Contents
Koalafi Introduction
What is Koalafi?
We are a pay-over-time provider, offering lease-to-own payment plans. With our payment plans, customers split purchases over $300 into smaller, manageable payments.
What customers are a good fit for Koalafi?
Koalafi leases are a good fit for customers who are not eligible for "buy now, pay later" (BNPL) plans, or primary or secondary loan financing. On average, 80% of customers who are declined for primary financing are approved for a Koalafi lease.
Our leases are available to customers who are still building credit. Customers do not need credit to be eligible for a Koalafi lease. In fact, on-time lease payments give them the opportunity to establish and build their credit.
Customer Experience
How does lease-to-own financing work?
With a lease, Koalafi purchases the item from the merchant and rents it back to the customer over 12 months. The customer can still use and enjoy the item while they rent it from Koalafi.
The customer makes regularly scheduled payments to Koalafi and will own the item after they make their last payment. They can always pay off their lease early to save on financing costs.
What information is needed to apply?
Personal identification information (e.g., name, date of birth, phone number, SSN, address)
Income details
(Non-prepaid) debit card information
Low initial payment - This is placed as a hold on the customer's debit card as part of the application and charged when they sign the agreement. If they do not sign the agreement, we will automatically release the hold.
How do customers apply?
Customers can start an application from multiple entry points which may include a button on the product page, the checkout page, or a financing page.
If a customer is approved outside of the checkout flow, they can pick back up with their approval at checkout by entering their phone number.
They will need to provide some personal identification information to see if they are approved, and for what amount.
If approved for a Koalafi lease, they will then provide information about their income, payment frequency, and debit card info.
At that point, they can review the final details about the payment terms and cost of the lease. If they acknowledge the lease agreement we will send them a lease summary and they can complete checkout.
Application Steps
Merchant Experience
How to find orders placed through Koalafi
On the orders screen, just search for "Koalafi" in the main search bar.
How to capture payment from Koalafi
Koalafi payments are captured the same way as your other payment methods. The behavior depends on if you are in Automatic or Manual mode.
If you are in Manual mode, you must manually Capture Payment from Koalafi when you fulfill the order. This is the preferred method so that you are only collecting payments once the order has been shipped.
If you are in Automatic mode, the payment will be captured automatically when the order is placed.
Questions Customers Frequently Ask
View our comprehensive list of questions here.