Small To Medium Retailers In The West Now Able To Compete With National Chains On Credit Insurance

Furniture World Magazine

The Western Home Furnishings Association (WHFA) has unveiled a credit insurance plan for those home furnishings retailers financing their own receivables. WHFA has become a licensed credit insurance agent so members no longer need to have their own in-house licensed insurance agent. Another unique advantage of the WHFA program is that the majority of commissions earned by WHFA being a licensed agent is returned to the retailer in the form of participation. WHFA's Board of Directors made a historic decision that will now enable small to medium size retail companies to receive credit insurance commissions equal to the larger national chains. This Credit Insurance Program is WHFA's continued attempt to become more than just a trade association for its members. WHFA is the first home furnishings association to become a credit insurance agent to benefit its members. "Retailers offering Credit Life, Disability, Involuntary Unemployment Insurance have the security of knowing the loan will not be in jeopardy in the event of death, disability or job loss. Providing these types of coverages actually assists customers during times of financial hardship. Retailers will see the benefit of having the loan remain current or be paid off rather than written off," says Kaprice Crawford, WHFA In-house Insurance Agent. "Credit Property insurance provides comprehensive coverage for up to 20 different perils such as fire, earthquake, and burglary. Retailers may see customers who pay slowly or not at all because they no longer have the item in good working condition. Repossession may occur due to the non-payment adversely affecting the customers credit history while the retailer must write-off the item recovered," adds Crawford. Participating retailers will see the financial benefit of receiving additional compensation for each insurance product offered. "In these competitive times of 'Same as Cash' and 'Deferred Payment' plans, each retailer faces shrinking profit margins. Credit insurance related products provide that extra cushion needed to keep their doors open," adds Crawford. By offering the WHFA Credit Insurance Program, retailers will add customer loyalty and increase profitability. For more information regarding the WHFA Credit Insurance Program, contact Kaprice Crawford, e-mail: comm@whfa.org.