Customer Financing That Helps More Customers Get Approved in Columbus!

Most often, customers start the process of applying for financing with a soft credit inquiry so they can see their financing options without impacting their credit score. Since the inquiry is used for prequalification, it is not the same as a hard credit check. If the customer accepts a financing offer, the participating lender may perform a hard credit inquiry prior to finalizing the approval process. The qualification criteria and lending process vary by lender, financing program and individual applicant.

Fund My Contract works with a wide network of lending partners that can help customers with a variety of credit profiles. That means companies now can offer financing options to more customers, including those who may have experienced past credit problems. Some lenders also provide no credit check financing for qualified applicants . Applicants with FICO scores beginning around 550 may qualify for some financing programs . The approval is based on a variety of factors including credit history, income, amount of financing, repayment structure and lender’s policies. With this larger lender network, businesses are able to offer financing solutions that cover a broader spectrum of customer needs.

Financing at point of sale can be utilized in many industries and can be used to help customers finance a wide range of products and services. Financing is common for HVAC systems, roofing installations, healthcare services, elective procedures, home improvement projects, coaching programs, equipment purchases and other major investments. They can afford to sell bigger items with monthly payment plans without having to pay the full amount at the time of sale. Increased affordability, improved close rates and increased customer satisfaction and the potential for increased overall sales performance for businesses.

Terms of financing depend on lender requirements, applicant eligibility, amount of financing, repayment schedule and other underwriting criteria. Rates for qualified borrowers may begin as low as 2.99%. Participating lenders’ promotional financing programs may include 0% interest, deferred interest or Same-As-Cash payment plans for qualified customers. Every financing offer is unique for the lender and qualifications of the applicant. Customers can compare several financing solutions and choose the repayment option that fits their financial goals.

Many of the applications for financing submitted through Fund My Contract are approved in minutes. The automated financing platform partners with multiple lenders to provide quick responses to help customers make purchasing decisions faster. Faster funding decisions enable companies to operate more efficiently, reduce waiting times and spend more time converting potential buyers into actual sales.

The participating lenders will generally fund the business in accordance with their normal funding procedures once the financing application has been approved and the transaction is closed. Businesses get paid immediately instead of waiting for the customer to pay off the financing over time. The lender handles collecting repayments and servicing the loan, allowing companies to have consistent cash flow and less administrative overhead.

Many businesses will manage customer financing in-house, meaning they’re responsible for reviewing applications, assessing customer credit, collecting payments, managing financing accounts, tracking payment activity and dealing with late payments or defaults. Such duties could require substantial staff time and operational resources.

Fund My Contract is easy to use because it connects you to third-party lending partners that have the experience to do these functions. Businesses benefit from efficient funding, streamlined operations, reduced administrative complexity and greater opportunities to focus on customer service, sales growth and business development.

Customer financing allows customers to spread the cost of high priced products and services into affordable monthly payments. This payment flexibility can boost buyer confidence, increase your close rates, and result in higher average transaction values.

Fund My Contract employs smart waterfall technology that enables multiple lenders to see one financing application via a soft credit check in the initial qualification process. This efficient method saves time, simplifies financing and expands approval opportunities through a wide lending network.

In addition, companies can also take advantage of other services such as financing advice, lead scoring, payment processing, loan servicing tools, Buy Now Pay Later options, software onboarding, sales training, and dedicated customer support.

You can see the benefits of customer financing in many industries including healthcare, home improvement, agencies, professional services, digital companies, eCommerce businesses, contractors and equipment providers. Affordable monthly payments help customers manage big purchases while helping businesses improve customer satisfaction, increase revenue, and encourage repeat business.

Financing helps close the gap between interest and completed purchases when customers need more payment flexibility. Businesses can reduce lost sales and offer a more convenient shopping experience.

Fund My Contract helps businesses expand financing opportunities, increase approval success, increase conversion rates and get funded fast. These benefits support the development of customer satisfaction, long-term business growth, and better financial performance.