The Pennsylvania Credit Union Association and CRIF Lending Solutions have formed a partnership to bring merchant lending to the state’s credit unions.
The new offering aims to help generate revenue from local merchants by offering immediate financing on everything from ATVs to swimming pools to jewelry via a Web-based portal, according to the PCUA. The outsourced point of sale financing solution handles every aspect of merchant lending from merchant sourcing and sign up to contract funding and disbursement.
Corinne Sherman, PCUA senior vice president of fee services, said there is a need for credit unions to grow their lending portfolios and merchant lending can do that. They can also compete with finance companies that are offering the service.
CRIF Lending Solutions provides loan and account origination, business process outsourcing, credit decisions, data access and analytics to more than 650 banks, credit unions, finance companies, retailers and credit card processors.