Guitar Sanctuary Experiences 100% Lift in Average Order Values by Offering Quick Financing
Editor’s note: Offering a quick and simple financing option is now easier than ever, with a number of payment companies entering the niche. One of the things that is so intriguing is that order size tends to increase significantly – in this case it doubled. Adding financing at the point-of-sale is worth consideration for any retail merchant that handles big ticket items.
Guitar Sanctuary is home to the best in boutique guitars, basses, pedals, amps, accessories, and lessons. With a retail location in McKinney, TX and an e-commerce site, The Sanctuary is passionate about all things guitar and strives to find those pieces that represent the instrument in its highest form. They are also passionate about customer service and match specialty merchandize to their prized clientele.
Well aware of the benefits financing provides, they wanted an option that worked alongside their existing in-store provider, but also catered to online shoppers as well as on the road at industry trade shows. They were able to add a financing option in just one day.
Problems with existing Financing provider
Guitar Sanctuary offered in-store financing with another provider but it left a lot to be desired.
- It didn’t cater to its online customers because the provider’s application process required in-person identification.
- Guitar Sanctuary assumed all of the fraud risk.
- Staff needed to sell their merchandise at events and did not have an available mobile option.
Guitar Sanctuary needed to offer financing that was simple to integrate and accessible for its customers, no matter if it was in the store, online or at a show.
The specialty music retailer searched for a new financing option for its customers and found one. Blispay empowered Guitar Sanctuary’s customers with on-demand financing without inundating staff with paperwork and eliminated the need for tedious application processes.
- Provides financing capabilities via all channels; in the store, on website, and at shows.
- Provides the ability for customers to apply without any additional store associate assistance. This enables staff to service other customers without getting tied up in completing financing applications.
- Took less than 1 day to get up and running and doesn’t require any ongoing maintenance.
“The beauty for a merchant is it’s very simple,” said Brian Meader of Guitar Sanctuary. “It’s very easy and takes the work out of your hands. Customers can go through the app on their own right in the store.”
The Average Order Value (AOV) for Blispay buyers is double Guitar Sanctuary’s normal rates. As shoppers have more access to credit, they have greater buying confidence and make more purchases. Blispay has made a positive impact on store sales by allowing customers to quickly apply for financing and go home with their dream guitar.
“On the retailer’s end, you’re not doing much more than pointing the customer to the app,” said Meader. Happy with the results, Meader even recommended a financing option to other vendors and dealers within the music industry.
Blispay is a financial technology company providing the ability for businesses to provide financing to customers. The team has decades of experience in the consumer lending space, having worked at companies like Bill Me Later, PayPal, Bank of America, and MBNA. Visit blispay.com/merchants to learn more.
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