Purchasing Power CEO Richard Carrano was interviewed recently by Kosta Papakonstantinou of Kosta Board Studios for his B2BNext.com blog which is featuring a series on Inc. 5000 companies who have made, and stayed on, the list.
The article, “A Recipe for Steady Revenue and Growth,” cites an excellent client retention rate (95 percent) as a key factor in our growth, along with the new business our strong broker network brings in each year. And, of course, that high client retention rate means recurring commissions for brokers.
“We effectively help employers offer a unique and highly-differentiated perk to their employees, which helps them with both recruiting and retention of great talent,” Carrano said. By giving employees, especially those who are credit-challenged, access to much more affordable and reasonable payment options, they don’t have to use payday loans, title loans, rent-to-own or other high-cost alternatives. With Purchasing Power, they can buy the brand name products they want via favorable, fully-transparent installment plans.
Two major trends that HR departments are increasingly focused on -- Millennials and financial wellness – are areas where our employee purchase program offers a solution. For Millennials, our program provides the kind of highly-customized benefit that this generation prefers. Through the financial wellness education available to customers through our website, employees have tools and resources that can begin to alleviate some of the financial stress they experience.