Bread Finance

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Businesses all over the world are finding themselves in need of a solution that helps build stronger consumer connections, power sales, and improve brand loyalty without sacrificing their bottom line. In fact, according to Bread Finance research, 86% of businesses claim that providing financing solutions helps them create loyal customers; 80% say it helps them increase sales, and 69% say it improves overall brand loyalty! In today’s competitive retail environment, adding value like this can help you gain an edge over your competitors.

What is Bread Finance?

Bread Finance is a payment option for small businesses, in which consumers can pay off purchases over time. This creates a strong connection between small businesses and customers, powers sales and boosts brand loyalty. The number of retailers on board is rapidly growing, with over 40% growth in new merchants each month. Small businesses have always been a cornerstone of our economy. They help local communities thrive and power our everyday lives, whether it’s going to a neighborhood restaurant or stopping by your favorite florist on your way home from work. But lately, these businesses have faced an uphill battle to survive. A downturn in consumer spending due in part to high unemployment and rising costs of doing business has made it more difficult for small business owners to make ends meet and keep their doors open. Because of these economic challenges, many businesses may turn away customers who can pay with a credit card and no longer take personal checks. This limits growth opportunities for small businesses because they can’t collect payment upfront if consumers are buying items that need to be paid off over time in other words, most things we buy today. The result is decreased sales, less income, and limited ability to grow into new markets or products.

How does Bread Finance Work?

We’re often asked how Bread Finance works. It’s a fair question. The idea of selling people more than they can afford on a credit card may seem crazy to some but it is a reality of modern day retail that we address head on with every merchant we work with. Our online application process allows customers to get a clear understanding of how much they can afford and allows them to feel confident in their purchase decision. Once you make your purchase, you have 30 days to pay it off without incurring any interest fees whatsoever no other company offers more flexibility in doing so. A basic understanding of business financing isn’t required to sell with Bread Finance. The Bread network of approved merchants handles all aspects of your financing program from application and approval to payment tracking and collection. With smart data solutions, you can easily track how much is owed by each customer so that you never lose track of those who are falling behind on their payments. The number one reason why people don’t buy on credit cards is that they fear getting in over their heads. If a buyer feels confident in their purchase decisions, they will be more likely to shop at your store again and even tell others about it, both major factors in driving sales.

Does Bread Finance do a Hard Inquiry?

Sure, they will do a hard inquiry on your credit. But according to Bread’s website, When you apply with Bread, we’ll check your credit and make sure you meet our standards. If so, we’ll run a soft inquiry that won’t affect your credit score. That means no one else sees it because all of these checks are done internally by Bread Finance no one else even knows you’re applying. When you’re approved, they place an application on file with TransUnion  So if someone else pulls your report from Trans Union in between when you applied and got approved for a different card down the road, it won’t trigger another hard inquiry. I don’t know much about Bread. Their website is a little barebone, they haven’t been around that long and I didn’t see a lot of reviews out there on them. The one thing that stuck out to me was an app review on iTunes which claimed that Unique Finance will do a hard inquiry on your credit when you apply for their card. Of course, if that’s true and you’re looking for any reason to not get their card then you’ll have one. However, it doesn’t seem like something worth worrying about since it’s also stated in their Bread finance.

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