Cycle Gear approving 90 percent of customers with new retail financing product

This is worth a read if you’re interested in what’s happening at the 140 Cycle Gear stores in 35 states. Cycle Gear has selected Sunbit to be the chain’s exclusive consumer financing partner to provide fast, flexible digital payment options.

Press release below. — Dave

Sunbit, a leading financial technology company, has been selected by Cycle Gear, a motorsports retailer based in Benicia, California, to provide fast, flexible digital payment options at more than 140 stores across more than 35 states. Cycle Gear named Sunbit as its exclusive consumer financing technology partner. Sunbit’s ability to facilitate fair, personalized financing solutions that help to deliver outstanding customer experiences was a key factor in Cycle Gear’s decision making process.

“Sunbit is designed for in-store, point of sale transactions that give brick and mortar consumers a financing option that is highly personalized and competitive — helping our merchant partners continue to build loyalty among their customers,” said Alia Zaharudin, head of Operations, Sunbit. “We couldn’t be more pleased with the quick adoption of Sunbit at Cycle Gear locations across the country.”

Sunbit is transforming the process of financing an in-store purchase for consumers across the credit spectrum. The Sunbit technology relies on best-of-breed, proprietary machine learning technology to develop personalized payment solutions that result in clear, fair rates for consumers for purchases up to $3,000 that are split into 3, 6, or 12 payments. The application takes around 30 seconds, and requires nothing more than a state-issued ID, phone number and email address.

Dan Nelson, president and COO of Cycle Gear said, “Sunbit listened to us and has been a great partner in aligning with our customer service approach, with approvals for more than 90 percent of our riders. Sunbit has exceeded our expectations on its ease of use and provides a positive and authentic customer experience.”

Cycle Gear reports that customers who received financing through Sunbit’s technology reported extremely high satisfaction ratings. In addition, nearly 30 percent of customers who used Sunbit in the first half of 2018 returned for additional purchases in the second half of the year.