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Offer Comprehensive Retail Finance Options with Versatile Credit

Recent events and advances in technology are causing retailers to re-evaluate their sales processes and challenge themselves to better understand the experiences of customers interacting with their brand, in-store and online. Shoppers are making decisions on where and how to shop based on a variety of evolving factors, from social distancing compliance to omnichannel functionality and mobile integration.

Versatile Credit’s credit cascade and powerful platform of financing tools provide merchants with an array of technology to meet the financing needs of their shoppers, regardless of how those customers shop or interact with the financing program. Some of the benefits merchants can achieve with Versatile’s platform include:

Say “Yes” More

On average, merchants who utilize Versatile’s cascade technology notice up to a 40% improvement in approval rates. This is made possible by Versatile’s unmatched network of over 24 prime, near-prime and no-credit-needed providers, who together can facilitate a comprehensive financing program for shoppers regardless of their financial situation or creditworthiness. Upon a decline, shoppers are instantly and seamlessly transitioned to secondary finance programs, improving their chances of receiving a financing offer. This helps to ensure merchants are maximizing financing opportunities for shoppers.

Retailers can save time and resources while increasing customer satisfaction and loyalty by addressing the challenges typically associated with the financing application process, for both customers and associates. This self-service financing process helps customers save time by cascading through the step-by-step process to find the right financing program that works for them, while sales associates are able to avoid awkward interactions when obtaining highly sensitive information or handling uncomfortable situations where a customer may be declined for financing.

Innovative Consumer Engagement

With contactless, transition-to-mobile technology such as Versatile’s Snap Sign™, customers simply point their smartphone camera at a piece of in-store signage to begin the application. Once on their mobile device customer’s simply enter their information into the credit application to receive a financing decision. Retailers can place low-cost signage across their stores, providing customers with opportunities to apply throughout their visit — while enjoying the comfort, safety and security of their personal device. Merchants can even leverage existing kiosks and digital signage to offer shoppers with these “Snap to Apply” capabilities.

Stronger Together

Versatile’s platform empowers retailers to provide customers with the same comprehensive financing options wherever and whenever a buying decision is made. Whether using highly visible in-store kiosks, merchant-owned computers, tablets, e-commerce sites or customer smartphones – the process is the same. Versatile’s cascade guides the customer through a simplified, frictionless and seamless financing experience, enabling the retailer to address customers throughout the FICO spectrum while driving higher application and approval volumes. Customers are provided with a near instant credit decision, which provides them the opportunity to leave the store or website with the products and services they want.

Versatile’s technology platform helps businesses go to market faster, with less friction, by providing turnkey solutions and integrating into existing sales processes or systems with APIs, SDKs and other custom integrations. Retailers can seamlessly integrate Versatile’s technology with major CRM, ERP and eCommerce platforms to leverage the tools their customers and employees are already familiar with while providing comprehensive financing options throughout the sales and consultation process.

Measure and Respond

Versatile’s platform helps retailers focus on providing shoppers with the best products and services while providing customers with financing options to help them leave the store happy. Versatile’s Analytics Engine, Versatile Insight, ensures retailers are maximizing the finance opportunities for their customers while providing the tools to optimize the credit program with comprehensive dashboards and analytics that empower retailers to benchmark the performance of their financing program by region, store, device or even sales associate. Retailers can leverage real-time data, informative, easy-to-understand visualizations and comprehensive sorting and comparison tools to evaluate the health of the finance program, with the ability to customize the dashboards and reports to their specific needs and goals.