The second-look finance company provides retailers with more opportunities to help shoppers complete a purchase
Fortiva Retail Credit knows what the power of saying “YES!” can do – not just for the consumer, but the retailer, too. When shoppers use Fortiva to establish financing in your store, they’re more likely to return for a second or even third purchase. How much more likely?
Retailers say 25 percent of their customers who establish an open Fortiva credit line return to make additional purchases.
The Home Furnishings Association’s newest Solution Partner works with furniture retailers to ensure shoppers get the financing they need today to become a loyal customer tomorrow.
More than 90 million Americans have credit scores of less than 700. Jordan Boyst, HFA’s director of partnerships, said Fortiva “is a perfect solution” for consumers with a less than ideal credit.
“In today’s economy, our members need to offer shoppers as many options as possible to make a sale,” said Boyst. “Fortiva helps our members say ‘yes’ more often to those sales.”
Customers purchase more and more often
In addition to bringing repeat business, customers who establish Fortiva credit are likely to buy more than other customers – 35 percent more, according to retailers using their services. Fortiva Retail Credit’s flexible technology capabilities offer consumers a seamless option between prime financing and lease-to-own solutions.
When a customer is declined financing from a prime credit provider, his application is instantly processed for Fortiva’s second-look solution, creating the most integrated consumer experience and most approvals for HFA members.
Fortiva’s proprietary underwriting quickly prices for risk based on more than 20 years of proven analytics. Decades of experience and billions in loans funded allow the company to approve more customers.
Fortiva also offers your customers the best experience when applying for credit, said Matt Zalubowski, senior vice president of business development for Atlanticus, the parent company of Fortiva. A national research firm reports that Fortiva Retail reached 80 percent of its customer service benchmarks compared to an industry average of 59 percent.
HFA members receive a discount rate
“There’s already a stigma attached to second-look financing where customers feel judged and don’t get the service they deserve,” said Zalubowski. “We try to go above and beyond by giving them the prime lending experience. That makes us look good and the retailer, too.”
Using knowledge gained from more than 20 years of data aggregation and consumer performance, Fortiva Retail Credit offers the industry’s deepest underwriting to approve consumers based on factors beyond their credit score.
HFA members that sign up for Fortiva Retail Credit receive a 7.75 percent discount rate. They are also waiving its standard minimum revenue requirements for HFA members.
The Home Furnishings Association’s partnership with Fortiva Retail Credit is the latest effort by the Association to provide members access to products and services that can help them recover, and grow, during and after the COVID-19 crisis. For more information on Fortiva, visit their Solution Partner page. For other HFA Solution Partners, visit the directory here.
