Industry: Appliances & Electronics
Products: Vyze Point-of-Sale
An important part of BrandsMart’s strategy of never letting a sale get away has been to offer financing to their customers. Unfortunately, the credit process often ran into snags. When a potential buyer was turned down by the 1st lender, another application was required. Many of the manual processes proved frustrating for both the associates and customers.
“If the 1st lender didn’t work out, they’d end up having to go through another credit application. By that point, most customers don’t want to hear about additional financing options, or even make their purchase,” says Lary Sinewitz, Executive VP at BrandsMart USA. BrandsMart needed to find a better way to offer their customers financing so they could make the purchases they desired.”
- One application to multiple lenders to minimize time spent at the register
- Approve as many customers as possible for credit
- Partner who understands the retail credit space and can provide recommendations
- The ability to add additional lenders and expand to their online store
- Can support both revolving credit and lease-to-own lending products
After completing a search for potential partners, the BrandsMart USA team chose Vyze to improve their financing processes. Integrating the Vyze platform proved very straightforward. Through Vyze’s seamless and secure point-of-sale process, BrandsMart USA now has the technology to assess a customer’s creditworthiness through multiple lending sources. When a buyer is declined for the store’s primary credit, they are automatically prescreened for credit from lenders with broader credit requirements—no additional application is ever needed. This includes a secondary revolving credit product, and a lease option.
How it works
- When a customer applies for BrandsMart credit at point of sale, he or she is automatically prescreened for the secondary revolving credit provider with different credit requirements—no additional application is ever needed
- If there is no offer available from the secondary revolving credit provider, When a customer receives a credit offer, they use the credit card signature pad at the register to read through the disclosures and accept the offer, which is a process that takes less than a minute.
- The customer is then able to instantly complete the purchase.
Vyze has enabled us to not only improve the process, but also approve many more customers for financing. Now, thanks to Vyze, if somebody walks in and they want to purchase something, more than 90 percent of them are going to get the financing they need and leave a satisfied customer.
Lary Sinewitz – Executive Vice-President