Once we've completed your onboarding, we'll activate the warranties on your products. This allows your customers to purchase warranties at the same time they buy the products from your store, paying for them in the same transaction. We'll periodically bill you for only the cost of the warranty, ensuring you retain the agreed-upon revenue share on the sold warranties.
We are proud to provide the world's only completely hands-off program for merchants. We take on the financial risk and manage all the operations related to the warranties, including applying warranties on your products as your inventory changes and handling claims. If a customer encounters a problem with a product under warranty, they'll reach out to us. We will then take the necessary steps to either repair or replace the product, without any required involvement from you, freeing you to focus on your core business activities.
Offering a product protection plan safeguards your customers' investments against a broad spectrum of potential issues for an extended number of years, giving them peace of mind. For merchants, the benefits include:
a. Incremental Revenue: Revenue shares from warranty plans add directly to your net profits since they cost you $0 to produce.
b. Product Quality Indicator: A third-party seal of approval signifies product quality, potentially increasing customer conversions by up to 15% and spending (AOV) by up to 14%.
c. Competitive Edge and customer loyalty: Differentiate from competitors and foster customer loyalty, leading to up to 16% higher retention and fewer negative reviews.
The onboarding process will vary slightly depending on your specific sales channels, but the general steps are as follows:
a. We start with an introductory meeting to understand your needs and outline our warranty program.
b. We'll provide a detailed pricing structure that includes retail warranty plan costs and your revenue share.
c. You'll undertake the necessary steps for onboarding tailored to your sales channel. In most cases, this takes less than 10 minutes.
d. Finally, we handle the technical integration, enabling customers to purchase product warranties. In most cases, it takes only two days
Merchants must meet certain conditions before they can offer warranties:
a. Products should have a minimum manufacturer warranty period, which typically varies from 3 months to a year.
b. Merchants are required to have a minimum revenue threshold, generally set between $100,000 to $1,000,000 in annual sales depending on the product categories.
