Versatile Credit’s turnkey solution linking bank lenders with consumers
applying for credit in retail stores enabled more than $158 million in
approved credit for customers of major retail outlets during the
extended holiday shopping season, Nov. 29 - Jan. 5. Versatile Credit is
a business unit of Versatile Systems Inc. (TSX Venture Exchange: VV).
The Versatile Credit ecosystem processed more than 45,000 consumer
applications during the holiday season with over 75 percent approval
rate and $4,600 in credit per approval.
“Versatile Credit’s ecosystem provides a turnkey solution for retailers
looking to increase sales through a comprehensive approach that meets
customers’ needs,” said Kenny Kahn, president and chief executive
officer of Versatile Systems. “Many shoppers need additional credit to
make purchases over $1,000 from retailers in the furniture, flooring,
mattress, jewelry, automotive and electronics markets. The approved
credit enabled by the Versatile Credit solution can significantly drive
up the transaction size for retailers and the process is private and
secure with no personal customer data ever stored in the Versatile
Credit system.”
The Versatile Credit ecosystem consists of unique business partnerships,
hardware and hosted software solutions, including:
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A cloud hosted platform that enables direct connection to 19 primary
and secondary financial institutions that result in a rapid credit
request and approval process.
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A family of floor-standing and tabletop kiosks that fit a wide range
of retail environments.
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A hosted portal allowing the design and implementation of interactive
digital signage and mobile promotional campaigns that help customers
learn about special promotions, credit offers and locate products in
the store.
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A data mining application that captures information about a customer’s
mobile engagement and interaction with in-store signage and kiosks.
“The Versatile Credit solution has been shown to increase credit
applications by 20 percent, reduce declined applications by up to 40
percent and drive up retail transaction size between 15-30 percent,”
said Kahn. “Since 2007, consumer applications using the Versatile Credit
ecosystem have resulted in more than $7 billion in approved credit.”
About Versatile
Versatile is a multi-disciplinary technology company with solutions
across the mobile, digital signage, IT infrastructure, software and
hardware landscape. The company’s products are utilized by Fortune 500
companies, leading financial institutions and large and small retail
organizations. For more information, please visit www.versatilecredit.com
and www.versatile.com
“Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
Copyright Business Wire 2014