Key Concepts

Terms

Here are a few key concepts explained that will help you more easily integrate with Koalafi:

  1. Order: You’ll start each Application with an Order. An Order tells us about who your customer is. To initiate an Order, you’ll need to generate a unique orderId which you’ll use throughout the financing process. The orderId can also be used to query for useful information about an Application such as approval decision and Application status. It's important to ensure there's only a single orderId for each customer, even when the Koalafi UI gets closed and reopened across sessions.

  2. Application: An application refers to an order that has been fully filled out and submitted for decisioning.

  3. Lease: Once an Application is approved, it becomes a Lease once you add and submit items to the Order, Koalafi generates financing terms, and the customer signs the Lease agreement.

Flow Types

Koalafi supports two flow types. You can choose to support one or both based on the needs of your implementation.

  1. Shop First This flow is for customers who have added items to their cart, proceeded to checkout, and selected Koalafi as their method of payment at checkout. These customers have not already applied for financing elsewhere on your site. Customers initiate this flow from the shopping cart by selecting Koalafi as their payment method.

  2. Approval First This flow is for customers who wish to apply for Koalafi financing but don’t yet know what they want to buy, or want to see what financing they can get approved for before shopping. Customers typically initiate this pre-approval flow from a financing page or marketing callout. After approval, the customer shops on your site, checks out, and then chooses Koalafi at checkout as their payment method to complete their financing. This flow is a great tool for converting more potential customers!