Katapult Holdings, Inc. announced that Meineke has added Katapult to its consumer application process, Meineke Payment Solutions. The decision to work with Katapult was endorsed by the Meineke Dealers Association, an independent organization comprised of more than 500 Meineke franchise owners. Meineke Payment Solutions is powered by Meineke?s partnership with Premier Services Group, a consumer financing solution provider, and FormPiper, a financing management platform.

This new partnership means: Katapult?s innovative LTO will be offered to customers as part of Meineke?s consumer application process. Many of these customers may not have qualified for traditional financing. Meineke customers who may not qualify for traditional financing can apply for Katapult?s affordable and transparent lease-to-own plans, which are typically more accessible to nonprime consumers.

Meineke franchise owners will be able to tap into a new, underserved customer segment of nonprime consumers who may not have been able to purchase their products through traditional financing options. Meineke in-store customers can leverage Katapult?s newly launched text-to-checkout technology to complete their lease transactions on their mobile devices, protecting their privacy, promoting transparency and regulatory compliance while lowering fraud risk to Katapult and Meineke. Katapult offers a scalable omnichannel LTO solution that provides its merchant partners, like Meineke, with access to a new consumer base that previously may not have had the purchasing power to buy their durable goods.

Federal Reserve data show that approximately 37% of US adults could not cover a $400 emergency expense without assistance, and with the cost of replacing 4 tires averaging more than $600, many consumers are often unable to meet this financial burden. Given there are millions of consumers in the US who do not qualify for traditional credit financing, LTO offers them an affordable path to purchase durable goods. Hundreds of merchants are leveraging Katapult?s LTO solution to help expand their businesses.

Key merchant benefits of a partnership with Katapult include: Merchants have access to new shoppers who can drive incremental sales. Higher conversion rates and lower cart abandonment. Opportunities to drive repeat customer purchase rates higher.

No merchant recourse from customer defaults. No interchange costs to the merchant related to the transaction. No risks from out-of-window returns.