Versatile Credit recently announced that its systems are now installed in nine corporate-owned Verlo Mattress store locations. Several franchised stores have also signed up for the service. Verlo operates locations nationwide.
Mary Plemons, Verlo’s vice president of operations, said the Versatile Credit system has helped increase the number of customer applications for credit, reduced denial rates and increased the average sale, while returning an average credit limit of $4,774. She cited the privacy of the kiosk-based system as one of the reasons for its initial success.
“Our sales staff was uncomfortable offering traditional pen-and-paper financing options due to the paperwork involved, the need to ask for personal information and having to deliver the news when applications were turned down,” Plemons said. “We did our research and chose the Versatile Credit system for its speed, customer privacy and Cascade process.”
Kevin Lawrence, vice president, sales and marketing for Versatile Credit, said the system’s Cascade feature starts with a customer’s application being submitted to prime lenders offering promotional financing. If the application is denied by this group, it can cascade to near-prime lenders. Another rejection cascades the application to sub-prime and no-credit-required lenders often offering rent-to-own options.
“The application stops cascading as soon as it receives an approval,” he said. “And the vast majority of applications are approved. This process helps assure that customers get the best possible combination of interest rates and credit amount.”
Lawrence said the Versatile Credit system benefits retailers – particularly big-ticket merchants offering mattresses, home furnishings, flooring, jewelry and automotive service – whose customers frequently require credit or want to take advantage of promotional terms.
The Versatile Credit system is used in thousands of North American retail storefronts. Since 2007, applications using the system have resulted in more than $16 billion in approved credit.
More about Verlo Mattress:
Verlo is passionate about helping people to find the right sleep products – at the best prices – because so much depends on a good night’s rest. Verlo mattresses are built on-site, sold at consumer-direct prices and serviced locally with a Lifetime Comfort Guarantee. Founded in 1958, Verlo has locations nationwide, and a strong footprint in its home state Wisconsin. Acquired by Marcus Investments LLC in 2012, Verlo is headquartered in Milwaukee. For more information visit www.verlo.com
More about Versatile Credit:
Privately held Versatile Credit offers an ecosystem of leading lending partners, proprietary software and services, beautifully designed hardware, and engaging visual content. This results in an exceptional experience for customers that drives more credit applications, more approvals and more sales for retailers. For more information, visit Versatilecredit.com.
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