Adding a secondary option into the retail credit cascade, decreases the payment for your customer, enabling you to close more. Furthermore, a $400 higher average ticket increases your bottom line.
Atlanta, GA (PRWEB) March 15, 2016
Fortiva, the leader in second look financing, participated in a Nationwide Learning Academy panel this week to discuss how offering a second look retail credit option for line of credit loans increases average purchase value and reduces lost sales.
"Are you losing customers because of declined credit? Prime providers generally approve 60-70% of deals coming in the door and many of those declined do not fit a typical lease-purchase customer," said Joe Ferguson, RVP Sales. "Fortiva Retail Credit provides a less-than-prime offer which makes more sense for the customers with impaired credit who need financing at the lowest monthly payment possible.”
Second look financing is offered after a prime lender declines funding. Fortiva Retail Credit provides a line of credit loan to your less-than-perfect credit customer, which has lower customer costs, higher acceptance rates and higher credit lines compared to a lease-purchase option. With revolving lines of credit, a customer can be approved for a higher amount than they initially spend, allowing them to return to your store to buy more later.
"Adding a secondary option into the retail credit cascade, decreases the payment for your customer, enabling you to close more," continued Mr. Ferguson, "Furthermore, a $400 higher average ticket increases your bottom line."
Moderated by Frank Sandtner, EVP Member Services at Nationwide Marketing Group, industry experts also included representatives from two lease-purchase options: John Duffy, VP Sales, representing the Nationwide exclusive brand, UOwn and Brandon Wright, Founder of Zibby. The panel was specifically designed to help Nationwide members find the features and benefits for each opportunity and allow them to make a more informed decision as to the best fit for their business.
For more information about Fortiva Retail Credit, please visit http://www.fortivaretailcredit.com. Do not miss Jeff Howard, Fortiva CEO, speak about Second Look Financing at Furniture Today’s Finance Symposium, March 29th Georgia Tech Global Learning Center, Atlanta, GA.
About Fortiva Retail Credit
Fortiva Retail Credit is the leading second look finance provider. With 20 years of underwriting experience and having funded over $25 billion in less-than-prime loans, Fortiva leverages instant decisioning capabilities, deep underwriting and a paperless process to provide a best-in-class program for its clients. Fortiva’s flexible technology platform allows a loan offer within seconds. Headquartered in Atlanta, GA, Fortiva services clients in a number of markets such as Home Improvement, HVAC, Furniture, Electronics, and Educational Services. Fortiva Retail Credit serves all U.S. markets including Puerto Rico and the U.S. Virgin Islands. Visit us at http://www.fortivaretailcredit.com.