Bridal and formalwear brand Allure Bridals has debuted a finance program for retailers.
The program is “a first-of-its-kind program within the bridal industry,” the Memphis-based company said in a Monday (Feb. 26) press release. It is designed to let retailers make sure they have the stock they need while staving off issues caused by fluctuating cash flow.
“Our goal is to show our support for our retail partners in tangible ways,” Allure Bridals CEO Kelly Crum said in a news release.
“The majority of brick and mortar retailers experience sales volume volatility throughout the year. We’re here to offload that burden. This isn’t innovation just for the sake of change; it’s a crucial step to advancing the industry.”
When placing bridal stock orders, U.S.-based retail customers will be able to choose 6-month or 12-month payment terms at an interest rate of 9.95% per year, per the release.
On the consumer side of wedding financing, PYMNTS spoke last fall with Michael Hershfield, founder and CEO of Accrue, on how the company’s save now, buy later (SNBL) solution, through its latest collaboration with Kleinfeld, enables brides to plan for their dream dresses without the weight of a hefty one-time expense.
“Brides can spend a significant amount of money on weddings and we believe that offering this option is essential for families and brides at this stage in their lives,” Hershfield said.
Unlike buy now, pay later (BNPL), which mostly works to optimize the bottom of the sales funnel, SNBL solutions like Accrue span from the upper to mid-funnel, with a main focus on building customer loyalty.
“SNBP solutions encourage customers to set aside money for future purchases, especially when they expect ongoing interactions or harbor a brand connection that inspires them to make regular contributions to a dedicated savings account,” PYMNTS wrote.
Meanwhile, PYMNTS wrote last week about the use of business cards as a source of financing for small and medium-sized businesses (SMBs).
“Business cards are sometimes equated with corporate cards, but these cards do not require businesses to be incorporated,” that report said. “This makes the tools available for any size business, from sole proprietorships and up — including side gigs.”
These cards offer several benefits over personal financing, such as higher credit limits than personal cards and perks that include cash-back, travel and mileage-earning rewards.
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