Fortiva® Retail Credit announces strategic partnership with HFA to offer second look financing solutions

Rhea-AI Summary

Fortiva Retail Credit, a technology-enabled consumer finance company, has partnered with the Home Furnishings Association (HFA) to enhance financing options for furniture retailers. This collaboration aims to provide shoppers with more financing solutions, particularly for those with credit scores below 700, facilitating incremental sales for HFA members. Retailers utilizing Fortiva's services have seen up to 25% of customers return for additional purchases. Fortiva's proven analytics and underwriting models enable instant credit decisions, helping merchants serve customers more effectively.

Positive

• Partnership with HFA to enhance financing options for furniture retailers.
• Retailers report up to 25% customer return rate with Fortiva accounts.
• Ability to serve over 90 million Americans with sub-700 credit scores.

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• None.

Atlanta, GA, Oct. 09, 2020 (GLOBE NEWSWIRE) -- Fortiva® Retail Credit, a technology-enabled consumer finance company and a leader in second-look point-of-sale financing, today announced its partnership with Home Furnishings Association (HFA), which is the nation’s only trade association devoted exclusively to the needs and interests of home furnishings retailers.

The partnership between Fortiva Retail Credit and HFA will enable furniture retailers to ensure shoppers get the financing they need today. Fortiva Retail Credit leverages flexible technology capabilities to offer customers a seamless option between prime financing and lease-to-own solutions. When a customer is declined for financing from a prime credit lender, their application is reviewed and may be instantly processed for Fortiva Retail Credit’s second look solution, creating an integrated consumer experience and incremental approvals for HFA members. Retailers have reported that up to 25% of their customers with a Fortiva Retail Credit account return to make additional purchases.

According to published data by Experian, over 90 million Americans have credit scores of less than 700. Per Jordan Boyst, HFA’s director of partnerships, Fortiva Retail Credit “is a perfect solution” for customers with a less than ideal credit. “In today’s economy, our members need to offer shoppers as many options as possible to make a sale,” said Boyst. “Fortiva Retail Credit helps our members say yes to customers more often.”

Fortiva Retail Credit leverages 20+ years of proven analytics to inform proprietary underwriting models to facilitate instant credit decisions. Decades of experience, in concert with billions in loans funded, allow Fortiva Retail Credit to approve more customers. “Fortiva Retail Credit prides itself on providing its merchant partners and accountholders a seamless experience that is accompanied by outstanding customer service,” said Matt Zalubowski, Senior Vice President, Business Development for Fortiva Retail Credit. “No one enjoys being told they have been declined for credit. Fortiva Retail Credit offers an instant alternative; leveraging technology helps us better serve both our merchant partners and their customers.”

About Fortiva Retail Credit:

Fortiva® Retail Credit is a technology-enabled second look point-of-sale consumer credit program issued by The Bank of Missouri. The omnichannel program leverages instant decisioning capabilities, deep underwriting, and a paperless process to provide a best-in-class retail finance program for its clients, both in-store and online. The flexible technology platform provides a loan decision to consumers within seconds. Clients in markets such as furniture, big box/specialty retail, flooring, home improvement, electronics, automotive aftermarket retail and service, elective medical, health and fitness, and home automation offer the program for second look financing. Fortiva® Retail Credit serves all U.S. markets, including Puerto Rico and the U.S. Virgin Islands. The Fortiva Retail Credit program is managed by subsidiaries of Atlanticus Holdings Corporation (NASDAQ: ATLC). For more information, please visit https://www.fortivaretailcredit.com.

About the Home Furnishings Association:

The Home Furnishings Association (HFA), with roots dating back to 1920, is North America’s largest organization devoted specifically to the needs and interests of home furnishings retailers, with more than 1,200 members representing more than 7,000 storefronts across all 50 states and several countries. HFA provides members with programs, resources, services, and a unified voice in government relations by collaborating with home furnishings industry suppliers, vendors, affiliates, and other organizations. For more information on the HFA, visit www.myhfa.org.

Contact:
For Fortiva Retail Credit or Atlanticus Holdings Corporation:
Investor Relations 
Mitch Saunders 
770.828.2000
investors@atlanticus.com

For Home Furnishings Association:
Director of Marketing
Denise Mahnick 
800.422.3778
dmahnick@myHFA.org

FAQ

What is the purpose of Fortiva's partnership with HFA?

The partnership aims to enhance financing options for furniture retailers, allowing them to better serve shoppers with varying credit scores.

How does Fortiva Retail Credit help customers with lower credit scores?

Fortiva provides a second-look financing solution for customers declined by prime lenders, improving approval rates.

What percentage of customers return to make additional purchases with Fortiva accounts?

Retailers have reported that up to 25% of their customers with a Fortiva account return for additional purchases.

How does Fortiva Retail Credit make credit decisions?

Fortiva uses over 20 years of analytics to inform proprietary underwriting models, allowing for instant credit decisions.

What markets does Fortiva Retail Credit serve?

Fortiva serves all U.S. markets, including Puerto Rico and the U.S. Virgin Islands, in sectors like furniture, home improvement, and more.