Versatile Credit, the retail service provider linking lenders with consumers applying for in-store credit, announced the addition of EasyPay Finance and Paytomorrow as second-look options on Versatile Credit Cascade platforms.
EasyPay focuses on offering financing soluitons to the automotive market. Paytomorrow specializes in providing options to customers of jewelry retailers.
Kevin Lawrence, vice president sales and marketing, Versatile Credit, said the new additions strengthen Versatile Credit’s position in two important markets the company serves.
“Both EasyPay and Paytomorrow help customers who need an alternative to prime credit,” he said. “We understand how critical having second look options can be to both automotive and jewelry retailers. These programs are tailored to customers with credit and those without.”
Scott Vertrees, chief executive officer of EasyPay Finance, said his company’s services are aimed at helping automotive services retailers provide their customers with the financing they need to keep their vehicles on the road.
“The Versatile Credit and EasyPay Finance partnership will now benefit Versatile Credit shop owner clients who have been waiting for a robust, non-lease secondary and tertiary finance option for their non-prime customers” he said. “With EasyPay offering multiple rate tiers, every applicant is offered the best rate for which they qualify. EasyPay’s focus on the automotive service and tire market, along with their transparent, fair and responsible credit financing, made the addition an easy choice.”
Using the Versatile Credit system, customers privately enter their financial data into a kiosk, handheld tablet or a retailer’s own computer. The process takes only a few minutes. Versatile Credit’s Web Cascade sends the digital data to the retailer’s primary lender. Decisions are returned in seconds. Denied applications are shared with second-look and no-credit-required options. This process can reduce overall denials by 40 percent.
Among all big-ticket retailers using the system, applications are increased by about 20 percent, generating an average approval amount of $4,000. Versatile Credit is in use in thousands of retail storefronts across North America. Since 2007, Versatile Credit has facilitated more than $20 billion in approved retail credit.