And as we’ve discussed in other posts, as a result of the data breach, you are now at an increased risk of identity theft and other frauds. If you applied for or received a loan or line of credit through Snap Finance or leased-to-own through Snap RTO, the information you provided to the company may now be in the hands of potential criminals. Recently, Snap sent out data breach letters to all affected parties, informing them of the incident and what they can do to protect themselves from identity theft and other frauds. According to Snap, the breach resulted in consumers’ names, addresses, Social Security numbers, government-issued identification numbers and financial account information being compromised. Once lease application is approved and signed, shoppers will be taken back to the merchant checkout page to complete their purchase.On December 5, 2022, Snap Finance, LLC and Snap RTO, LLC reported a data breach with the Texas Attorney General after the company learned that an unauthorized party was able to access confidential information that was stored on its computer network. When shoppers select Snap Finance as their financing source, they will be guided through a separate web experience hosted by Snap Finance using a popup modal, where they will go through an application process to get approved for a lease by Snap Finance to finance their purchase. The Snap Finance Checkout extension will be added as a payment type on your checkout page, allowing authorization and capture to be processed through Magento. No PCI data will be transmitted between Magento Merchants and Snap Finance. Snap takes on the full responsibility of servicing the customer’s lease and mitigating fraud.Snap offers a 100-Day Payoff option that allows a shopper to pay off their lease in 100 days, paying a small processing fee in addition to their cost of goods.Snap merchants rated their experience with an average NPS of 84.Merchants who use Snap see an approval rate of up to 80%.In 2019, Snap helped drive over $890M in sales for our merchants. Snap Finance continues to drive merchant business.You will go through a vetting process to get approved as a Snap Finance partner and have a merchant account created. The Snap Finance Checkout is free to download and install, but transaction fees on customer orders may apply and will vary from merchant to merchant based on merchant type and level of partnership. ![]() To offer Snap Finance Checkout on your website, you will have to first fill out our inquiry form. The Snap Finance Checkout extension will be seamlessly embedded into your checkout flow as a payment option, where Snap handles the application approval, payment processing, and servicing of the lease. Some merchants have seen up to an 80% approval rate.Īttract more customers and drive more sales for your business by offering a financing option to credit-challenged shoppers that would otherwise walk away empty-handed. In 2019, Snap drove $890M in merchant sales, with over 870K lease applications completed. Snap Finance wants their Merchant Partners to thrive while supporting their customers. ![]() With Snap, shoppers have flexible payment options, from the standard full-term lease of 12 months to the 100-Day Payoff option, which provides a considerable reduction in overall cost. Snap also believes in complete transparency, so a shopper knows the cost of their lease up front, with no surprises or hidden costs. Shoppers know in seconds if they've been approved. It's easy to apply, and Snap's sophisticated algorithms don’t rely on FICO scores when considering an approval. Snap was founded on the principle that financing should be accessible to everyone. Snap Finance is a lease-to-own financing provider that empowers credit-challenged shoppers with the buying power to get what they need now, and then allows them to make affordable payments to pay over time.
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