ChargeAfter Partners with Wells Fargo to Expand Point-of-Sale Financing

<p>The point-of-sale financing company ChargeAfter has
partnered with Wells Fargo Retail Services, a division of Wells Fargo Bank. The
partnership aims to provide a streamlined and frictionless experience for
shoppers seeking financing options while making purchases.</p><p>According to a statement
emailed to Finance Magnates, the company said that by integrating Wells Fargo’s
private label credit programs into its platform, ChargeAfter allows merchants
to offer fast approvals and attractive terms.</p><p>Buy Now Pay Later</p><p>Merchants across various sectors, including home goods, home improvements, outdoor living, and jewellery, are expected to benefit from the partnership, ChargeAfter said. Additionally, consumers are expected to access these benefits in a fast and efficient embedded process at the point of sale through the collaboration.</p><p>Meidad Sharon, the CEO of ChargeAfter, said: "We are
delighted to partner with a global banking leader such as Wells Fargo.
Integrating Wells Fargo’s private label credit products into the ChargeAfter
platform enables merchants to easily provide consumers with fast access to the
best financial choices. As embedded lending becomes the new standard for
merchants’ checkout experience, our platform maximizes customer buying power
where it matters most – at the point of sale."</p><p>In April, ChargeAfter
expanded its network of lenders in Canada in partnership with Tabit, a business-to-business <a href="https://www.financemagnates.com/fintech/payments/paytm-postpaid-the-future-of-buy-now-pay-later/" target="_blank" rel="follow">Buy
Now Pay Later (BNPL)</a> service
provider. This partnership is geared towards empowering Canadian merchants to
offer enhanced financing choices to their business clients directly at the
point of sale.</p><p>ChargeAfter’s Global
Expansion</p><p>Through the collaboration with Tabit, ChargeAfter gives merchants instalment options ranging from 30 days to 12 months, the company said during the unveiling of the product. Sharon highlighted the shift towards embedded point-of-sale financing as a key aspect of growth in the sector.</p><p>Last year, <a href="https://www.financemagnates.com/fintech/news/citi-ventures-joins-44-million-series-b-funding-round-of-chargeafter/" target="_blank" rel="follow">Finance
Magnates</a> reported that
ChargeAfter <a href="https://www.financemagnates.com/fintech/news/citi-ventures-joins-44-million-series-b-funding-round-of-chargeafter/" target="_blank" rel="follow">had
raised USD $44 million</a> in
a series B round towards enabling the company to offer financing options for
multiple lenders through a single application process. The <a href="https://www.financemagnates.com/terms/f/funding-round/">funding round</a>
attracted major financial institutions, including Citigroup, Banco Bradesco,
and Mitsubishi UFJ Financial Group (MUFG).</p><p>Announcing
the funding round, ChargeAfter pointed out the limitations often faced by
consumers due to a lack of diverse BNPL options and high decline rates.
ChargeAfter noted that its business model was looking beyond a single-lender
model. The company reportedly has pre-integrated global financing lenders and
banks on board.</p>

This article was written by Jared Kirui at www.financemagnates.com.