Virinchi Technologies launches point-of-sale consumer financing solution PayEz™ (www.payez.biz)
EDISON, N.J., March 31, 2015 /PRNewswire/ -- Virinchi Technologies, a market leader in IT solutions in the short term lending industry, announces the launch of PayEz™ (www.payez.biz), its latest innovation in payment technology and consumer financing. PayEz provides point of sale unsecured loans for goods and services, ranging from furniture to vacations, across online as well as brick merchants, and aims to revolutionize the retail consumer lending market. Unlike current players like Avant Credit and Lender's Club, PayEz's technology offers financing solutions to its customers right at the point of purchase.
PayEz aims to provide retail customers with the option to pay for a high value purchase by converting it into installment payments at the point of purchase. PayEz's unique online underwriting uses a sophisticated multi-dimensional algorithm integrated with multiple underwriting engines like FICO score to demographic, salary and employment data as well as customer buying behaviors. Virinchi's deep and extensive experience in underwriting sub-prime borrowers has allowed them to build a structured and analytical underwriting engine to assess its customers' credit risk. Once a customer applies for a financing option, PayEz presents it to its multiple lending partners. The customer has the option to choose from various financing options.
Vishwanath Kompella, Chairman Emeritus of Virinchi Group and serial entrepreneur, explains, "We are excited about bringing this unique innovation to the market that blends our 15 years of underwriting expertise with our capability of building innovative IT solutions. We have started rolling out the PayEz platform through a couple of strong regional lenders and select merchants and are already planning a full scale launch with a team of more than 200 IT engineers and another 200 sales people selling PayEz's unique proposition."
About Virinchi Technologies
Virinchi Technologies is an Information Technology products and services company offering world-class products and services to its global clients, including some Fortune companies. Virinchi's flagship product, QFund, is the market leading loan management platform for the short term financing industry in the United States with installations in more than 6000 branches across 25 states. Virinchi is listed on the Bombay Stock Exchange in India (BSE: VIRINCHIQ) and has clients spread across the United States, Europe, West Asia and South East Asia. For more information, please visit: www.virinchi.com.
Contact Information
For more information on PayEz, please contact [email protected] or call +1 (646) 481 7795
SOURCE Virinchi Technologies
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