VANCOUVER, Sept. 22, 2014 /CNW/ - Varion Capital Corp. ("Varion"), a subsidiary of Accord Financial Corp. ("Accord") (TSX:ACD), today announced a series of strategic enhancements to its dealer programs. The enhancements are designed to streamline service, approvals and funding for small ticket transactions and position the company to finance larger deals.
Since joining the Accord Group in January of 2014, service performance has been very strong, with 98% of all credit decisions delivered in five hours or less. "Our goal is to build on that success and solidify our position as Canada's most responsive finance company," says James Jang, General Manager, "these enhancements pave the way."
A full review of the company's small ticket program has led to numerous enhancements:
- Standard transactions up to $100,000 no longer require original documents and certified initial payments. Scanned documents are now accepted and initial payments will be made electronically from the customer's bank account;
- Down payment requirements have been scaled back to one or two advance payments for most credit profiles;
- One-third of previous standard credit conditions have been eliminated from the process.
The entire process is now simpler and faster, enabling same day, point-of-sale funding.
In response to demand from key dealer partners, Varion is also now financing equipment up to $250,000 in value, with larger deals considered in many cases. "We are committed to increasing our deal size targets as the portfolio grows," adds Simon Hitzig, Vice President of Accord Financial.
In addition to flexible equipment finance, Varion's clients now have direct access to more financing options through Accord, including supply chain finance, factoring and credit guarantee and collection services. With Varion under the Accord umbrella, the combined companies have the financial strength and product range to deliver superior service to dealers and their customers from coast to coast.
About Varion Capital Corp.
Varion Capital finances equipment for small and medium-sized businesses (SMEs), serving a broad base of Canada's most dynamic industries, from forestry and energy to hospitality and manufacturing. The company's success has been built on its commitment to supporting SMEs directly, and on its strong relationships with regional and national equipment vendors.
About Accord Financial Corp.
Accord Financial Corp. is a leading North American provider of asset-based financial services, including factoring, trade finance, lease finance, credit guarantees and collection services. For over 35 years, Accord has helped businesses across Canada and the U.S. manage their cash flows and maximize financial opportunities - keeping business liquid.
SOURCE: Varion Capital Corp.
For further information:
please visit www.accordfinancial.com or contact:
James Jang, General Manager
Varion Capital Corp.
305 - 889 Harbourside Drive
North Vancouver, BC V7P 3S1
Simon Hitzig, Vice President
Accord Financial Corp.
1803 - 77 Bloor Street West
Toronto, ON M5S 1M2
(416) 961-0304 Ext. 205