Business Leaders Must Recognize Value of Multi-Lender Financing Programs

PYMNTS asked industry executives across the payments and digital commerce landscape to give us their take on the pivotal shifts, technological advancements and strategies that have shaped business in 2023. Versatile Credit CEO Ed O’Donnell says in the year ahead, business leaders must recognize the value of comprehensive, multi-lender financing programs.

In 2023, there were pivotal shifts and strategic advancements in consumer financing and merchants’ integration of financing into their businesses.

Innovation, efficiency and customer-centric solutions were needed in the face of an evolving economic landscape.

Pre-qualification emerged as an advantage for many merchants, offering shoppers a seamless experience to discover financing programs that align with their needs and budget. This method efficiently connects customers to suitable options, minimizing hard credit inquiries and redundant data entry, and helping them confidently say “yes.”

Post-COVID, businesses are looking to enhance efficiency and develop processes that benefit their shoppers, staff and overall business. By establishing a streamlined, multi-lender application process, shoppers can be guided to their ideal financial solutions. Versatile’s all-in-one portal for transaction processing, coupled with data and analytics capabilities, empowers stakeholders with actionable insights and data.

Merchants are becoming hungry for valuable, high-quality data and are increasingly adept at analyzing and leveraging their data. They need enhanced analytics to consolidate data from varied facets of the multi-lender financing journey and understand their financing program’s performance. The incorporation of third-party demographic data further enriches merchants’ insights, enabling a deeper understanding of their program’s effectiveness.

Versatile has partnered with identity verification companies Prove and Intellicheck to equip merchants with advanced tools that mitigate risk and streamline the application process. The integration not only validates data efficiently but also enhances the shopping experience by reducing fraud potential, thereby benefiting businesses and their customers.

As 2024 begins, business leaders must recognize the value of comprehensive, multi-lender financing programs. These programs are designed to cater to customers across the credit spectrum, fostering robust relationships between merchants, lenders and credit providers.

Our forward-looking strategy involves deeper integration with everyday business tools and technologies, ranging from point-of-sale systems to patient management and identity validation solutions. This year, we aim to continue streamlining the consumer financing process, offering businesses enhanced security, clearer visibility and more efficiencies in their operations and programs.

As we move forward into 2024, Versatile Credit is dedicated to being at the forefront of innovation, working hand in hand with our partners and clients to navigate the ever-evolving landscape of consumer financing to provide them and their shoppers with great tools and experiences. Together, we will continue to shape a future where technology and innovation continue to drive success and growth.