AUSTIN, Texas–(BUSINESS WIRE)–Vyze, a leader in cloud-based financing technology solutions for retailers, today announced that the company has delivered over $1 billion in retail credit through its innovative financing platform. Vyze more than doubled its overall financing volume in 2017, including explosive 142% year-over-year growth on Black Friday and Cyber Monday. This is the second consecutive year that Vyze has doubled financing volume.
“Vyze experienced tremendous market momentum, driven largely by consumer demand for more credit options at checkout,” said Vyze CEO Keith Nealon. “Today, the vast majority of retailers work with an outdated model of only one lender, and the result is that more than half of credit applications are rejected. Vyze modernizes financing with a single platform that provides access to a network of diverse lenders to empower as many shoppers as possible to complete their purchase. We are entering 2018 as the #1 retail credit platform and anticipate a huge year ahead.”
“As an online-only business, we’re always looking for innovative technology that can drive a better customer experience and ultimately long-term growth,” said Build.com Project Manager Cory Iler. “Vyze delivers all of this with a financing platform that allows more customers to complete the home improvements they want and need to move their lives forward.”
As of January 2018, the Vyze platform has connected shoppers nationwide to diverse financing options at the point of sale – online, mobile and in over 7,000 stores. Shoppers simply complete one short, simple application for all credit options, and have full control over how and when to use the credit they receive. As a result, retailers using Vyze can provide the best possible checkout experience to consumers wherever they shop, thus driving loyalty and growth. 2017 highlights include:
- Record Client Success: Vyze doubled its client base in 2017 as leading retailers, like Build.com and Adorama, turned to the Vyze platform for a new, more efficient way of financing. Clients using Vyze can now connect with over a dozen leading lenders to offer multiple solutions to customers, with full flexibility to test and expand their financing programs by store, lender and channel. Companies using Vyze achieve up to 90% approval rates on credit applications, 60%+ higher AOV, and increase repeat purchasing by 20%+.
- Record Lender Growth: In 2017, Vyze welcomed two major consumer banks to its rapidly-growing network of primary, secondary and tertiary lending partners. Vyze’s strategic lending partnerships allow retailers to access a diverse range of credit options through a single integration with the Vyze platform and provide more consumers access to capital when they need it most.
- Product Innovation: Vyze debuted its enhanced omnichannel platform that allows retailers to offer financing to all of their customers, across every touchpoint. The platform benefits every stakeholder by making it easier than ever to apply for, obtain, and use retail credit anywhere (store, online, mobile, call center). Vyze also launched the industry’s first financing platform calculator for retailers. The interactive model quickly computes specific revenue impact from adding or expanding a retail credit program with the Vyze platform.
Vyze is a leading cloud-based financing technology company for retailers. By combining technology, a comprehensive lending supply, and support under one roof, Vyze delivers businesses more satisfying financing experiences for their customers, wherever and whenever they shop.
Renee Newby, 757-651-6554