Boulder, CO – June 28, 2016—Confident Financial Solutions, (CFS) a consumer finance company, today announced a partnership with Merchant Partners, LLC., to help increase service drive activity at more than 7,000 participating service centers, increase revenue and enhance overall customer retention.
A Redmond, Washington based technology company, Merchant Partners 1st Mile Software Suite is the leading payment management solution for thousands of automotive merchants. It offers a revolutionary approach to help automotive business owners utilize retail finance cards, fleet cards and other payment products to increase revenue while driving down processing costs to the lowest possible number. The solution is integrated into most of the leading automotive point of sale systems and the company also provides a broad menu of gateway services, fraud and risk management tools, mobile services as well as chip on card capabilities to over 7,000 automotive locations.
“With CFS, our service centers now have an outstanding auto repair financing program to help increase the number of Repair Orders and amounts. It also helps them recapture declined services and assist customers in paying for needed repairs with a solution which takes less than 5 minutes to complete and receive a loan decision,” said Bob Church, Senior VP Sales & Marketing, Merchant Partners, LLC. “Our partnership with CFS demonstrates our commitment to continue to expand our capabilities to grow revenue for our users.”
CFS is experiencing strong growth and is now in about 1,000 retailers in 36 states, including 410 franchised new-car dealers. While program results vary from store to store, CFS financing produces up to 100 monthly applications submitted per service center. By offering financing for service work, CFS creates an untapped revenue generator for auto service centers and helps capture work that otherwise might go elsewhere. Many CFS strategic partner service centers see an average 20 percent increase in monthly revenues; an increase in ROs and decrease in Service Declines; and bigger ticket ROs as customers can now get ALL the repairs done including transmissions, tires, collision, insurance deductible and more. In addition, the program provides affordable payments based on simple interest rather than compounding interest; almost 50 percent customer approval rate; loan approvals as low as mid-500 credit scores; loan terms available for 12-36 months; and increased customer retention.
“We’ve partnered with Merchant Partners to make our auto repair financing program available to all of their 7,000 automotive locations. This is a perfect relationship for both of our companies and should lead to increased customer loyalty and revenue at these service centers,” said John Dunning, CEO of CFS. “It used to be that everyone had multiple credit cards in their wallet with plenty of room to cover one time emergencies like an auto repair. Sadly, that just is not the case today. Credit cards have never been a good financial product for consumers and today they provide less help than ever; that’s where CFS comes in.”
CFS provides a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. The average CFS loan amount the dealership sees is $1,500. Customers can be approved for up to $7,500 and 83% of loans approved are for amounts larger than the repair estimated, leaving room for any additional needed work. Customers apply online via a smart phone, tablet or computer and receive a credit decision in less than five minutes. Service centers get paid in 24-48 hours. With CFS, strategic partner service centers further increase activity on the service drive, increase revenue and enhance overall customer retention.
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About Merchant Partners, LLC
Merchant Partners is a 20+ year old Redmond, Washington based technology company focused on providing payment management software to specified verticals as well as providing integrated payment services to hundreds of Independent Software Vendors (ISVs) nationwide. The company provides a full array of payment and gateway services through a state-of- the- art front-end that processed $15 billion in 60 million transactions in 2014. Their 1st Mile software is the leading payment management solution (by market share) in the automotive market.
Merchant Partners has strategic alliances with WorldPay, First Data, CitiBank, Credit First National, GE/Synchrony, Goodyear, Bridgestone-Firestone, Michelin, Big O Tires, and Midas to name a few and owns and operates two fully redundant data centers and processes all major credit cards, fleet cards, automotive private label cards, gift and loyalty cards. The company also has complete check processing capabilities and is integrated into virtually every U.S. merchant bank.
Merchant Partners has 50 full-time employees and is owned and operated by a small group of highly experienced executives from both software technology and financial services.
About Confident Financial Solutions
Confident Financial Solutions is a consumer finance company that offers auto repair financing to service centers and their customers. Its primary goal is to provide a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or computer and receive an instant credit decision. With CFS, strategic partner service centers increase activity on the service drive, increase revenue at the service center and enhance overall customer retention. Based in Boulder, Colorado, CFS is the consumer’s choice for auto repair loans.
Author: Digital Dealer
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