Versatile Credit, Nationwide Marketing Group (NMG) and Wells Fargo have partnered to launch The Finance Hub, a consumer financing portal for merchants.
This new collaboration provides a comprehensive, tailored financing program for a broad range of consumers and simplifies the application process with Versatile Credit Cascade technology, the companies said in a press release emailed to PYMNTS.
“We are excited to work with Nationwide and Wells Fargo to deploy this one-stop solution for consumer financing,” Versatile Credit President and Chief Operating Officer Vicki Turjan said in the release. “Our goal is to evolve the consumer finance offerings of NMG’s members, making financing more accessible to customers, no matter their credit history.”
The Finance Hub is designed to both improve ease of use and efficiency for merchants, according to the press release. It offers tools that streamline their consumer financing operations, such as an efficient monitoring of recent applications and orders, easy customer account lookups and simplified order management and funding processes.
Steve Jermier, senior vice president of Wells Fargo Retail Services, said in the release: “This solution not only enables merchants to deliver technologically advanced, full-spectrum financing options, but it also facilitates a smoother customer journey, broadening the range of financing solutions merchants can offer while supporting their success and productivity.”
In addition, Chris Kirk, senior vice president of business and financial services at Nationwide Marketing Group, noted that the new tool “will empower our members to offer a diverse range of financing options to their customers, providing a comprehensive solution for the diverse needs of customers while improving customer satisfaction, approval rates and profitability.”
The credit landscape has seen some surprising trends in recent months, with new credit card applications up about 25% but the rejection rates also high at around 22%, the highest since 2018, Versatile Credit CEO Ed O’Donnell told PYMNTS’ Karen Webster in an interview posted Friday (Aug. 11).
O’Donnell sees this as an opportunity for merchants to adapt and cater to the shifting consumer segments, as well as highlighting the crucial importance of offering a diverse range of products and lenders.
“Matching my need to the correct payment is really a critical decision,” O’Donnell said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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