Market Overview

Partnership Between Acima Credit and 1stMILE Promises New Financing Options for Customers

Share:

Thousands of automotive shops will now offer no-credit-needed financing, boosting business revenues and assisting families with little or no credit.

SALT LAKE CITY (PRWEB) August 21, 2018

Automotive financing will become more accessible to American households, thanks to a strategic partnership announced today between Merchant Partners and Acima Credit that will make no-credit-needed financing more readily available to subprime markets across the United States. The move is expected to accelerate revenue growth for automotive repair shops in economically vulnerable markets, while benefiting consumers that could not afford basic automotive services otherwise.

The partnership combines the technological prowess of Merchant Partners — owner of the nation's leading automotive payment management software, 1stMILE — and the financing capabilities of Acima Credit to provide more flexible financing to thousands of automotive shops across the nation. The 1stMILE software currently serves more than 8,000 automotive locations nationwide.

"Our top priority with 1stMILE is to get more cars on the lifts for our customers and grow their revenue." says Bob Church, SVP of Sales and Marketing with Merchant Partners. "The Acima program is a key contributor to help us get this done and we're excited by how this partnership can help our customers boost their profits."

Acima Credit specializes in financing options for the estimated 40% of Americans who suffer from damaged credit scores or a lack of credit history. With a 90-day payment option and direct-reporting to Experian, Acima Credit helps consumers spread payments over time and establish a credit history. By offering financing options for those with low FICO scores (or no credit history at all), Acima Credit helps merchants increase revenue and gain customers that would have been lost to credit denial.

"We believe that our customers are more than just a credit score," said Aaron Allred, founder and CEO of Acima Credit. "Acima's quick and easy point-of-sale financing helps consumers in economically vulnerable markets with the much-needed resources to fix their cars when economic conditions have left them in a tight spot."

The 1stMILE platform will make no-credit-needed financing more accessible than ever before. Its software provides automotive locations with a suite of financial-integration tools that help maximize revenues and lower costs, all without a markup for payment processing. The software will also recommend alternative financing to subprime customers who fail to qualify for traditional credit. With this new partnership, no-credit-needed financing will be offered through nearly two dozen automotive point-of-sale systems that are integrated with the 1stMILE platform.

"The 1stMILE/Acima integration is second-to-none," per Jason Burt, who manages three Burt Brothers Tire locations in the Salt Lake City metro area. "It gets us more work orders. It gets us higher ticket totals. It gets us all the things that pump our business. From an owner's perspective, it's something every [tire] company should have. Bar none, it'll increase revenue."

About Acima Credit

Acima Credit empowers consumers and merchants with No Credit Needed point-of-sale financing solutions underwritten by machine learning technology. Consumers love the expanded purchasing power that Acima provides. Merchants love expanding their businesses into underserved demographics at no additional cost to them. Both customers and merchants applaud the speed, ease, and convenience of the Acima approval process. Acima is powered by proprietary artificial intelligence software and a world-class team of technologists and support staff. We're in the business of expanding options for buyers and sellers alike.

About 1stMILE

1stMILE, powered by Merchant Partners, is the leading automotive payment management software. 1stMILE Is focused on growing your revenue and provide a state-of-the-art Repair Finance Facility to meet the needs of nearly all customers, reducing declined services, while seamlessly providing all the necessary financial functions to your shop. 1stMILE serves over 8,000 automotive locations and allows you to process credit cards, fleet cards, checks, gift cards, and more, each at the lowest possible cost and the most secure environment. This all comes Integrated Into the leading automotive point-of-sale systems, or standalone, to further streamline your business.

For the original version on PRWeb visit: https://www.prweb.com/releases/partnership_between_acima_credit_and_1stmile_promises_new_financing_options_for_customers/prweb15681164.htm

View Comments and Join the Discussion!