Wells Fargo deploys midstate fintech company’s contactless self-serve technology

Wells Fargo Retail Services is equipping its nationwide retailers with a patent-pending, contactless technology developed by Versatile Credit Inc., a fintech solutions provider based in Mechanicsburg.

Business leaders at both companies say the patent-pending “Snap Sign” technology will enable retailers to provide consumers with access to credit during their in-store shopping experience from the security of their smart phone. Versatile officials said the newly unveiled Snap Sign technology addresses the growing trend of consumers using smart phones as a centralized point of contact.

Versatile’s Snap Sign technology uses small, single-board computers and QR codes to provide shoppers with a “seamless” transition to a mobile shopping experience, company officials say. Snap Sign signage can be placed anywhere within a retail footprint and allows shoppers to have options when applying to financing programs.

The technology works when shoppers point their smart phone camera at Snap Sign signage, which takes them to a secure credit platform on their device where they can input information that gets transferred to a credit application. Versatile’s platform transitions the applicant to second and third providers if initially denied, ensuring retailers can offer financing opportunities to customers across the FICO spectrum.

“We thought it was critically important to find ways for retailers to offer their shoppers options in this current environment of uncertainty,” said Vicki Turjan, president and CEO of Versatile Credit. “Snap Sign is a product of Versatile Credit’s continuous focus on fostering novel, innovative solutions to help our retail and lending partners succeed while addressing new, evolving challenges and opportunities in consumer financing.”

Traditionally, validating the location of an applicant without exposing sensitive information has been difficult, said Sam Miller, director of marketing and creative strategy for Versatile. But Snap Sign enables customers to apply on their mobile device while receiving the benefits of a validated in-store application that won’t sacrifice privacy.

Wells Fargo, one of 25 lenders and five prime lenders partnered with the Mechanicsburg fintech firm, is the first of Versatile’s prime lending partners to adopt Snap Sign, and Versatile seeks to enroll others, Miller said.

Steve Jermier, senior vice president of relationship management for Wells Fargo Retail Services, said the nationwide financial services company recognizes the “unique challenges” facing customers returning to brick-and-mortar storefronts and heightened concerns over the health and safety of using in-store payment devices, such as kiosks, terminals and point-of-sale systems.

“We are excited to help our retailers offer their customers a variety of payment options, including the convenience, safety and comfort of contactless mobile applications,” Jermier said in a statement released by the companies this week.