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Understanding the Basics of Lease to Own for Businesses

Mar 14, 2024

A family of three stands in an electronics store, browsing through rows of laptops. The parents, accompanied by their child, appear focused on finding the perfect laptop. They exude an air of content, aiming to shop wisely and make a well-informed decision amidst the array of options available.

In today’s dynamic market, offering varied shopping payment solutions can significantly enhance a business’s appeal and accessibility. One such innovative approach is a lease-to-own solution, an alternative to financing that allows customers to enjoy shopping with a flexibility which is different than traditional payment methods. This method not only caters to a broader audience but also aligns with modern consumers’ preferences for flexibility and convenience while shopping. 

What is Lease to Own? 

Lease to own is an innovative payment solution that offers the benefits of leasing with the option to shop without using credit.* This approach provides consumers the opportunity to get items and make payments that are conveniently scheduled with their payday. It’s a model that caters to a diverse range of customers, especially those who prefer or need to avoid traditional payment methods.  

At its heart, lease to own is about accessibility and flexibility. It allows customers to bring home products ranging from electronics to furniture to tires and more while having payment options that match their preferences. Customers appreciate the ability to enjoy their new items with a flexibility that fits well with their lifestyles. 

Benefits of Lease to Own for Your Business 

Expand Your Customer Base  

Integrating a lease-to-own solution effectively can help broaden your customer base. It caters to those who prefer not to engage with traditional financing, thus appealing to a wider audience. This shopping inclusivity not only enhances your market reach but also positions your retail business as an option for consumers seeking alternatives to financing.  

Something worth taking into consideration is that lease-to-own is a popular option for many consumers, especially those who are categorized as non-prime consumers (1). These are consumers who are usually looking for a way to shop without using credit*. And it’s a lease-to-own solution that offers them the option to choose how they want to shop. 

Increase Shopping Access to Products  

Offering the option to shop using a lease-to-own solution can support sales growth strategies. This business decision encourages customers to shop when they might otherwise defer, facilitating more inviting shopping environments that add to consumer traffic growth. The ability to make payments that work with their payday makes high-value items more accessible, thereby increasing the chances of a consumer choosing to shop with you. 

Encourage Customer Loyalty  

Lease-to-own solutions build customer loyalty by aligning with their preferences for shopping flexibility and convenience. This approach signals to customers that their needs are understood and valued, fostering a sense of loyalty and encouraging repeat business.  The transparency and fairness of lease-to-own agreements, free from hidden fees and with clear terms, solidify trust and satisfaction among consumers. 

Streamlining Lease to Own in Your Business 

Implementing a Lease-to-Own Solution 

Embedding lease-to-own information at key points in the customer journey enhances visibility and understanding. This includes highlighting the option on product detail pages, incorporating it within the checkout flow, and ensuring it’s clearly explained so customers can easily consider this payment method as they shop. By integrating educational content such as FAQs or explainer videos on your website, customers can quickly grasp the benefits and mechanics of lease-to-own, making it a more attractive option. 

Promoting to Customers  

To ensure your customers are aware of your lease-to-own offering before reaching checkout, employ a mix of in-store signage, online banners, and targeted marketing campaigns. One of the benefits of Acima Leasing is our merchant portal which offers resources to retailers to help with awareness in-store and online.    

Training staff to articulate the benefits and details of shopping options can further enrich customer interactions, providing a personal touch that online information alone cannot. Highlighting lease-to-own through special promotions or featured product listings can also draw attention to this flexible payment option, encouraging more customers to consider it while they shop. 

Strategic Insights for Lease-to-Own 

Running comprehensive market analysis and customer behavioral insights can offer invaluable information about your customer base, shedding light on how a lease-to-own solution might cater to their needs and enhance their shopping experience. Organizing and structuring your offerings to match these insights ensures that your lease-to-own solutions align with your business model and directly address your customers' preferences and requirements. Incorporating seamless customer experiences throughout the leasing process, from browsing to selection, is crucial. 

Take the Next Step with Acima Leasing 

Discover the transformative power of lease-to-own for your business with Acima Leasing. Embrace flexibility, accessibility, and innovation to meet the evolving needs of your customers. Join us in redefining retail and e-commerce experiences by integrating lease-to-own options that cater to a broader audience, ensuring everyone can enjoy the products they love on a schedule that aligns with their payday. Start today by exploring how our lease-to-own solution can support growth, customer satisfaction and set your business apart. Visit our website now to learn more and take the first step toward a more inclusive and successful future. 

Common Questions 

Can lease-to-own options be used for different types of products? 

Yes, lease-to-own programs are highly versatile and can be tailored to suit a wide range of products, including electronics, appliances, furniture, tires, jewelry, eyewear, computers and more. This helps businesses offer flexible payment options across their inventory. 

How does offering a lease-to-own option impact customer retention? 

Offering a lease-to-own option can significantly enhance customer retention by providing a flexible payment solution that conveniently aligns with the schedule of a customer’s payday. This convenience fosters loyalty and encourages repeat business. 

1. “The Consumer Credit Card Market.” Consumer Financial Protection Bureau, September 2021