty fast, but it makes it more difficult to get approved since there are no alternative requirements for them if a consumer doesn’t qualify.

They offer a standalone app for consumers and embedded options that integrate with the websites and apps of their merchant partners. The software quality is decent, and they offer 0% interest for qualified buyers on all of their financing options.

Pros

• 0% financing available for all financial products
• Integration with most websites and apps
• Simple startup process for merchants

Cons

• Only offer one financing option, pay in 4
• Difficult to expand credit limits
• Takes time to payout for merchants

Chargeafter

As opposed to the “lender + fintech” model, Chargeafter connects their consumers to a network of lenders that they partner with to offer funds. This gives them more flexibility regarding funding sources and underwriting requirements but does slow down approval speed due to their “waterfall financing” method.

This process involves checking each application against the most prime lender, and if that declines, the application is then checked against the next best option. This process continues until an acceptance is obtained, making the process slower than the lender + fintech model.

They also offer a white-label platform. This means that the lenders that partner with them can put their own branding on the software, gaining the benefit of any consumer rapport and brand recognition that follows.

Pros

• Multi-lender network
• Wide variety of financing options
• White label platform

Cons

• Slower approval speed
• Shorter track record than competitors
• Inconsistent late fee structures

Affirm

Affirm is another lender and fintech firm combination, but with some value-adds that can make it more appealing for consumers dipping their toe into the POS financing space. One of the significant benefits to consumers that Affirm advertises is their lack of late fees. This is pretty unique in the space, and it makes things feel much more comfortable for consumers that haven’t yet tried out a BNPL program.

Pros

• Fast approvals
• User-friendly interface
• No late fees

Cons

• Limited financing options
• Only one lending source
• Only refunds principal if an item is returned

Skeps

Skeps is the only true end-to-end POS financing program, and we ensure efficiency and convenience at every step. We use a network of lenders similar to Chargeafter to ensure consumers always get the best possible offer. For us, though, approval speeds remain near-instant as we ditch the waterfall financing approach for a simultaneous lender matching process, which speeds up approvals by checking against every lender, all at once.

We also offer an omnichannel platform that can work with any website or app and provides the same experience for customers, whether online or in-store. Also, our one-click finance application technology makes the application process simple and unobtrusive for consumers. Similar to Chareafter, we also offer a white-label platform. As a result, we have created the best fintech platform on the market for consumers, merchants, and lending partners.

Pros

• Instant approvals
• Widest variety of financing options
• Best user interface

Cons

• Newer firm
• Less name recognition
• No in-house funding

Expand on Apps like Afterpay With Skeps

There is no more comprehensive platform for eCommerce financing than Skeps’ POS financing platform. This integration allows consumers access to a full library of financing options, including:

• Buy now, pay later (BNPL)
• Store credit cards
• Consumer loans
• Leases

Skeps also offers a variety of helpful features like omnichannel integration, one-click financing applications to ensure a frictionless application experience, and unmatched speed of approval to keep customers from getting stuck waiting for a response. In addition, we work with a network of quality lenders, which assures consumers that they will always be presented with the best offer possible.