With Preferred Lease, customers who are turned down for credit no longer need to leave empty handed.
“We turn the negative experience of a credit decline into a positive, allowing customers to get the product they selected, with no credit needed,” said Robert Reckinger, senior director of business development for the new Home Furnishings Association Solution Partner.
[See what HFA members receive when signing up with Preferred Lease]
Preferred Lease is a new name in the lease-to-own industry, but it’s hardly a novice. Owned by Rent-A-Center Inc., it was recently unveiled as an integrated retail partner offering, combining the business models of AcceptanceNOW’s staffed lease-to-own service and Merchants Preferred’s virtual lease-to-own approach.
“Preferred Lease has a unique offering that services the needs and expectations of both our customers and retail partners,” Mitch Fadel, CEO of Rent-A-Center, said in a news release. “We significantly increase retailers’ same-store sales by doing business with both the banked and un-banked consumer.”
Not every customer qualifies for primary or secondary financing, Reckinger explained in a recent call. If the customer wants to buy but is turned down, “We can save that sale.”
Preferred Lease can put staff in your store
Preferred Lease is the only lease-to-own provider in the market with the option of providing supplemental staff for retailers. In its staffed model, a Preferred Lease agent is placed in the furniture retailer’s store. If a customer is ready to make a purchase, only to be denied financing, the sales associate brings him or her to the Preferred Lease agent. “It’s a complete handoff,” Reckinger said. “We take it from there.”
The agent determines whether the customer qualifies for the Preferred Lease program. The answer is “yes” more than four out of five times, Reckinger said. More than 60 percent of the time after that, the customer agrees to a deal. At that point, Preferred Lease purchases the desired product, worth up to $4,000 but not less than $300. The customer pays a low initial payment and signs a lease agreement allowing payments over a period of 12 to 24 months. After the final lease payment, the customer takes full ownership of the product.
The retailer makes the sale and gets paid up front. The customer has the furniture he or she wants. Even better, Preferred Lease reports to the credit bureaus in all states except Arizona and California, so customers have the opportunity to build their credit history.
Self-guided virtual solution is a sales option
Not every retailer does enough business to justify Preferred Lease’s staffing every hour the store is open, Reckinger said. Some may be staffed only at the retailer’s busiest times. So, at other times, Preferred Lease’s self-guided virtual solution is available.
“Preferred Lease enhances our retail partner relationships by providing offerings specifically tailored to their business and selling trends, including the ability to choose an in-store staffed, self-guided virtual or hybrid model,” the news release said.
Flexibility is a hallmark of Preferred Lease’s service, Reckinger added. The company works with retailers and customers to make arrangements that meet their needs because, as they say, “we’re the people who can save the sale.”
For more information, call an HFA member specialist at 800-422-3778.
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August 13, 2020 at 10:13AM
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Preferred Lease aims to save more sales - Home Furnishings Association
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