Is there an ulterior motive to us now offering credit cards, I mean other than making money on interest of course. Are we eventually going to move from DPP’s to “finance” new phones to customers having to use a Verizon credit card to purchase a phone if customers can’t afford to pay the full retail up front? There’s gotta be some reason/change that we are ramping up for with the release of a credit card.
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Shut up Verizon. Quit your fake activist BS. Quit pushing things.
It's not just the interest on $$ owed. For every transaction made with a credit card a certain % (usually around 3% for Mastercard/Visa) goes to the bank that owns that card. So my guess would be that Verizon is actually getting $$ on the initial purchase, not piece of interest on $$ owed.
Hummmmm hummmm hummmmm
The goal is 2 a week, and we have to offer it to every customer to avoid discriminatory lending practices or whatever?
How about I offer it to nobody, ever, until I’m compensated for it?
Is there a spiff for "selling" credit cards? How many sales dollars will one card sale retire? These are the questions we need answers to. No incentive to sell them = none being sold. The only thing on reps minds should be not getting sick and protecting themselves and the customers. Imagine asking a customer to sign up for a credit card as you talk through your mask.
Verizon splits the interest with synchrony so the more cards out there the more free money Verizon gets. They split interest but Verizon doesn’t carry any of the debt. So that’s why there will be such a drive for this. Free cash flow for Verizon. Win win for Verizon.
Also in my territory in Oklahoma they want 2 cards per rep per week. Unless they pay us a spiff no one is going to care about it. Nothing in it for us. I personally think it’s dumb as hell but I’m just a measly GM so what do I know about what customers want.
@1fby+15APf0jt IDK unless Synchrony Bank relaxes credit criteria I don’t see how that will work out for Verizon. Yes Verizon does a hard inquiry and some customers get approved for only a $600 dpp limit. I ran a customers app and it came back with a 1,500 dpp limit and the customer claimed that had a credit score of 575. No way Synchrony approves anything under a 650 credit score.
What are we a bank now? Next are we going to be giving away manicures and pedicures?
Verizon wants to get out of the business of financing phones. They made a deal with synchrony Bank. in the future if you want to finance a phone the credit card will be how you would do that it would be interest-free. just wait till this is part of the quota scheme how many credit cards do you sign up today.. do you want to buy one get one free promotion? you need to sign up for the credit card.
That doesn't give an incentive for a customer to use a credit card. Most people just want to pay cash for phones as it is and can't understand making payments on a phone.
I would imagine that is our play in the long run. We sell our DPPs to speed up our receivables but never capture the full amount. I'm sure they'll run some risk report to see if they can not only capture the full amount but collect interest. They're gonna need to tighten up on fraud though.