NewComLink Versatile partner for secondary financing
December 20, 2013,
The Versatile system features touch-screen kiosks and other digital and mobile technology. Through it, retailers can access popular primary financing providers as well as NCL's multi-lender secondary financing platform.
The addition of NCL gives consumers who may be turned down for primary financings programs easy and discreet access to the secondary financing sources, thus improving a retailer's sales and closing rates, the companies said.
"Merchants are losing billions in sales each year," said Tom Carter, NCL's vice president of partnerships and business strategy. The Austin, Texas based company said about half of furniture retailers consumer credit applicants to the retailer's primary financing providers are declined because the lenders seek consumers with higher credit scores.
"Declined customers are typically embarrassed, abandon their purchase or spend less," Carter said. He said that NCL's secondary financing options can boost approval rates to 80% or more.
The combination of NCL's secondary financing and the self service system provided by Mechanicsburg, Pa.-based Versatile, lets retailers "offer buying power to a broader range of consumers, improve customer satisfaction and build brand loyalty," the companies said in a release.
Before the new partnership, NCL was delivering its financing solutions through the retailer's point-of-sale system or a secure merchant Web portal. The Versatile customer self-service kiosks now offer a third, speedier way to reach that credit customer and one driven by the consumer vs. the sales associate or retailer.
"Many retailers are looking for faster to market solutions over the next year, and this partnership is a key step in making it available," Carter said.
In the first half of next year, NCL also will be making its financing offering available through retailers' e-commerce websites and mobile tablets that can be used in store by sales associates and consumers.
The furniture industry is not NCL's largest business segment today, but "we expect that to change over the next few years," Carter said, noting that expanding that business has become its main focus.