Retail Merchandiser Article Emphasizes Omnichannel Integration from Second Look Financing Partners
Atlanta, GA (PRWEB) September 25, 2017 -- In a feature article published by Retail Merchandiser Magazine, Fortiva Retail Credit’s Joseph Ferguson advised retailers and e-tailers — especially enterprise-level and “Big Box” chains — to insist their second look provider seamlessly integrate into all point-of-sale systems, and lean forward to support a customer-facing omnichannel experience. Ferguson also included insights based on first-hand experience from Charlie Malouf, President and CEO of Broad River Retail – a licensee of 16 Ashley Furniture HomeStore locations who has tapped Fortiva Retail Credit as their preferred second look financing provider.
“While the well-known store credit card programs are natural fits for retailers’ online and physical points of sale systems, it is crucial that retailers demand the same from second look financing providers in order to protect their continued investment in omnichannel excellence,” advised Ferguson. “With an eye on ensuring a great customer experience, retailers must ensure all financing providers offer a seamless integration into their sales systems, as well as the various financing options their customers need.”
In light of this framework and paradigm, Fortiva Retail Credit, which is the nation’s leading second look program, advises retailers to look for and insist upon four types of integration when evaluating second look financing providers:
- Online Integration: the financing provider must have the proven capacity to work flawlessly with various digital touch points, including PC portals, mobile devices and online shopping carts. This is particularly important to serve the growing number of customers who wish to shop privately and on-the-go.
- POS Integration: the financing provider must demonstrate the ability to adapt their processes and workflows to support different in-store systems. In other words, the financing provider must adjust and align with the retailer’s infrastructure — not the other way around.
- Strategic Partnership Integration: the financing provider must have the network, credibility and resources to facilitate strategic partnerships which support the retailer’s business plan. This may include brokering dynamic new relationships with various POS providers, e-commerce payment firms, technology companies, and so on.
- Prime Issuer Integration: the financing provider must offer the flexibility to embed into the retailer’s payment system, so the program automatically leans forward in the event that prime credit is declined. This eliminates a potential gap in the omnichannel by putting sales people in a position to deliver good news to impaired credit customers.
Broad River Retail represents an example of a leading enterprise-level retailer who has embraced all of the above principles — and is enjoying significant bottom-line benefits as a result.
“When 50 percent of all applicants are declined by primary lenders, second look financing plays a vital role in serving a significant volume of our customer base,” commented Malouf. “[Retailers who rely] strictly on prime customers are missing out on business, especially on big ticket items.”
At the same time, Malouf urges retailers to consider ease of applying, integration with existing payment systems, and round-the-clock lender accessibility: “This seamless integration is vital for customers at the point of sale; regardless of whether it is in-store, or on-the-go.”
The full article entitled “Alternative Financing” is available at: http://www.retail-merchandiser.com/solutions-providers/3143-alternative-financing.
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.
Michael Mooney, Poston Communications, https://www.postoncommunications.com, +1 (404) 875-3400, [email protected]
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