Fintech bnpl

4 minute 16 Aug, 2022

Offer Sporting Goods Financing To Your Fitness Customers With BNPL

Sporting goods stores offer a number of products to their consumers, but much of their income is seasonal. The seasons in which they do best will differ depending on their location. Still, one fact remains the same—maximizing profitability during upswings in business is the key to maintaining a healthy business.

A graphic of a tablet with three screens, one with sporting goods, the second with a cart, and the third with buy now pay later representing sporting goods financing

This is easier said than done, but with innovations in the fintech market, sporting goods stores have more options than ever to enhance their conversion and average purchase size in the busy seasons. One of the best options is offering buy now, pay later (BNPL) sporting goods financing to consumers that may be interested in setting up a home gym or even simply investing in higher-quality equipment for their sport.

Today, we will go over the following:

  • What is BNPL?
  • In what circumstances will BNPL help consumers?
  • What other financing offers work for sporting goods retailers?
  • How to get involved.

What is BNPL?

BNPL financing is a payment plan that operates similarly to a loan. It is broken up into multiple even payments, usually on a predetermined schedule set at the beginning of the agreement.

BNPL differs from a traditional loan by not being reported the same way to credit bureaus. This means that, as long as consumers make their payments on time, their credit won’t be affected at all by taking part in a BNPL program. The other primary way BNPL separates itself from regular loans is that they usually charge far less interest and often don’t charge any interest if a purchase is broken up into four or fewer payments.

In What Circumstances Will BNPL Help Customers?

Many sporting goods purchases are small-ticket, so some business owners are skeptical about how effective BNPL can be in improving their revenue. Luckily, BNPL is built to serve customers in small-to-medium-ticket markets. Its no-interest pay-in-four model can help customers trying to reach up the shelf to get a better pair of athletic shoes or a better quality piece of equipment for sports that require more gear.

In ideal circumstances, the accessibility of financing can help consumers who want to make bulk purchases, such as equipping an entire sports team or building a home gym, pull the trigger on such large purchases. In many cases, the ability to obtain financing that won’t affect their credit score may be the deciding factor in choosing where they make purchases like these.

What Other Financing Options Work for Sporting Goods Retail?

While BNPL is easily the best and most accessible form of financing for sporting goods purchases, there are a couple of other types of sporting goods financing that can drive up revenues for business owners, such as credit cards and personal loans.

Credit Cards

Store-branded credit cards are a great way to encourage repeat purchases from consumers with recurring needs, like coaches, gym owners, or serious athletes. These cards typically offer rewards or discounted interest rates for purchases at the store that offers them, giving consumers a reason to make every subsequent sporting goods purchase at that store.

Personal Loans

Personal loans work well for more expensive sporting goods financing, for things like large pieces of gym equipment, basketball hoops, or bulk purchases. These purchases typically don’t happen often, and they carry a price tag worth breaking up over time to ease the immediate financial burden. Personal loans may be the perfect option for consumers who don’t qualify for BNPL or need a longer payment structure to break it up into smaller payments.

How to Get Involved With Sporting Goods Financing

Luckily for business owners, implementing a quality financing software platform is as easy as requesting a demo online.

All they need to do is:

  • Find a fintech provider that they are interested in
  • Request a demo via email
  • Agree to terms

These steps can be completed in less than a week. After they are done, deployment is only another couple of weeks away. For sporting goods store owners looking for a quality partner, Skeps is a great place to start.

Implement Sporting Goods Financing With Skeps

Skeps offers a comprehensive, end-to-end consumer financing program that helps businesses modernize their entire payment process. We go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:

  • BNPL
  • Consumer loans and leases
  • Branded credit cards

If you’re looking to partner with a forward-thinking fintech company that will keep consumers' eyes on the purchase while offering best-in-class financing, Skeps is the perfect fit.

Do you have more questions about how to implement sporting goods financing? Request a demo or contact us at support@skeps.com!

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Sporting goods stores offer a number of products to their consumers, but much of their income is ...


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