News & Press: Member News

Safely and Effectively Offering Financing While Navigating COVID-19

Thursday, August 20, 2020  
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By Wells Fargo Retail Services

During these unprecedented times, Wells Fargo is here to help you make purchases more convenient and safer for you and your customers with paperless applications and transactions, more financing options, and fraud protection.

Enroll in Credit Connect for Paperless Applications, Authorizations, and Charges

With our Credit Connect system, you’re able to process applications and authorizations/charges paperlessly! You can use any device, but a tablet often works best as the customer does need to be able to input their own information and sign electronically*.

For a more touchless process, invest in a few stylus pens and have a “used” and “sterile” stylus the customer could use to input that information on the tablet or touchscreen laptop. There is no additional cost for using this process.

Advertise Your Financing Offer Effectively

With the economic uncertainty COVID brings, your customers may be more interested in being able to spread their purchases out over monthly payments. Offer a plan that gives the customer a manageable monthly payment and make sure you’re including that offer in all sales conversations for a higher likelihood of purchase and higher average tickets.

To easily advertise through print, social media, online, and in-store, you can say, “We offer X Months Special Financing with Approved Credit. Ask for details!”

Take Advantage of Longer-Term Financing During Promotions

We see a very direct correlation between the number of months offered and the average purchase. The longer you offer a customer to pay off their purchase and the lower the monthly payment, the higher the average sale.

Take advantage of our quarterly promotions when those longer-term financing offers are at a discount and see how successful you are when offering longer than 12 months.

For maximum effectiveness, don’t forget advertise ahead of time and include in all conversations with customers.

Be Aware of Potential Fraud in All Areas

As scammers continue to target both individuals and organizations, businesses should be aware of additional fraud threats as they adapt to a more remote workforce.

“The pandemic is changing when, where, and how businesses are operating and making payments, and that’s opened the door for fraudsters to take advantage,” said Jinee Ellis, financial crimes manager for Treasury Management & Payment Solutions at Wells Fargo. “Recognizing fraud scams and knowing how to avoid them will help protect you and your business.”

Regarding the financing program, continue to look for customers maxing out credit limits on large purchases that are typically non-custom. Customers from outside of your market area making large purchases should warrant some additional verification before merchandise leaves the store.

For more information on how to protect your business during COVID, read this article or contact your Relationship Manger, Sarah Miller, at sarah.e.miller@wellsfargo.com or 515.444.2205.

*You will need an internet connection to complete this process. Make sure your device is able to connect to the internet using your own data package. Note that paper applications and invoices must continue to be available for those customers who do not agree to receive the terms and conditions electronically.


Diamond

Mission Statement

The American Gem Society (AGS) is a nonprofit trade association of fine jewelry professionals dedicated to setting, maintaining and promoting the highest standards of ethical conduct and professional behavior through education, accreditation, recertification of its membership, gemological standards, and gemological research.

The Society is committed to providing educational products to inform and protect the consumer and to contributing to the betterment of the trade by creating industry standards to protect the jewelry-buying public and the fine jewelry industry as a whole.

AGS Laboratories, founded to support the AGS mission, is a nonprofit diamond grading laboratory with a mission of consumer protection. Adhering to the AGS Diamond Grading Standards, AGS Laboratories is dedicated to offering diamond grading reports that provide consistency and accuracy based on science.

American Gem Society

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