Point of Sale (POS) Lenders
Why wait months or years to collect on your defaulted Point of Sale (POS) loans, only to get a fraction of the face value? Sell your nonperforming POS accounts compliantly, get the proceeds in weeks, and reinvest them back into your business. All without risk to your consumers, brand reputation or bottom line.
Sound good? Read on.
Point of Sale (POS) financing, while historically common for larger consumer purchases like home appliances and furniture, is gaining more popularity as ecommerce transactions increase and borrower demographics change (think millennials who tend to gravitate towards alternative financing options as opposed to traditional credit cards). What's more, many POS lenders have partnered with fintech companies to offer a seamless user experience where application, approval, and funding can all occur instantly at a POS location.
These many benefits mean that POS financing is on the rise. But according to recent articles in the WSJ, so are consumer defaults. What is your plan for handling the deluge of consumer POS defaults on the horizon?
EverChain specializes in helping POS lenders like you safely and compliantly liquidate their uncollected receivables to create an immediate and steady cash flow - all while ensuring that your consumers and your brand reputation are protected.
EverChain's Recovery Management Solution (RMS) is the only way to compliantly sell your POS debt portfolios and ensure that your customers have a better experience throughout the entire recovery process. EverChain understands that recovery is part of the customer journey, and so the experience should be consistent with the experience pre-default. And since it's much better (easier and less expensive) to keep an existing customer than earn the business of a new one, we help you deliver a consistent brand experience from loan issue to Paid in Full or Settled in Full.
Given the current economic climate, there has never been a better time to sell your POS deficiencies and add revenue to your bottom line. Here's why you should act sooner, rather than later:
- Buyers have not adjusted to the economy - sale prices for debt portfolios are at an all-time high. Sell now to maximize return.
- Pricing is going to decrease as more paper comes online. Now is the time to lock in a favorable Forward Flow rate.
- Even if you don’t want to get into a Forward Flow, now is the time to do a warehouse sale to ensure maximum return.
EverChain's 5 Whys of Point of Sale (POS) Debt Sales
1. Why Sell POS Portfolios? Monetize POS defaults by creating a reliable cash flow from uncollected receivables and put that money immediately back into more loans or business operations.
2. Why Use a Broker? A broker has knowledge about buyers' historical track records and reputation. They usually specialize in certain types of portfolios and can help match you with the right buyer to meet your specific needs. Also, a broker can leverage the competitive nature of multiple buyers bidding on your POS portfolio to ensure you get the best return.
3. Why Oversight and Compliance? As a consumer POS debt seller, you are responsible for having a post-sale process in place to identify the chain of custody until the loan is paid in full or settled in full. Do you know where your sold accounts are? Do you have a way to track chain of title after resale? EverChain does.
4. Why Technology? Technology enables more efficiency and productivity, as well as better compliance and risk mitigation before, during and after a debt sale.
5. Why EverChain? Click HERE to read more about the EverChain difference.
EverChain's comprehensive approach to Point of Sale deficiencies provides our clients with optimized value throughout all recovery stages. We leverage our state-specific code-driven compliance engine to ensure accuracy and compliance every step of the way.
We protect the brand reputation and bottom lines of the largest Point of Sale credit issuers in North America. With consumer defaults on the rise, you need a plan in place to mitigate the impact.