Versatile Credit and AcceptanceNOW Partner Introduces Rent-To-Own Options

Furniture World News Desk on 9/30/2014

Versatile Credit, a leading provider of innovative solutions linking lenders with consumers applying for credit in retail stores, announced a partnership adding rent-to-own specialist AcceptanceNOW as an alternative method for customers to obtain selected merchandise through Versatile’s self-service credit ecosystem. Versatile Credit is a business unit of Versatile Systems Inc. (TSX Venture Exchange: VV).

The Versatile Credit kiosk solution, used in thousands of retail locations throughout North America, seamlessly transitions data provided on in-store credit applications that are denied by a primary lender to a secondary lender, and now to a non-credit alternative payment provider.

“AcceptanceNOW’s flexible rental purchase agreements add a new element to our ecosystem,” said Rob Meyer, executive vice president, product and marketing at Versatile Systems. “We know that creating multiple payment options for consumers reduces transaction denials and increases revenue and profit for our customers. With the addition of rent-to-own agreements, retailers can be confident that they will now have a solution through our self-service kiosk for every customer.”

“Having our flexible rent-to-own transaction available on Versatile Credit kiosks is great news for consumers and retailers,” said Mark Denman, senior vice president at AcceptanceNOW. “Our agreements are designed to allow consumers to obtain merchandise that they might otherwise have not been able to. We are looking forward to developing new and innovative experiences with Versatile.”

Retailers using the Versatile Credit solution typically see a 20 percent rise in applications with an increase in retail transaction size of over 15 percent. The application process using a Versatile Credit in-store kiosk is private, secure, quick and easy to complete. Transaction decisions are returned in seconds. Since 2007, consumer applications using the Versatile Credit ecosystem have resulted in more than $8 billion in approved transactions.

Versatile Credit’s ecosystem includes leading lending partners and, now, a leading rental-purchase provider together with software and services, stylishly designed hardware and engaging visual content that deliver an exceptional consumer experience driving more applications, more approvals and more sales. It offers a perfect solution for retailers with customers needing additional payment options to acquire products across a wide range of markets, especially in furniture, flooring, mattress, jewelry, automotive and electronics stores.

About AcceptanceNOW: AcceptanceNOW is owned and operated by Rent-A-Center, Inc. (NASDAQ: RCII), headquartered in Plano, Texas. Rent-A-Center operates more than 3,000 stores in the United States, Puerto Rico, Canada and Mexico. The Company employs over 21,000 coworkers. Learn more at www.rentacenter.com and www.acceptancenow.com.

About Versatile: Versatile is a multi-disciplinary technology company with solutions across the mobile, digital signage, IT infrastructure, software and hardware landscape. The company’s products are utilized by Fortune 500 companies, leading financial institutions and large and small retail organizations. For more information, visit www.versatilecredit.com and www.versatile.com