Mr. James Jang reports

VARION CAPITAL ACCELERATES SERVICE TO EQUIPMENT DEALERS

Varion Capital Corp., a subsidiary of Accord Financial Corp., has made a series of strategic enhancements to its dealer programs. The enhancements are designed to streamline service, approvals and financing 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 per cent 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 financing.

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.