Purchasing Power is Designed to Empower · 2019-12-05 · Who We Are 1 Purchasing Power®, headquartered in Atlanta, is one of the fastest-growing voluntary benefit providers in the

Purchasing Power is Designed to EmpowerFact Sheet and Q&A | 2019

Who We Are

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Purchasing Power ®, headquartered in Atlanta, is one of the fastest-growing voluntary benefit providers in the industry, offering financial flexibility options to cash-strapped U.S. workers. Accessed through their employer or government/trade organization, our employee purchase program gives workers the opportunity to purchase the latest brand-name consumer products, online education services and vacation packages through payroll deduction, when they are unable or prefer not to use cash or credit. Participants make manageable, fixed payments over a pre-set term, with no ballooning interest, hidden fees, or late fees – it is a transparent payment plan for the customer. In addition to the purchase program, Purchasing Power also offers customers access to free financial wellness tools and resources that help them take control of their total financial picture.

QUICK FACTS

• Started as a computer-only purchase program, now offering morethan 60,000 different products and services today

• Millions of U.S. employee customers through more than 300 largecompanies, including many Fortune 500s and governmentagencies

• 20+ industries served

• Over $3 billion revenue to date

• 73 NPS (Net Promoter Score) as of August 2019, measures cus-tomer willingness to recommend a company’s product/servicesand overall satisfaction. (Average score in our industry is mid-40s)

• A+ Better Business Bureau rating

• 99% client revenue retention rate

• Ranked 10 years among the INC. 5000 Fastest Growing Private Companies

FROM EMPLOYEE PURCHASE TO EMPLOYEE PURPOSE

Our employee purchase program allows workers to acquire consumer products, vacations and online education services through a more flexible and convenient payment plan. Our program offers an alternative to high interest credit cards and other sub-prime financing options for customers who prefer to pay for a purchase over time. The automatic pay-ments and 12- or 6-month payment terms empower them to budget and avoid penalty fees and ballooning interest associated with other payment options. We offer customers access to a better life combined with a flexible, more responsible way to buy.

Learn More at Corp.PurchasingPower.com or Visit Our Storefront at www.PurchasingPower.com

Company History

“Purchasing Power” is a registered trademark of Purchasing Power, LLC. Other trademarks or registered trademarks used are the property of their respective

owners. Pub. Date 11.2019 © 2019 Purchasing Power, LLC. All rights reserved2

T H E E X E C U T I V E T E A M

Trey Loughran

Chief Executive Officer

Wade Pierce

Chief Financial Officer

Elizabeth Halkos

Chief Operating Officer

Prakash Muthukrishnan

Chief Technology Officer

Greg Birge

Chief Legal Officer & Corporate Secretary

Racquel Roberts

Chief People Officer

Identified benefits broker network to market/sell voluntary benefits

Established existing business model

Established credit facility

Surpassed 100,000 orders taken since inception

Surpassed $50 million in annual revenue

Added Square Trade warranties as a value-added

benefit warranty program

Added Square Trade warranties as a value-added benefit warranty program

Expanded catalog by adding new categories including, baby & kids gear, pre-paid mobile phones, car audio and online educational courses

Reached $1 Billion in revenue

Launched new eCommerce platform; Introduced a financial wellness platform of tools and resources free of charge to all PPC customers

First rated credit facility (A rating from Kroll Bond

Rating Agency)

Reached $2 Billion in total revenue

Reached $3 Billion in total revenue; surpassed 2.8 million

orders taken since 2018

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2001

Bryon Colby

Chief Digital Marketing Officer


Recent Awards

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• 2019 Frost & Sullivan Customer Contact Award- "People's Choice Award"

• 2019 Bronze Stevie® Award for Human Resources- "Human Resources Team of the Year"

• 2018 Silver Stevie Award for Sales & Customer Service - “Best Customer Satisfaction Strategy”

• 2018 Gold Stevie Award for B2B Marketing -“Outbound Marketing Program of the Year”

• “2018 Best and Brightest Company to Work For® in the Nation” by the National Association of Business Resources. (Also in 2017, 2015)

• Corporate Volunteer Council of Atlanta’s “2018 Impact Award – Corporate Volunteer Program of the Year, Small to Medium Size Business”

• 2017 Silver Stevie Award for “Brand Experience of the Year: Business-to-Business,” presented by The American Business Awards—cited for Purchasing Power’s “Fueling Financial Wellness @Work” Roadshow

• Ten consecutive years, “INC. 5000 Fastest Growing Private Companies” (2007-2017)

• 2016 Winner “EHBC Executive Choice Award for Voluntary Benefits”

• Finalist: “TAG Southeastern Software Association(SSA) Impact Awards, Internal Software Development Group”

• Atlanta Business Chronicle’s “Atlanta’s Top 50 Private Companies” (#30)

• Technology Association of Georgia’s (TAG) “Top 20 Innovative Technology Companies of 2017”

• 2014 Silver Stevie Award winner for “Innovation in Customer Service – All Other Industries”

“Purchasing Power” is a registered trademark of Purchasing Power, LLC. Other trademarks or registered trademarks used are the property of their respective

owners. Pub. Date 11.2019 © 2019 Purchasing Power, LLC. All rights reserved


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Frequently Asked Questions

Do employees pay a fee to participate?

Neither the employer nor any employees pay to participate with the Purchasing Power program. It is offered as a voluntary benefit.

Q

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Are Purchasing Power’s prices the same as employees would pay at a store?

• Our prices are typically higher than what an employee would pay at a store.

• Our employee purchase program utilizes all-inclusive pricing that includes the ac-tual product, value-added features such as extended warranties and accessories, shipping and handling fees, as well as any applicable taxes.

• Employees know the total cost upfront. Using our payroll deduction programmeans employees won’t face the consequences of missed payments, com-pounding interest rates and fees, or loss of merchandise like they potentiallycould with rent-to-own, payday loans or installment loans.

• Our program offers popular, name-brand items for purchase using simple and convenient payroll deductions of equal amounts paid over the course of 12 or 6 months.

• We do offer seasonal promotional discounts to our customers on select productcategories. New customers receive a 20% discount on their entire first order.

• The total overall price and payroll deduction amount listed for each purchasenever changes, so the consumer is able to budget their spending responsibly,accurately and automatically with no worries.

Q

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Who is the customer that benefits mostly from Purchasing Power’s program?

• Over 70% of Purchasing Power customer have a FICO score below 600 - whichmeans he/she does not qualify for prime credit. Purchasing Power’s equally-measured payroll deduction program is a better financial option than paying foran item using subprime revolving credit over several months or more.

• Overall, 60% of Americans don’t have $500 in savings. The average householddebt is $15,654, mostly from credit cards. (CBS News, 2018) For the majority ofU.S. workers, alternative financing options are extremely expensive: rent-to-own,title pawn, payday loans, check-cashing vendors, etc.

• Moreover, to prevent overextending their paycheck, our program gives aresponsible spending limit for all customers.

Q

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Frequently Asked Questions

Why doesn’t Purchasing Power report its customer’s payments to the U.S. credit bureaus?

• Some credit reporting agencies do not recognize payroll deduction as a repay-ment mechanism and thereby do not accept customer payment data from it.

• Credit reporting agencies require that all account balances and payments berepaid systematically on fixed time intervals

• Because the administration process for payment processing runs through clientaccount payable systems, the remittance and reconciliation process performedby clients can take up to six weeks. This type of delay would be reported as neg-ative payment behavior by customers.

• Additionally, Purchasing Power does not review any customer’s credit scorewhen processing their participant application. We understand the sensitivityand financial impact associated with the U.S. credit bureaus, so we remainneutral on the matter.

Q

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What happens if an employee leaves their company/organization prior to paying off their Purchasing Power purchase?

• Purchasing Power will work directly with customers who terminate their em-ployment to set up payment arrangements, including credit card or scheduledACH withdrawals from a bank account.

• If an employee takes a short-term leave-of-absence, Purchasing Power sus-pends payroll deductions for the anticipated time period and resumes deduc-tions once the employee returns to work.

• If Purchasing Power is unable to come to an agreement with the customer afterattempting to do this for 90-120 days, the account will be written off and placedwith an external collection agency.

Q

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Can you explain what the eligibility requirements are and whether they’re the same for each company/employee?

To participate with Purchasing Power’s employee purchase program, our customer must meet two eligibility requirements based on employment tenure and minimum salary. While the tenure threshold varies by company and industry, typically between six and 18 months, the average time an individual needs to have been employed at their company is nine months.

Q

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Ready to learn more?

To learn more about Purchasing Power, please use the following links:https://corp.purchasingpower.com/about-us/who-we-are

https://corp.purchasingpower.com/article/purchasing-power-captures-

double-digit-growth-2018

Corporate Office

1349 W. Peachtree St., Suite 1100

Atlanta, GA 30309

877.723.2798

Media Contact: Joe [email protected]

5“Purchasing Power” is a registered trademark of Purchasing Power, LLC. Other trademarks or registered trademarks used are the property of their respective

owners. Pub. Date 11.2019 © 2019 Purchasing Power, LLC. All rights reserved


Documents

Purchasing Power is Designed to Empower · 2019-12-05 · Who We Are 1 Purchasing Power®, headquartered in Atlanta, is one of the fastest-growing voluntary benefit providers in the