Not every customer qualifies for prime financing. But those who are close to qualifying still can afford to make significant purchases if given the chance. Furniture retailers shouldn’t let them leave the store disappointed.
“Genesis Credit offers second-look financing for furniture purchases by providing near-prime customers with prime-like financing customer experiences,” said Scott Friss, its vice president for business development.
Proven success in the retail market makes Genesis Credit an exceptional choice as a new Solution Partner for the Home Furnishings Association. With more than 18 years in business, it has become the largest second-look finance provider in the country, processing more than 10 million credit applications annually, Friss said. It partners with businesses in all 50 states, serving clients and customers every day of the week.
Its process is seamless and transparent, providing access to credit to customers who submit a single application – even if they’re initially denied.
More initial sales and repeat customers
Genesis offers the highest approval rates and lines of credit in the second-look space, helping turn primary lender declines into additional sales for clients, Friss said. Eighty-three percent of customers approved for credit by Genesis choose to open accounts and transact with the retailer. And, because Genesis works in tandem with its merchant partners to market the product and build brand loyalty, more than one-fourth of initial sales are followed by repeat purchases.
“Retailers typically see a 68 percent increase in sales ticket sizes when utilizing financing over other forms of payment,” Friss said of the impact for retailers.
One key is to meet customers in multiple channels and to give them first-class treatment. One example is the Genesis Credit Portal, which is designed to make the sales process seamless for ease and speed, and emulates procedures used by primary lenders.
Nothing down and affordable payments
“Genesis can be used to help customers who’ve had credit challenges in the past and want to get back on track, while having the opportunity to have the best products and services a retailer can offer,” Friss said. “With its revolving line of credit, customers have the ability to get financed with no out-of-pocket expenses by offering $0 down payments and affordable monthly payments that fit their budget. The Genesis Credit offer entices customers to buy big-ticket items while building brand loyalty to shop at your establishment for all of their home furnishing needs.”
Genesis’ ongoing training and support services, as well as its record of success, explain why its clients include many of the country’s top companies in furniture and across the retail spectrum. For more information, contact an HFA member specialist at 800-422-3778.
