FormPiper Case Study
Raja Iqbal knows a precious find when he sees one. He's been in the jewelry business for more than two decades, selling fine jewelry through a variety of channels, including the Glitz and Glam Fine Jewelry store in Odessa, Texas. Originally from Pakistan, Raja and his brother have made a living selling jewelry in the United States, and could tell you anything you want to know about precious gems and metals of every variety.
But Raja also knows about other precious things. Like the customer experience and what it means for his business, and the true value of solutions that streamline that experience. He particularly understands just how much polish is needed for an effective consumer finance program; it’s something he learned through a lot of hands-on experience in the retail jewelry field.
“Jewelry is a luxury item,” says Raja. “(...) Most of the items are high dollar.” The fact that jewelry commands such value means that Raja’s customers are always looking for ways to increase their buying power and make purchases a little more flexibile.
“It's not possible for everybody to afford it,” says Raja. “So what they really need is some way that they can afford it and probably financing is the best thing for them.”
it would seem like all Raja would have to do is establish a consumer finance program and let the added revenue and positive customer reviews stack up. But of course, things are rarely that simple.
As Raja revved up his consumer finance program, he started running into a few issues that will be familiar to practically any retail business owner who has dabbled in financing.
“When we put in an application,” says Raja, “sometimes it would get it accepted. And sometimes we did get denied. (...) I was thinking, ‘what's going on, why?’ (...) Because a lot of times when we did an application and a customer got denied, we were disappointed as much as the customer was disappointed.”
After all, denied applications means less revenue for his business. Over time, that lost revenue really adds up. Raja started looking into various solutions to help solve these issues, and eventually came across FormPiper, a complete consumer finance automation solution.
for Raja and Glitz and Glam Fine Jewelry.
“Before I found FormPiper,” says Raja, “I was getting 30 percent of applications approved, out of which probably 20 percent would finalize and maybe 4 percent would say no, they’re not interested. After going with FormPiper, the result became a 90 to 95 percent approval rate and then an 85 to 90 percent success rate.” In Raja’s words, this result was simply “awesome.”
Raja adds, “When I started using FormPiper, it was a game changer for me. Number one, the guys were very friendly; they trained me very well. And it was pretty much self explanatory. It was something really big that you don’t need to be a rocket scientist to learn it.”
“Whenever I had an issue where I felt I was stuck (....) whenever there was an upgrade or something, they were very helpful. They kept sending me the emails with updates, they helped me on the live calls. Sometimes I had a problem processing an application to a point that they came in, we shared the screen, and they told me exactly how to do it. So I’m very thankful. And they were very helpful.”
With the FormPiper solution on his side, saving him and his customers time and getting him more approvals, Raja’s consumer finance process is now polished to a mirror sheen.
Raja believes other businesses can benefit from this solution, too. What would he say to other retailers looking to give their consumer finance program a boost?
“100% I would recommend them FormPiper,” says Raja. “I can assure anybody for that purpose that it will make a significant increase in finalizing sales.”
Take it from a man who knows precious things. FormPiper is now a priceless part of Raja’s business, a revenue booster and a way to help customers purchase his beautiful items with flexibility and ease.
When it comes to consumer finance solutions, FormPiper is truly a diamond in the rough.
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