The June issue of Insights Success features articles about the fastest growing companies to admire and Purchasing Power is included. In the article, CEO Richard Carrano pointed out that Purchasing Power provides cash-strapped employees financial flexibility to acquire products and services they need through convenient payroll deduction.
Carrano goes on to say that Purchasing Power’s platform “provides employees access to more than 60,000 products and services, including computers and tablets; consumer electronics; home appliances; furniture and mattresses; ﬁtness equipment and sporting goods; nursery and baby gear; musical instruments; vacation packages; automotive services and tires; and educational services including professional certiﬁcations, online college courses and SAT/ACT test preparation.”
Further, “with more than 2.8 million individual orders and over $3 billion in total revenue earned as of 2018, few might have guessed the demand Purchasing Power would ignite among the underserved American workforce,” he added.
Carrano shepherded Purchasing Power's evolution from a nascent e-retailer to an enormously valuable ﬁnancial services platform reaching more than 300 large companies including many Fortune 500s, worker associations and government agencies. He accomplished this through positioning and marketing the company's services as an employee voluntary beneﬁt oﬀered to employers through beneﬁt brokers.
The article points out that Purchasing Power soon will launch two new exciting services. Starting in Fall 2019, the organization is expanding the employee purchasing program to include automated bill-paying and preset savings services for employees with a new voluntary beneﬁt designed to oﬀer ﬁnancial convenience and to help avoid any late payment fees in the future.