Aryza launches new embedded lending platform in partnership with Dreams

Aryza, who are leading suppliers of software solutions into the insolvency, credit and debt recovery sectors has today announced the launch of new Embedded Lending platform, which has been developed in close partnership with Dreams – one of the UK’s biggest bed retailers. This fully digital solution simplifies the in-store and on-line finance application process and improve sales conversion rates.

With 210 stores nationwide, Dreams also manufacture, sell and deliver mattresses, and beds, with the average value of a sale ranging from between £500 and £1000. A significant proportion of these sales are purchased through their interest free credit offer, with credit provided from a selection of lenders, including BNP Paribas, V12 and Novuna Capital.

Aryza has worked closely with Dreams to develop the Dreams Credit Placement Portal, a fast and simple way to help customers apply for finance.

Previously, if a customer was declined by the first lender, they’d have to duplicate the application form, re-keying in the exact same information manually to understand if they’d been successful with the second. Not only was this time consuming, it would also cause queues to form in-store, encourage drop-outs when on-line and generally detract from the overall customer experience.

Jonathan Hirst, Chief Executive Officer at Dreams commented:

“After a successful pilot scheme, we’re delighted to have rolled out Dreams Credit Placement Portal to all 210 stores and our eCommerce platform. We complete around 1,400 credit applications each week, highlighting how important it is we get the process right first time and eliminate any unnecessary barriers at point of sale.

“We looked to partner with the team at Aryza due to their extensive experience and market knowledge. They were able to offer us a bespoke solution like nothing else on the market and we were able to fully deploy the Aryza Embedded Lending solution across our business by Summer 2022”.

Via the portal, colleagues are required to enter details about the loan itself, details of the purchase, the customer’s personal and financial information as well as undertaking consent and eligibility checks. Once confirmed, the form is submitted to multiple lenders via the API. If declined by one lender, it will automatically move onto another.

Colin Brown, Chief Executive Officer of the Aryza Group said:

“It’s great to see Aryza developed solutions making a positive difference to consumers’ lives, and we’re certain that this new portal will help eliminate and streamline many of the barriers that might previously have prevented a person from accessing in-store and on-line credit.

“Like all Aryza products, this solution can be adapted to meet the specific needs of the client. In this case, the Dreams Finance Portal can configure and sequence lenders in different orders, offering a level of resilience as well as working to improve sales conversion rates.”

Rob Evans, Product Consultant at the Aryza Group said:

“Use of the Aryza Embedded Lending platform has seen Dreams increase their loan acceptance rate by around 8%, so we are making a demonstrable and measurable difference to Dreams’ bottom line. The system also stores all customer’s credit information securely, providing the team with an enriched pool of data that will help inform smarter decision making in future.”

Aryza can provide access to a host of compatible, trusted and practical third-party services, designed to help streamline and automate the collections process, offering a more efficient process for all parties involved.

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