Photo provided by Shane Trotter
Outdoor sporting adventures don’t come cheap. Fortunately, Credova’s unique approach to financing allows recreation enthusiasts to play now and pay later.
By partnering with brick-and-mortar and online retailers that specialize in sporting goods and outdoor recreation, Credova offers an attractive point-of-sale financing platform and API eCommerce solution for what has long been a neglected consumer segment.
“Credova exists because a group of people was given a chance to create something that hadn’t been brought to market before,” says Credova CEO Dusty Wunderlich. “With a guiding principle of embracing adventure, Credova boldly took advantage of every opportunity available and built a better product.”
An abundance of financial technology services and buy-now, pay-later providers has emerged in recent years with overwhelmingly positive responses from customers who prefer to divvy up large purchase expenditures into manageable monthly payments. However, gaps have appeared in industry coverage and consumer utilization, presenting untapped opportunities to create better underwriting, reduce fraud and build out underserved markets.
“Credova has developed a payment method that can go anywhere, do anything and reach far into the credit spectrum while returning incredible results,” Wunderlich says. “We’ve created a product that more businesses and more consumers can access than any other buy-now, pay-later provider in the game.”
What’s in it for shoppers
For customers, the benefits of Credova financing include the ability to better manage cash flow, allowing them to buy now, and pay later for transactions up to $5,000. And, applying for Credova financing doesn't negatively impact the customer’s credit score.
“Traditionally, credit is acquired by approval via a hard credit inquiry,” Wunderlich explains. “As we’ve begun to see more disruptors in the traditional lending space, we’re seeing soft inquiries become the norm.”
Additionally, Millennials and Gen Z are proving far more credit-conscious than previous generations, making these spenders much more likely to utilize financing services like Credova.
Credova is also in the process of offering a bank originated loan product, thanks to an agreement with Cornerstone Bank, allowing for a more improved user experience.
"Cornerstone Bank’s vision is to be who people turn to when they are making important decisions about their money," says Jeff Thomas, Cornerstone Bank president and CEO. "This relationship will help us do just that. We believe that both Cornerstone Bank and Credova will benefit from working together, as we have a great deal of commonality in our approach to business and in our cultures."
What’s in it for merchants
What Credova means for merchant partners is the opportunity to generate target sales volumes by providing their customers with on-the-spot financing options and frictionless checkout.
“Merchants report typical average order values (AOVs) of $250 to $400 without Credova,” Wunderlich says. “When a customer uses Credova, we see an AOV of $1,200+.”
Complimentary in-store marketing materials, retargeting campaigns, committed ad spends to select merchants, co-marketing opportunities, full-service onboarding and dedicated customer support are all part of the package.
Founded in 2018, Credova operates through a network of retailers across the United States with the exceptions of NY and MA. To learn more, visit credova.com.
