Versatile Credit System Now Available to Nationwide Members

November 3, 2016  by Larry Thomas in Business Strategy, Industry   

The Versatile Credit solution provides a private, secure and fast customer finance application process. With its Credit Cascade feature, the system allows applications denied by a primary lender to be sent to secondary lenders and rent-to-own options. As a result, credit denials are reduced by up to 40%, officials said.

Jason Kirk, Nationwide Marketing Group's vice president and director of financial services, said credit is a vital business element for the groups independent retailers.

"Versatile Credit's reputation and integration with all of our finance partners make it a perfect choice for our members," he said. "Independent retailers are most successful when they make it easy for customers to gain the credit they need to make large purchases. Versatile Credit does just that."

The problems associated with other application processes has led to “finance fatigue” for customers and store personnel, said Kevin Lawrence, vice president sales and marketing for Versatile Credit.

“Using Versatile Credit customers submit their application in private, without help from store associates,” he said. “Embarrassment from a denial is removed. And with the touch of a button, the system cascades the application to alternative lending choices. The process takes only a few minutes to complete.”

Versatile Credit is in use in thousands of retail storefronts across the United States. The company said retailers using the system typically see a 20% increase in applications, with an average approved credit amount of $4,000.

Nationwide has about 3,500 retail members.