Automotive service providers and their customers have been facing a parade of uncertainties over the last year. Many of these customers have had to make tough decisions between repairing their vehicles or paying for other personal expenses, such as rent or groceries. A recent survey by Lending Tree found that 28% of American drivers said they would be unable to pay for a $500 car repair without going into debt and that nearly 6 in 10 drivers have skipped a necessary car repair because they were unable to afford it. Because they are unable to pay for the service, customers are leaving shops without the necessary repairs and maintenance their vehicles need for safe and reliable transportation.
Versatile Credit’s platform of financing tools enables automotive service providers to offer customers with flexible payment options and an opportunity to get the service they need, regardless of their credit score. Once a customer fills out the self-service credit application they are provided with an instant financing decision. Upon a decline, customers are seamlessly transitioned to secondary financing opportunities from near prime and no credit needed providers, ensuring a majority of your customers are being offered opportunities for financing, regardless of where they land on the FICO spectrum. Versatile accomplishes this by partnering with a network of over 24 prime, near prime and no-credit-needed providers to ensure that shops and service centers are able to find the lenders that work for their business and customers. This platform ensures service providers are maximizing the finance opportunities for their customers while providing the tools to optimize the financing program, including comprehensive dashboards and analytics to empower retailers to benchmark the performance of their financing program by region, store, device or even sales associate.
Service providers can leverage an array of technology for these self-service financing applications, including dedicated kiosks, tablets, desktops or a customer’s own smartphone. 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. Service providers can place low-cost signage across their lobbies and storefronts, providing customers with opportunities to apply throughout their visit — while enjoying the comfort, safety and security of their personal device.
Business owners 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 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.
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. Service providers 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, service and consultation process.
To learn more about how Versatile Credit can help build a comprehensive financing program for your business, visit versatilecredit.com or contact us today.