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Versatile Credit strengthens self-service credit via Credit Source partnership

Versatile Credit, a U.S. provider of self-service kiosks linking lenders with consumers applying for credit in retail stores, has added consumer lending specialist Credit Source as a secondary lending platform.

June 26, 2014

Versatile Credit, a U.S. provider of self-service kiosks linking lenders with consumers applying for credit in retail stores, has added consumer lending specialist Credit Source as a secondary lending platform.

Versatile Credit, a business unit of Versatile Systems, says its credit application kiosks are used in thousands of retail locations across North America. If an in-store credit application is denied by a primary lender, the kiosk sends the application to a secondary lender, reducing credit denials by up to 40 percent.

The company says it offers a solution for retailers with customers needing additional credit to make large retail purchases across a wide range of markets, especially in furniture, flooring, mattress, jewelry, automotive and electronics stores. Its ecosystem includes lending partners and software and services providers.

Applying for credit through the Versatile Credit solution is private, secure and quick, the company says. Credit decisions are returned in seconds and retailers using the kiosks typically see a 20 percent rise in credit applications with a more than 15 percent increase in retail transaction size. Since 2007, consumer applications using the Versatile Credit ecosystem have resulted in more than $7 billion in approved credit.

Credit Source offers secondary and alternative financing for small to large retail merchants across the U.S., working with retailers in the areas of home furnishing, bedding, jewelry, home improvement, medical, dental and power equipment.

“For more than 20 years, Credit Source has been delivering complete in-store sales finance solutions,” Kenny Kahn, Versatile Systems’ president and chief executive officer, said in a statement. “This lender will help more retailers close the sale through our Versatile Credit system.”