Nearly half of the U.S. Population has a FICO score under 700 and does not qualify for prime financing. Further, nearly half of U.S. customers need financing for unexpected purchases of $400 or more. Here are some new programs available to you to help you avoid having these customers walk out of your store.
Did you know Nationwide can provide data to determine Lease-to-Own potential in your geographic region?
Perhaps you have considered offering LTO options to your customers in the past, but have been unsure if LTO would be worth the time and effort required to implement? Nationwide can help with this decision through a computer-driven comparison of the customer demographics within a certain mile radius of your current store locations (or even new potential markets) to the characteristics that match the typical LTO customer. Using this demographic data, we can arm you with the information you need to decide if LTO is right for you. This free comparison is provided to all Members.
To discuss, receive a free analysis or review examples, visit the PriMetrix booth here at PrimeTime. Also, visit our LTO vendor partner pages (American First Finance, Kornerstone Credit, and Uown) in MemberNet to submit a form to request a free market analysis.
Did you know Nationwide can offer full integration of LTO financing for customers if you are using RWS or Site on Time for your website?
Nationwide has worked with our LTO vendor partners and our website providers — Retailer Web Services and Site On Time — to give your customers the ability to apply for credit right on your website. They can then use the approved amount of financing to help pay for purchases on your website
Previously, customers could only get credit approval but had to come into your store to complete the sale if they desired to use LTO financing. As we have seen the purchasing process shift increasingly online over the past year, customers “expect” to have a start-to-finish digital experience. If you would like LTO added to your website, please reach out to your website provider (SOT or RWS) to discuss.
Did you know Nationwide and Genesis now have a program that provides a seamless waterfall solution, offering Secondary Credit to customers who have had their credit application declined by Synchrony?
The seamless application experience Synchrony retailers have been wanting is now automated and available through Synchrony’s Business Center. The process is called a credit cascade or “waterfall,” meaning customers who are declined by Synchrony through their Business Center are automatically prescreened without another credit application for secondary credit from a new Nationwide vendor, Genesis Credit.
Genesis is a finance company that offers true second-look financing, also referred to as near-prime financing. Genesis’ financial product is offered to individuals who score just below the approval threshold of Synchrony. The major benefits to Nationwide Members are that the automatic review is performed at no cost to the Member and the minimum annual sales volume previously required by Genesis has been eliminated when the Synchrony Business Center’s cascade is used. Please visit the Genesis and Synchrony booths to discuss this exciting new partnership opportunity.
Visit with Nationwide’s consumer credit vendors or talk to your MSM about what these exciting technology enhancements can mean for your store.
Megann McDaniel is director of financial services for Nationwide Marketing Group.