Sports fashion retailer The Cross Trainer is the latest business keen to access the expertise of Edcon Financial Services to offer a private label credit card to their customers.
"The Cross Trainer will pay Edcon a management fee to handle the entire risk management, credit and collection process on their behalf", said Ian Wood.
The Cross Trainer targets the highly brand conscious consumer who aspires to kit themselves out with the hottest international sportswear product and the latest in sports fashion trends. The Cross Trainer recognizes that with their branded credit card that the extension of credit will facilitate additional purchases of their highly exclusive product offerings, while satisfying customer demand. Explains Julian Frame, joint MD of The Cross Trainer group.
The Cross Trainer now joins, Arthur Kaplan Jewellers, Tiger Wheel & Tyre and Italtile/CTM who also utilise the services of Edcon.
Edcon has a division of over 1,800 staff dedicated to efficient credit management processes so we are well-positioned to offer our financial services to non-competing retailers.
Wood explained that financial services is a specialist area and the promulgation of the National Credit Act, with its new statutory requirements to protect consumers, will require the expertise.
We anticipate that where there is a platform in place to manage the new compliance and tiered credit risk management, other businesses may migrate to it. We see it as a good business decision for Edcon to provide these services to external parties and we will continue to invest in global best practice risk management systems while looking for opportunities to capitalise on our proven and growing capacity and expertise, Wood said.