Customer Financing That Helps More Customers Get Approved in Los Angeles!

Most financing applications begin with a soft credit pull, allowing customers to see available financing offers without impacting their credit score. A soft inquiry is used in the initial stages of qualification and generally does not appear to other lenders as a hard inquiry. If the customer decides to accept a financing offer, the selected lender may perform a hard credit inquiry prior to final approval. Credit requirements and approvals differ among lenders, financing programs, and the individual qualifications of the applicant.

Fund My Contract works with a large network of lenders who work with customers with all kinds of credit backgrounds. This allows businesses to offer financing options to a broader base of customers than they would otherwise be able to with a single lender. Some lenders offer financing programs to applicants with FICO scores starting in the neighborhood of 550. Some lending partners also offer no credit check financing solutions to qualifying individuals. Approval depends on a number of factors such as credit history, income, amount of financing required, repayment terms and the nature of the product or service being financed. This larger lending network will help to broaden access to finance options that enable a variety of customer needs.

Point of sale financing is available for many industries and can finance a broad range of products and services. Typical examples would be HVAC, roofing, home improvement, medical and dental treatments, elective health care services, coaching services, equipment purchases and other major investments. Financing allows customers to spread the cost over a schedule of monthly payments, rather than paying a lump sum upfront. Businesses benefit from higher average transaction values and more sales due to increased accessibility of larger purchases.

The interest rates and financing terms will vary with the lender involved, the customer’s qualifications, the amount of financing, the repayment schedule and other underwriting factors. Qualified applicants can get rates as low as 2.99%. Depending on the lender and selected financing program, customers may also qualify for promotional financing with deferred interest, 0% financing for qualified borrowers, or Same-As-Cash payment options. Multiple lending partners mean customers can often have access to a variety of financing options to fit different budgets and buying goals.

Fund My Contract’s automated platform and network of lending partners allows for decisioning of many financing applications in minutes. “The streamlined application process is meant to reduce waiting times so that customers can shop around for financing and make buying decisions without undue delay.” Faster financing decisions also enable businesses to move customers through the sales process more efficiently, boost close rates and create additional opportunities for revenue growth.

Once financing is approved and the transaction is closed, participating lenders generally distribute funds according to their individual funding schedules. Businesses are paid out shortly after funding and do not have to wait for the customers to finish their repayment terms. The lender services the loan and collects the scheduled payments, which allows businesses to keep their cash flow healthier and reduces the administrative responsibilities.

In-house financing often puts the company in a position where it must take on responsibilities that go far beyond the sale. Evaluating credit applications, handling approvals, collecting payments, managing customer accounts, tracking overdue balances and working through loan defaults can consume a lot of time and operational resources.

Fund My Contract links you with experienced 3rd party lending partners that handle these financing responsibilities on behalf of your company. This enables companies to raise capital more efficiently, cut administrative overhead, simplify operations and put more effort into customer service and business growth.

Financing helps businesses to sell products and services cheaper by providing flexible monthly payment options to customers. Lowering upfront costs can also encourage customers to buy more, resulting in higher average transaction values and better overall sales performance.

Fund My Contract uses smart waterfall technology that allows customers to fill out one financing application to be reviewed by multiple lending partners using a soft credit inquiry for initial review. This streamlined process reduces paperwork, saves time and helps to open up more financing options for customers without the need for multiple applications.

Companies can also benefit from additional perks like lead scoring, financing information, loan servicing resources, payment processing options, Buy Now Pay Later programs, software training, sales education, and dedicated customer support to help maximize financing success.

Customer financing can be a great option for businesses in many industries — home improvement, healthcare, professional services, marketing, digital businesses, equipment suppliers, eCommerce and more. Financing allows customers to spread out payments over time, rather than paying the full amount all at once, which makes buying big-ticket items more manageable. This is useful for building stronger customer relationships, improving satisfaction and creating new opportunities for long-term revenue growth.

A customer who delays or postpones a purchase due to concerns about payment is a possible lost sale. Flexible financing helps to break down those barriers by providing customers with real payment solutions that can make larger purchases more affordable.

Fund My Contract helps businesses receive better financing approvals, increase conversion rates and get funded quickly through an extensive network of lenders. These financing solutions can increase customer satisfaction, lead to more closed sales, encourage repeat business and enable continued business growth.