Working with Credit Key: Offering Flexible Payment Options

For over 100 years, Restaurant City has provided the Foodservice industry with supplies and equipment at affordable prices when they need them. However, we noticed as time passed that traditional funding options were no longer applicable to our customers, and change needed to occur. To alleviate this problem, we teamed up with Credit Key to offer flexible payment options for our restaurant kitchen equipment.

The Problem

We noticed that many of the small businesses we serve don’t always have a large influx of cash and the traditional business loan or credit card isn’t an option for them. They simply can’t wait around for the loan applications to be processed, approved, and delivered. Waiting three-to-five days for the application, created major stoppages for the restaurants, sometimes even putting the company out of business. The lack of easy financing options was not only negatively impacting our customers, but our ability to sell commercial kitchen equipment. We knew there needed to be a change. That’s where Credit Key came in.

The Solution

Credit Key offers buyer-friendly financing solutions to Restaurant City’s customers. Their instantaneous approval process allows customers to make a purchase when they need to, with a minimal delay in using the purchase. They’ve also allowed us to provide more personalized and flexible financing options to our customers. With repayment terms ranging from 30 days to 12 months, and no penalties for early payments, we’ve given more buying power and control to the ones who need it the most!

Results

After implementing Credit Key, we noticed something astonishing: there was a 600% increase in average order value! In other words, a Credit Key-funded transaction is worth over 600% more than an average Restaurant City transaction. Thanks to Credit Key, we minimized the friction experienced by both parties during the loan application process. Customers now have financing terms that they can afford, and Restaurant City can keep all sales engagements moving in the right direction.

Credit Key allowed Restaurant City to help our customers where it matters: payment. The easy and flexible financing options available have eliminated the financial bottlenecks and time constraints they faced, allowing them to grow their businesses. We’re thankful for Credit Key’s help and look forward to expanding the use of Credit Key to the rest of our locations.