Financing Options Help Merchants and Consumers Manage Economic Uncertainty

Consumer financing solutions can help businesses build trust and loyalty with consumers, Versatile Credit CEO Ed O’Donnell writes in the new PYMNTS eBook, “The Implications of Uncertainty.”

As we end the first quarter of 2024, businesses across the country are navigating an array of challenges and uncertainties. Economic and inflationary fluctuations, job market instability, and market volatility present a complex environment of risks and opportunities affecting operations and growth. These concerns, as well as factors like high housing and interest rates, are prompting businesses to reevaluate their strategies and seek innovative solutions to help them execute.

At Versatile Credit, we recognize the transformative power of data and technology in building a holistic understanding and solution for our partners. Versatile aims to empower our partners with the tools to offer embedded consumer financing options that align with their customers’ needs and financial situations, wherever and however they are choosing to engage with the brand, including in-store, eCommerce sites, in the home, through call centers and more.

Economic and market uncertainties have led more businesses, from home improvement and electronics retailers to furniture stores and elective medical providers, to explore how consumer financing can support their customers in budgeting more effectively and ensuring access to their goods and services. By offering a flexible and personalized financing experience, businesses are enabling their customers to explore a full spectrum of options without impacting their credit scores. This approach builds a sense of trust and loyalty between the business and its customers, enhancing the experience and boosting conversion rates.

The integration of technology that supports choice in how consumers pay is a cornerstone of Versatile’s offerings. We work with industry-leading platforms such as STORIS and incorporate cutting-edge third-party tools, including industry-leading identity verification solutions from partners like Prove and Intellicheck. These integrations ensure our solutions are not only secure but also aligned with our clients’ existing processes and needs, boosting operational efficiencies while creating a scalable and compliant financing experience.

Versatile works closely with our merchants to understand their unique business needs and processes. Our objective is to build and deploy tailored solutions that maximize success and adoption, ensuring a positive experience for shoppers, staff, and stakeholders. By leveraging existing technologies and processes, we can embed financing solutions that complement and enhance our clients’ operational workflows, leading to higher adoption rates and an improved, optimized experience.

Versatile is also working with banks and lenders to white-label our technology, including our unified finance portal — enabling these organizations to leverage Versatile’s expertise and established technology platform to quickly enter markets with innovative financing options and tools. This allows them to offer unique financing solutions across new verticals without shifting focus from their core competencies while helping them to capitalize on emerging opportunities and meet the diverse and evolving needs of their customers.

Versatile Credit is addressing the complex demands of customers, partners, and consumers by building cutting-edge embedded financing technology and developing strategic partnerships and integrations. Amid economic uncertainty, our strong partnerships and innovative technology enable us to remain agile and responsive, empowering our partners with the necessary tools and insights to adapt and react effectively to the evolving needs of the market.