Momnt and ChargeAfter Team on Home Improvement Financing

Real-time lending FinTech Momnt has launched a partnership with point-of-sale financing platform ChargeAfter.

With this collaboration, home improvement contractors using the ChargeAfter platform can offer Momnt’s loan products to their customers, the companies announced Wednesday (Feb. 19).

“This partnership with ChargeAfter is a significant step in enhancing the financing options available to home improvement contractors,” Momnt CEO Chris Bracken said in a news release. “By integrating with ChargeAfter’s platform, we can provide contractors access to a wider range of competitive financing options, ultimately driving higher conversion rates and increased sales.”

According to the release, the ChargeAfter platform connects contractors to lenders, offering customers a range of personalized financing options.

“This streamlined approach simplifies the financing process for both contractors and customers, which is particularly important for in-home service, where a secure and seamless experience helps create a comfortable interaction,” the release added.

Momnt’s technology, the companies said, integrates with ChargeAfter’s platform, letting homeowners view a range of financing options without affecting their credit score.

The partnership comes as pay-later options continue to attract widespread use among consumers compared to payments via traditional credit cards, as covered here earlier this week.

Research by PYMNTS Intelligence found that as the end of 2024 approached, 56% of consumers used installment payment options in the last year. Among the various pay-later offerings, buy now, pay later (BNPL) was a standout, with 76% of BNPL users reporting that they were highly satisfied with the experience of using this option.

Around 38% of consumers used BNPL, roughly on par with those who used general-purpose credit card installment plans and ahead of the 24% that turned to BNPL in the prior year. Meanwhile, the use of credit card installments was static over that period of time.

“The implication, then, is that BNPL is gaining share within the pay-later sphere,” PYMNTS wrote. “Separate data showed that BNPL services appeal to those looking for immediate access to credit without long-term commitments, a factor cited by 27% of individuals.”

The research also found that liquidity is constrained, with 19% of consumers hitting their credit card limits in the past year — a percentage that jumped to 41% among people who live paycheck to paycheck and have issues paying bills.

“The constraints are even across income levels, as 20% of those earning more than $100,000 annually and nearly 21% of households earning less than $50,000 annually have been maxing out their cards,” the report said.