OCTOBER 2015 RETAILOBSERVER.COM
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customer isn't in your store, wouldn't you like her to be?
Savvy retailers have recognized this opportunity and looked
for solutions to serve the needs of this customer. At the same
time, a plethora of companies have opened up, almost
overnight, offering financial service products designed to
help retailers capture this customer.
The challenge for the retailer is to select the correct
provider. Virtually all providers make claims related to approval
rates and approval amounts that are tantalizing; however,
there are other, perhaps more important, factors to consider.
For example:
• Does the application require the customer to provide sensitive
information, like names and telephone numbers of family
members (referrals), or checking account information, that may
prevent them from completing the application?
• Does the program require the customer to have been employed
by the same employer for a certain length of time to be eligible
for approval?
• Are there restrictions related to the checking account that may
disqualify customers, for example whether there has been an
instance of nonsufficient funds, or a requirement regarding the
length of time the account has been open?
• Is the customer required to provide documentation, such as a
pay stub or a bank statement, that will force the customer to
leave the store to retrieve the documents and come back later
to finish the application?
The restrictions above are typical of most programs catering
to underbanked customers and certainly are not customer- or
sales-friendly. These restrictions are, in effect, filters that take
what are otherwise profitable sales opportunities and turn
them into customers who buy elsewhere or are forced to do
without.
TEMPOE is one alternative designed to offer No Credit
Required shopping experiences for retailers to offer
consumers. TEMPOE is accessible online and approves
qualified customers in seconds, with no documents or special
equipment necessary. Sensitive information, like names of
family members and checking account numbers, is not
required to apply. There are no restrictions related to the
checking account or length of employment, and approval
rates are high, even for credit-challenged customers. No
credit is required and customers enjoy low payments and
flexible payment schedules.
For more information about the TEMPOE program,
please call 844-TODAY4U (844-863-2948) or email
retailsupport@TEMPO.com.
1
"2013 FDIC National Survey of Unbanked and Underbanked Households," October 2014.
www.FDIC.com
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