ThinkSmart Extends Contract With JB Hi-Fi

ThinkSmart Extends Contract With JB Hi-Fi

ThinkSmart Extends Contract With JB Hi-Fi & Completes Rollout Of ‘QuickSmart’

– Consolidates agreements with JB Hi-Fi for Australia and New Zealand

– Completes roll out of new “QuickSmart” online system in JB stores

– QuickSmart reduces application processing time and operating costs

ThinkSmart Limited (ASX:TSM), a leading international computer and office equipment financing company, has extended its relationship with JB Hi-Fi, consolidating its agreements for Australia and New Zealand under one contract through to mid-2011.

The extension follows the successful deployment of ThinkSmart’s new QuickSmart online processing system through all 105 JB Hi-Fi stores, which has delivered a 60% reduction in customer processing times as well as lowering ThinkSmart’s operating costs.

“We are pleased to extend our agreement with JB Hi-Fi in Australia and New Zealand,” said ThinkSmart founder and CEO, Ned Montarello. “And we see it as very fitting that this has occurred at the same time as we have completed the roll-out of our QuickSmart processing system, which can help support JB’s growth in the region.”

QuickSmart delivers a measurable improvement for both the customer and salesperson as it significantly reduces processing times, streamlines identity verification and documentation delivery and provides corresponding efficiencies within ThinkSmart’s Australian processing centre. 

The implementation of a new electronic ID verification tool, credit scorecard, and first payment processing platform within QuickSmart means almost 80% of all in-store applications across all retailers using the platform are now decided  by QuickSmart, delivering ThinkSmart a significant reduction in processing costs.

“We can process more applications per headcount and are creating further efficiencies in our back-office operations which will be important as we expand the Australian business,” said Mr Montarello.  “We expect the front-end efficiencies will only serve to make it easier and therefore attractive for the retail sales staff to use our products.”

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