Listen to this articleBelow is our recent interview with Orlando Zayas, CEO of Katapult:
Q: Could you provide our readers with a brief introduction to Katapult?
A: Katapult is the leading omnichannel point-of-sale lease-purchase solution platform for retailers and consumers. Our consumer-centric focus ensures an efficient application and approval process while providing transparent and tailored payment terms, and award-winning customer service. We associate with hundreds of retailers across the United States, providing merchant support, marketing insights, and open dialogue for continued success when offering nonprime customers alternative solutions, in industries offering durable goods such as appliances, furniture, mattresses, certain automotive, and electronics.
Q: Can you provide insight into the importance of retailers providing alternative payment solutions, such as Katapult, to consumers?
A: There is a $40 – $50 billion dollar eCommerce durable goods market opportunity available to retailers who target the underserved nonprime customer segment. We know that these shoppers self-identify and are searching for brands that provide them an option that is user-friendly and easy to understand.
At Katapult, we want to close this gap by providing lease-purchase point-of-sale solutions to retailers and help them offer the most positive customer experience to their end-users.
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Q: What lasting impact do you expect the pandemic to have on the eCommerce industry?
A: I anticipate that one lasting impact of the pandemic will be the influx of alternative payment solution technologies and platforms. Providing consumers multiple paths to access and ownership is no longer a nice-to-have, it’s a must-have. Retailers need to partner with more than just a prime financing partner to serve the variety of customer segments now shopping online. All consumers are looking for ways to obtain what they need when they need it and failing to serve the nonprime customer segment will result in abandoned carts and lower average order values (AOV).
Q: What can we expect from Katapult in the next 6 months?
A: As the payment and financial services industries evolve, Katapult is positioned to expand and capitalize on the need for new and innovative payment solutions. We will continue to expand our network of retail partners and platforms and continuously improve and expand our capabilities and product stack to remain the leader in the omnichannel lease-purchase point-of-sale solutions space. Katapult has strong leadership and support teams focused on the customer, providing fast and effective integrations and ongoing support for continued success.
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Q: Can you share something about Katapult that people might not know about?
A: When we onboard retailers at Katapult, we identify and provide integration options that best promote the solution they now offer. The platform we’ve built is ideal for eCommerce site plugin integrations, or customized integrations that address retailers’ specific needs.
Katapult’s partnership approach includes an ongoing dialogue with retailers to identify opportunities for growth and evolve their brands, so they reach the right customer segments to increase their transactions. Our account management team helps retail partners optimize product detail pages to showcase checkout options, integrate specific “no credit required” messaging in email campaigns, and optimize search engine and social media efforts to reach more customers and improve brand loyalty.
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