Consumer financing companies, such as Progressive Finance, offer retailers the opportunity to close more sales and increase profits. Progressive’s No Credit Check program allows customers who may not qualify for traditional financing, a lease/purchase program.
Founded in Salt Lake City more than 14 years ago, the company has implemented its consumer finance solutions with more than 9,500 retailers nation-wide. Nate Roe, vice-president of sales and marketing for Progressive, reports, “Mattress and furniture retailers who have implemented the company’s No Credit Check program report that they’ve increased sales by an average of 25%.”
“Our retailers also report increases in customer loyalty and repeat sales,” Kurtis Hilton, vice president of operations, pointed out. He addes, “In fact, our research shows that 52% of Progressive customers return to use Progressive’s services again.”
Progressive’s retail solutions are available to any retailer or merchant that has an established, profitable business. The company’s No Credit Check program is flexible, allowing retailers to offer the program to its customers in the store, online or by phone. Progressive provide your customers an easy approval process with a history of approving more than 80% of the applications it receives.
The program requires applications to have earned steady income from the same employer for at least the past six months, earn at least $1,000 per month and deposit at least $500 per month in to their checking accounts. Applicants must also have an active checking account for at least three months and have incurred no “Non-Sufficient Funds” or excessive overdrafts in the last 30 days.
Point-of-sale signage greets customers when they enter participating stores informing them that they may be able to take advantage of a No Credit Check option. “Customers are far more likely to take advantage of this option when it is posted throughout the store, rather than if they learn about it after traditional lenders turn them down.”
Hilton explains that many of Progressive’s retail customers give shoppers the option of applying with traditional credit lenders, but provide them with Progressive’s No Credit Check option at the same time. He says, “This saves them the hassle and embarrassment of being turned down.” Progressive also offers the promotional materials retailers need to educate their customers and close the sale. Roe explains, “Customers are approved before they leave the store. Retailers are able to schedule delivery feeling confident they will be paid. Everyone wins!”
With the economic challenges, and in recent years, it is increasingly more difficult for consumers to obtain traditional financing. Many banks have tightened their lending standards and reduced consumer credit limits. Progressive’s No Credit Check program gives customers an alternate source of funds to buy the merchandise they need.
The company’s programs are available nationwide with the exception of New Jersey, Minnesota, Vermont, and Wisconsin.