EMERCHANTS EXTENDS CASH CONVERTERS DEAL
17 September 2015,
EMERCHANTS Limited (ASX:EML) has bolstered its partnership with second-hand chain Cash Converters, after securing more stores in its network.
The payments solutions provider delivers customised prepaid debit cards to disburse cash advance loan funds instore and online.
The technology will be implemented in an additional 24 stores in November, taking the total number of Cash Converters stores to 95 across Australia.
Emerchants managing director Tom Cregan (pictured) says the program will innovate the payment process for customers.
"We have been working closely with Cash Converters International Limited (CCV) for some time, particularly focused on the operational benefits that have been demonstrated in the 24 Cash Converters Investment Group stores that have implemented our solution," Cregan says.
"We are pleased to move to a formal agreement with CCV, the largest provider of cash advance loans in the country and we will be working to have the program fully implemented in November."
Online customers will be able to receive their cash advance payments instantly, while instore customers receive the benefit of financial inclusion and improved financial management through the use of a prepaid card. The program is also set to improve operational efficiencies across stores.
Cash Converters manages a franchised network of more than 150 stores in Australia, with 71 company-owned locations.