STORIS’ Finance Receivables offering now includes an integration to third-party Rent-to-Own and Installment providers. STORIS has certified Smart Sales & Lease and is in the process of certifying additional providers.
In recent years, market demand has placed importance on financing as a means of ownership for retail consumers. As consumers’ disposable income continues to rebound from the recession, finance companies are offering a variety of plans for consumers to be able to increase their purchasing power. Retailers have been adopting such financing plans as a strategic way to grow revenue. In a Rent-to-Own financing plan, the consumer has periodic payments as they would in a lease, but have the option to buy the product in its entirety at any time during the contract.
STORIS’ financing integration provides substantial benefits to the retailer. The actual financing process is completed through a direct web-based interface to the finance provider. The financing agreement is orchestrated with the provider, which removes the liability from the retailer. The interface is designed for a streamlined user-experience. Information needed for the agreement already captured in STORIS will pre-populate any related fields for ease. Then, in the web-based interface, the consumer can choose their desired finance plan, calculate the initial payment, and electronically sign their contract. The consumer can even set up their preferred account for automatic payments. An order is completed in STORIS once the consumer has signed the contract with the provider and made their first financing payment.
The above additions to STORIS’ Third-Party financing are part of STORIS’ extensive financing enhancements being introduced in 2016, which include a Finance Application Queue, now available to their retail clients. You can learn more about the STORIS Finance Application Queue here.
About STORIS: Founded in 1989, STORIS continues to be the leading provider of Retail Software Solutions and Services to Big Ticket retailers of ALL sizes. Over 350 clients utilize the STORIS single ERP solution including point of sale, mobile processing, supply chain management, customer care, accounting, ecommerce solutions, business intelligence, and more. STORIS, Inc. is headquartered in Mount Arlington, New Jersey with an additional research and development office in Deerfield Beach, Florida.
