Fortiva Retail Credit CEO, Jeff Howard, Discusses Keys to Second Look Financing Success at Ashley Furniture HomeStore Market Event

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Fortiva Retail Credit CEO, Jeff Howard, Dufresne Spencer Group President, Chad Spencer and President/CEO of Broad River Retail, Charlie Malouf, all recently took the stage at the Ashley Furniture HomeStore Market Event in Las Vegas on July 28, 2017 to discuss the evolution, growth and keys to success in a second look financing partner.

Fortiva Retail Credit

“Fortiva gets it, they want it and have plenty of capacity to do it. I couldn’t recommend them any higher if you want to grow your finance business in the secondary space. Fortiva has been incredible for us."

Fortiva Retail Credit CEO, Jeff Howard, recently took the stage at the Ashley Furniture HomeStore Market Event in Las Vegas on July 28, 2017 where he discussed the evolution, growth and keys to success in the second look financing space. Second look financing is offered after a prime lender declines an applicant, providing up to 50 percent of the retailer's less-than-perfect credit customers with a line of credit option.

Howard, who oversees the nation’s leading second look financing program, was joined on stage by two of Fortiva Retail Credit’s customers: Chad Spencer, President of the Dufresne Spencer Group, and Charlie Malouf, the President and CEO of Broad River Retail.

Both the Dufresne Spencer Group and Broad River Retail, respectively, are among the largest Ashley Furniture HomeStore licensees in the nation. The Dufresne Spencer Group owns and operates 44 stores across 9 states. Broad River Retail owns and operates 16 stores in the Carolinas and Georgia.

“Fortiva has been fantastic. It’s the best system integration we’ve done of any finance company. It’s unbelievably smooth, it’s unbelievably easy, and these guys are great to work with,” said Mr. Spencer. “They get it, they want it and have plenty of capacity to do it. I couldn’t recommend them any higher if you want to grow your finance business in the secondary space. Fortiva has been incredible for us.”

“Surprisingly, 49 percent of the US population has a credit score that is less than prime,” said Mr. Howard to a packed audience. “We know from our history that if you treat them like a prime consumer, you’ll have their loyalty. So, how do we go about doing that? First and foremost, we introduce omnichannel capabilities in store, online, on mobile devices and tablets. Our proprietary platform integrates with retail POS systems, third-party applications and providers, and prime providers. This capability enables us to deliver instant decisioning with cutting-edge analytics to approve more retail customers.”

Added Howard: “We also know that the most attractive customer is the one who is already coming in the store and has made a purchase. That’s when we step in to support through open-to-buy campaigns, emails, direct mail, postcard, statement inserts and so on. Offering a line of credit rather than a closed-end installment loan helps support increased sales by driving customers back into your store.

“Fortiva treats second-look customers just like a Synchrony, a TD, a Wells Fargo and other primary lenders would, with their branded private label credit card, their technology, and their very strong back-end call center,” said Malouf. “They’ve given us great support, integrated with our waterfall system and are highly flexible. We really enjoy working with Fortiva.”

Fortiva’s twenty years in the segment allows their program to yield the highest approval rates possible while still offering lower merchant costs, higher acceptance rates and larger credit lines.

About Fortiva Retail Credit 

Fortiva Retail Credit is a second look consumer credit program issued by Mid America Bank and Trust Company. The program leverages instant decisioning capabilities, deep underwriting and a paperless process to provide a best-in-class retail finance program for its clients. The flexible technology platform utilized provides a loan decision to consumers within seconds. Clients in a number of markets such as Home Improvement, HVAC, Furniture, Water Treatment, Electronics, and Educational Services offer the program for second look financing. Fortiva Retail Credit serves all U.S. markets including Puerto Rico and the U.S. Virgin Islands.

Visit us at https://www.fortivaretailcredit.com.

About the Dufresne Spencer Group

Founded in 2003 by Jim Spencer, The Dufresne Spencer Group proudly does business as Ashley Furniture HomeStore and Stash Home and currently owns and operates 44 Ashley Furniture HomeStores, 4 Stash Home stores, and 13 Distribution Centers throughout 9 states in the Southeast, including Alabama, Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, Tennessee, and Texas.

About Broad River Retail

Founded in 2003, Broad River Retail (BRR), a Fort Mill-owned and operated home furnishings retailer, is the largest and fastest-growing Ashley Furniture HomeStore licensee in the Carolinas and Georgia, currently with 15 HomeStores and one HomeStore Outlet.

Visit us at http://broadriverretail.com.

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