Bob’s Discount Furniture takes second look at credit declines
Home furnishings retailer partners with credit platform to make customer financing more accessible.
Bob’s Discount Furniture is leveraging the omnichannel second look financing solution from Fortiva Retail Credit to approve more consumers for credit. Fortiva’s technology includes deep underwriting and a seamless omnichannel application process that provide a credit option between prime financing and leasing-to-own.
When a Bob’s customer is declined financing from a prime credit provider, their application is instantly processed by the Fortiva solution. Using data aggregation and consumer performance tracking, Fortiva Retail Credit can approve customers based on factors beyond their credit score.
“As with everything we do, this partnership aims to provide unsurpassed value by upgrading our second look financing solution with the industry’s preeminent provider to ensure we have the best credit program possible for all our consumers,” said Dean Lotufo, VP of finance at Bob’s Discount Furniture. “This partnership ensures that more of our shoppers, using credit to purchase our quality furniture, will enjoy a quick, simple and secure application process and instant decision.”
Extended financing at the POS has been a hot topic in retail payment recently. Last week, Mastercard purchased Vyze, a cloud-based retail financing platform. Vyze connects retailers with multiple lenders, allowing them to offer customers a wider range of credit options online and in-store. These financing mechanisms provide shoppers with additional payment methods at the moment of purchase.
Bob’s Discount Furniture operates 111 stores located throughout New England, California, Delaware, Illinois, Indiana, Maryland, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Virginia, and Wisconsin, as well as an e-commerce site.