Katapult’s lease-purchase option is available as an extension in the payment category of Adobe’s Magento Marketplace and integrates with digital platforms. Funding is fast, giving consumers a simple checkout experience.
As an Accelerate partner, Katapult’s merchants using Adobe Commerce or Magento Open Source will receive prioritized support and access to real-time data and partner offerings.
“Today’s consumers crave choice when it comes to how they pay, and fast funding is critical to helping businesses grow,” said Cody Crnkovich, head of partner programs at Adobe. “We are excited to continue our relationship with Katapult to further empower merchants to focus on what’s important, driving new business.”
The availability of lease-to-own or buy now pay later (BNPL) continues to grow in popularity. The report “Finding Retail’s Invisibles: Leveraging Flexible Digital Payments to Reach Underserved Durable Goods Customers,” done in partnership between Katapult and PYMNTS, surveyed 2,122 respondents to determine how consumers deepened their relationships with merchants when offered a range of payment options. An overwhelming majority said they used these options partly due to the ability to manage their expenses and satisfy their immediate need for items.
In addition, the study found that 43% of former lease-to-own program users see the option as incentivizing them to shop with a particular merchant. Almost 22% of all respondents said their willingness to shop is higher with merchants that offer lease-to-own programs. That percentage increases to 35% for millennials, who report that lease-to-own options incentivize them to shop with a particular merchant.
In addition to Katapult’s lease-purchase option with Adobe, users can also pay for the subscription service through PayPal and Venmo, or make BNPL payments through PayPal.
Read More:Katapult Joins Adobe Exchange Program