Versatile Credit score and American First Finance are actually serving to retailers cut back the chance of pointless credit score checks.
Their new deployment brings collectively Versatile Credit score’s credit score aggregation and buyer acquisition software and American First Finance’s know-how that facilitates various financing and lease-to-own options, the businesses mentioned in a Thursday (Jan. 26) press launch.
Collectively, they allow retailers to supply second-look financing and lease-to-own choices to their clients whereas additionally lowering the chance of pointless credit score checks for choices for which the client is just not eligible, the discharge mentioned.
“There was a variety of financial uncertainty all through the previous couple of years, resulting in shoppers who’re monitoring their credit score hits and scores an increasing number of,” Versatile Credit score President and Chief Working Officer Vicki Turjan mentioned within the launch. “In such a surroundings, instruments like prequalification are extremely essential in serving to to information clients to a financing product that matches their borrowing profile, with out discouraging them with danger of a tough credit score test.”
Providing a broad vary of financing choices helps retailers’ gross sales whereas bettering the client expertise, Turjan instructed PYMNTS in an interview posted in December.
At a time when many shoppers are beneath monetary strain, residing paycheck to paycheck and seeing their credit score scores fall from prime ranges, retailers want a full stack of financing choices obtainable on the level of sale (POS) to assist drive gross sales conversions, Turjan mentioned on the time.
On the similar time, shoppers need to keep away from exhausting credit score checks that may influence their credit score rating, preferring as a substitute both no credit score test or a tender credit score test that doesn’t have an effect on the rating.
With the brand new collaboration between Versatile Credit score and American First Finance, retailers can provide their clients financing options through conventional self-service kiosks, merchant-owned tablets, eCommerce and contactless, transition-to-mobile know-how, in line with the press launch.
The prequalification performance ensures that buyers are prequalified earlier than transferring on to an software to finish the method, the discharge mentioned.
“AFF is raring to deploy prequalification to Versatile’s platform,” American First Finance Head of Nationwide Gross sales Matt Dishman mentioned within the launch. “Prequalification is a important software for educating shoppers about their obtainable choices and offering them with a fast and simple method to apply, whereas additionally bettering retention charges for retailers.”