美股-投资策略-pos融资表

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1、POSFinancingRoundtableOctober2018RESEARCHANALYSTMosheOrenbuch2125386795moshe.orenbuch@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSu

2、issedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

3、POSFinancingPresentationThiswasapresentationthatwedeliveredrecentlyatanindustryroundtableonPOSfinancing.Participantsincludeindustryrepresentativesfrombanks,financialfirmsandfintechplayers.Afewkeythemesfromthepresentation:1.Mailremainsaprimarymethodforcustomeracqui

4、sitioninthepersonalloanindustry,andisstillanimportantacquisitionchannelforthecreditcardindustry.Despitebeingaboutone-eighththesizeofthecreditcardbusiness,thepersonalloanindustryisnowontracktoseeitsmailvolumeexceedingthatofthecreditcardindustry2.Somecreditcardissue

5、rshavenowofferedcustomerstheabilitytoturnaportionoftherevolvingbalanceintoashort-terminstallmentloans.ThiscouldbearesponseagainsttheencroachmentofpersonalloananddirectPOSfinancing3.Purchasefinancing(largepurchase,homeimprovement,medical)accountsforonly20%ofapprove

6、dpersonalloans,andlessthan15%ofthereasonsconsumersapplyforpersonalloans4.DedicatedPOSfinancingisgrowingfasterthanpersonallendingandcreditcardindustry,whilealsohaslowercustomeracquisitioncost.Ithasbeenparticularlysuccessfulwhenitcanincreasethesize/marginofthesaleas

7、theunderlyingsellerwilllikelysubsidizeacquisitioncosts5.KeyquestionwillbewhetherdedicatedPOSfinancingwillbeabletomaintainthecurrentfastgrowth,andwhethertheprovidersofthisservicewillbeabletobuildtheirnetworkofmerchants/lendersfastenoughtoscaleIfyouhaveanyquestionso

8、rwouldliketodiscuss,pleasefeelfreetoreachouttous.MosheOrenbuch(+12125386795)HoangNguyen(+12123253357)2AgendaEconomicEnvironmentCreditEnvironment,MacroCo