No credit verification financing is quite new on the scene. In 2004, Congress passed the Check 21 law, this law allows paper checks to be converted into electronic debits, which are considered "financial instruments." Now a merchant can allow a customer to record date checks, and a "Check Guarantee" service will process the checks through his system, and on the dates of the checks he will transfer the money from the customer to the merchant.
Through the use of routing and bank account numbers from the customer check, these services can verify the customer's writing history and delete them for purchase. This guarantees the merchant that they will be paid, and the customer gets their products or services.
I sell 90 days without credit verification financing, so I am a bit skewed. But I think it is an excellent way for people who have credit problems, but who have jobs and a good history of writing checks to get the products and services they need. Although it is like any other form of credit, and can be abused. You wouldn't buy totally frivolous things using it, but if you need to repair your car and don't have the money or credit, it can be a real lifesaver. Imagine a young couple who only had one car to work and needed a six hundred dollar repair job. If you were the mechanic and you had to reject them, how would you feel? But what if I could offer you a solution and let them pay for the repair over a period of 90 days, without any risk to you? You would feel pretty good.
For merchants, this product is not something to replace your current credit card or cash business. These are customers who do not buy with you because they have no cash or credit. They still need products and services, and they can be a great source of new customers.
If you use this service, you should make sure you train your staff to use it. If a customer comes in and asks "how much is that" and leaves, their sales staff should make sure they know that if they have a job and a good history of writing checks, they can buy the products or services they need.
If you have hired sales staff, they will like 90 without credit verification financing, because it will help them close more sales and earn more money.
With the difficult economic times we have been through and are still going through, this is a great tool to add to your list of things to help sell your products or services. I have spoken with merchants who told me that 90 days without credit verification financing has helped them during the slow months, when sales were low, but the money came from sales through the program without credit verification in previous months.
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