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Every business likes to sell wares, or they would not exist. Some businesses, however, with higher-ticket items, sometimes cannot sell as much as they would like, largely because they cannot gain credit approval for purchasers with damaged, little, or no credit. The easiest way to deflect risk, and to adequately secure more financing for those with less-than-perfect credit is to team up with a lending company that will take on some of that risk for a merchant.

No-Credit-Check Lenders

These types of lenders are generally referred to as “no credit check” lenders. Crest Financial is one of the leaders in this space. They have guidelines that are far more lenient than any other lender, and they help merchants sell more items as a result. The more customers a merchant can get approved, the more their sales will increase. The cost-of-acquisition might be a bit higher when using lenders that are lenient about credit scores, but it is ultimately money well-spent as a business will start recognizing sales they perhaps would have never been able to without the help of these lenders.

Easy Application Process

A credit lender that is relaxing credit standards is ardently pursuing new business. For this reason, these lenders make the application process very easy, or at least the smart lenders do. Customers will be required to complete a very simple online application. The response they will get, in the case of Crest Financial, is immediate, and borrowers can be approved for up to $5000. This means that sales can immediately be made without the merchants having to increase their risk exposure. The transaction is then completed with the merchant, which processes a point-of-sale transaction, and the process is entirely completed, right there in the store. This type of process is popular among businesses that value privacy and discretion with their clientele. For example, many dispensaries tend to use this method for cannabis payments and vape sales, among other things. This strategy boosts sales, which is why credit lenders are now employing it in their business.

Qualifying Purchases

These “no credit check” lenders generally finance higher-ticket items, like car tires or furniture, for example. Other items include power tools, bicycles, lawn equipment, computers, and other electronics. Often times the lenders in question will give a merchant approval to advertise the lender on their website, which ultimately leads to more sales because those with questionable credit might otherwise not apply, if not for that soft encouragement. Many lenders also see value in partner-branded advertising on social media, as well as printed materials that can be offered at the point-of-sale transaction. There is unrecognized power in the mutual advertising branding and partnerships in the form of clients who will do business with a retailer because they recognize the lender, so it becomes less about the merchant, and more about where they can obtain financing.

Expanded Options

Many lenders offer both a layaway plan, where the item can be taken home and enjoyed until it is paid off, as well as low-down payment options. In the end, merchants can only benefit from getting involved with a number of these lenders so as to maximize sales and increase market share.

Andy McGowan
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