Beaverton, OR— March 20, 2019. Genesis Credit®, the premier second-look private label servicing business in the United States, announced a major milestone: achieving two billion in total originations on behalf of its bank partners since the launch of the business in 2011. Genesis Credit® is now the dominant leader of second-look finance servicing, supporting more than 400 retailers and 2.5 million customers in over 16,000 locations with flexible, simple, and omnichannel financial solutions.
Reaching this latest milestone further validates the company’s mission of providing high-quality services for the second-look financing industry. “Achieving our second billion in originations in only 28 months is a significant achievement that is a testament to our easy process, flexible technology, and commitment to serving the non-prime consumer market,” said Mark Denman, President, Genesis Credit®.
“At Genesis, we and our bank partners evaluate consumers on more than a credit score, by using a customized scoring model that leverages multiple customer attributes, not just the traditional credit score. This allows us to provide retailers access to more customers and increase their incremental sales,” said Denman. The results are impressive. On average, partners experience up to a 65% increase in ticket size per purchase after implementing a Genesis Credit® program.
Equally important is the company’s unwavering commitment to providing exceptional customer service for the second-look consumer. “Our process ensures that every single customer receives a prime credit experience, from the initial application through the sale close, and then back again for their next purchase,” said Denman. According to Forrester Research, when customers are approved for private-label financing, on average, 85% reuse credit at the same location.
Genesis will continue to adhere to our mission and core values in product development, customer service, and in building retail partnerships in the furniture, healthcare, jewelry, home improvement, appliances, and many other verticals. Genesis is committed to driving the growth of our partners and help non-prime consumers increase their purchasing power to make their lifestyle dreams within reach.
About Genesis Financial Solutions
Genesis Financial Solutions, Inc. is the leading provider of non-prime consumer finance servicing solutions with over 2.5 million customers and 1,000 team members. Genesis provides top quality finance servicing solutions and respectful service for non-prime consumers through our merchant and direct-to-consumer programs. For more information visit www.genesis-fs.com.