Recently, Joseph Dobrian over at Furniture Today spoke with industry leaders to talk about the prospects for consumer financing in the near future. The article featured Versatile Credit President & COO Vicki Turjan, as well as many of our fantastic platform partners, including Snap Finance, TD Bank, Progressive Leasing, and Synchrony!
From the article:
Vicki Turjan, president and chief operating officer at Versatile Credit, points out that in the recent past, financing options were primarily seen as a tool to “save the sale,” but with today’s combination of lending products and frictionless access to those products, credit both drives the sale and propels higher revenue.
“The key for retailers is to understand which solutions are suitable for a given situation, accurately measure the success of the program and make changes as necessary,” she said. “At Versatile, we’ve found that there is no single answer to the question of which engagement points are best, as they all serve a purpose at different points in the shopping experience, and may depend on the varied selling processes and technology stacks of retailers.”
“We ship as many kiosks today as we did 10 years ago because they serve as incredibly effective tools for generating approved applications. Snap Sign, our Quick Response code-based technology, allows shoppers to apply through the full process on their personal mobile device while providing lenders and retailers with a strong, cryptographic guarantee that the applicant is in-store.”
Another major change comes from retailers’ desire to merge data from their financing programs with other disparate, but related, parts of their technology stack, Turjan said. Her company’s recent release, Versatile Insight, was specifically designed to help retailers quickly and easily view and analyze data from their finance platform with the help of a convenient, adaptable, and user-friendly analytics platform.
“The technology allows retailers to have a better understanding of the day-to-day performance of the financing program while also having the tools they need to identify trends and find actionable insights,” she said. “The uncertainty of the last year has also led many retailers to explore operational efficiencies and explore how their business can make decisions to add value and build scalable solutions and processes.”
Read more of these great insights over at the Furniture Today article here.