Customer Financing That Helps More Customers Get Approved in Austin!

The financing process is usually initiated by a soft credit pull, so that customers can shop for financing without it affecting their credit score. Soft credit inquiries are typically done at the beginning of the application process and don’t have the same impact as hard credit checks. If you take out a financing offer, the lender you select might run a hard credit check prior to granting the final approval. Lenders, financing programs and borrower qualifications all have different approval requirements and credit review procedures.

Fund My Contract has access to a large network of lending partners and can assist businesses in offering financing options to customers with a variety of different credit profiles. Some programs are available for applicants with FICO scores beginning at around 550 and some financing options may be available without a traditional credit check for those who qualify. Each application for financing is evaluated on a number of factors including credit history, income, loan amount requested, repayment structure and the lender’s underwriting criteria. This extensive network of lenders allows companies to offer financing options that may attract a broader audience.

Point of sale financing offers a flexible payment solution for a wide variety of products and services across numerous industries. Common categories for financing include HVAC systems, roofing, healthcare services, elective procedures, coaching programs, equipment financing, home improvement services and other high-ticket purchases. “Customers can break it down into affordable monthly payments and make it easier to afford the things they need. Businesses often benefit from increased buying power, improved close rates and larger average transaction size.

Financing rates and promotional offers are subject to lending partner, customer eligibility, financing amount, repayment term and program guidelines. Qualified applicants may qualify for interest rates as low as 2.99%. Some financing providers offer promotional options such as deferred interest, 0% financing, or Same-As-Cash payment plans for qualified borrowers. Customers can evaluate multiple offers for financing when they are available, making it easier to select a payment plan that is in line with their budget and financial preferences.

Fund My Contract’s automated financing platform allows many customers to receive financing decisions in minutes. Applications are reviewed through a broad network of lenders, which helps to provide quick responses and minimize delays during the approval process. This means customers can make purchases quicker and businesses can improve efficiency, increase conversion rates and keep the sales momentum going.

After financing is approved and the purchase is completed, participating lenders typically issue funds according to their funding timelines. Businesses are paid up front and don’t have to wait for the customer to pay back the loan over time. The lender assumes the responsibility of collecting scheduled payments, offering businesses a consistent cash flow and eliminating many of the ongoing tasks associated with managing a loan.

Having an in-house financing program can be a heavy burden on a business, in terms of financial and administrative responsibilities. These may involve evaluating credit applications, approving financing requests, servicing customer accounts, collecting payments, monitoring delinquent balances and handling loan defaults where required.

Fund My Contract connects companies with third-party lenders that do these things, making the whole financing experience much simpler. It allows businesses to access funding more quickly, reducing the administrative burden, reducing operating costs and allowing businesses to spend more time on sales, customers and growth.

Financing provides customers with greater flexibility in purchasing by substituting large upfront costs with affordable monthly payment options. This can encourage customers to complete purchases they might have delayed, leading to higher sales and better average transaction values.

Fund My Contract’s smart waterfall platform enables customers to submit a single financing application that is reviewed by multiple lending partners using a soft credit inquiry during the initial review process. This fast, effective way of doing business reduces time, simplifies the customer experience and increases financing options without multiple credit applications.

Businesses also gain access to additional tools including financing support, lead scoring solutions, payment processing solutions, loan servicing resources, Buy Now Pay Later programs, software training, sales education and ongoing support to help ensure long-term success.

Customer financing is a value add for businesses across industries such as home improvement, healthcare, professional services, agencies, digital companies, contractors, equipment providers, and eCommerce businesses. Affordable monthly payments help customers make larger purchases more comfortably, while allowing businesses to improve customer satisfaction, strengthen loyalty and generate additional revenue over time.

Payment concerns might cause potential customers to delay or even cancel a purchase. Financing helps ease those concerns by offering payment options that make essential purchases more affordable and accessible.

Fund My Contract helps businesses to get more customers funded, improve chances of approval, increase conversion rates and get funded fast. These benefits help companies of all sizes build stronger customer relationships, secure repeat business and ensure ongoing growth.