marketing UPDATE INCREASING SALES WITH CONSUMER FINANCE SOLUTIONS
By Christopher Schriever Consumer financing companies, such as Pro- gressive Finance, offer retailers the opportu- nity 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 Progres- sive, reports, “Mattress and furniture retail- ers who have implemented the company’s No Credit Check program report that they’ve in- creased sales by an average of 25%.” “Our retailers also report increases in cus-
tomer loyalty and repeat sales,” Kurtis Hil- ton, vice president of operations, pointed out. He added, “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 es- tablished, 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 provides your customers an easy approval process with a history of approving more than 80% of the applications it receives. The program requires applicants to have
earned steady income from the same em- ployer for at least the past six months, earn at least $1,000 per month and deposit at least $500 per month into their checking accounts. Applicants must also have an
active checking account for at least three months and have incurred no “Non-Suffi- cient Funds” or excessive overdrafts in the last 30 days. Point-of-sale signage greets customers
when they enter participating stores inform- ing them that they may be able to take ad- vantage of a No Credit Check option. “Cus- tomers 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 be- fore they leave the store. Retailers are able to schedule delivery feeling confident they will be paid. Everyone wins!” With the economic challenges, and in re-
cent years, it is increasingly more difficult for consumers to obtain traditional financ- ing. Many banks have tightened their lend- ing 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 na-
tionwide with the exception of New Jersey, Minnesota, Vermont, and Wisconsin. Visit
www.progfinance.com. ✤
12 BEDROOM Summer 2012
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