Customer Financing That Helps More Customers Get Approved in Miami!

The first step in applying for financing is usually a soft credit inquiry. This allows the customer to see what financing options are available without impacting their credit score negatively. A soft inquiry is used during the first step of the prequalification process, and it will not affect your credit like a hard inquiry will. If the customer accepts a financing offer and continues with the application, the participating lender may conduct a hard credit inquiry prior to issuing a final approval. The lending standards and criteria for approval will differ based on the type of financing, the program selected, and the financial profile of the applicant.

Fund My Contract has a large network of lenders that work with customers with a wide variety of credit histories. This allows companies to offer financing options to customers who may not qualify with a single lender or traditional financial institution. Some lenders that are participating may also offer no credit check financing for those who qualify for certain financing programs that are available to applicants who have FICO scores starting at around 550. Approval is based on a number of factors including income, credit history, amount of financing requested, repayment terms and the lenders’ underwriting policies. By providing access to a variety of financing solutions, businesses can help more customers get the payment options that meet their financial needs.

Point of sale financing is a great solution for many types of industries and allows for financing of many different types of products and services. Popular financing categories include HVAC installations, roofing projects, home renovations, healthcare services, elective procedures, coaching programs, commercial equipment, and other high-ticket items. Instead of paying the full purchase price upfront, customers have the option to pay the purchase price in affordable monthly payments. Businesses gain from greater affordability, improved customer satisfaction, higher average transaction values and increased opportunities to close sales.

Interest rates, repayment terms and promotional financing programs are subject to change based on the participating lender, applicant qualifications, amount financed and other factors for approval. Qualified borrowers may be eligible for rates as low as 2.99%. Some lenders also provide promotional financing options that can include deferred interest, 0% financing for qualified applicants, or Same-As-Cash payment plans. With the chance of several financing solutions, customers generally have the liberty to evaluate repayment options and choose the financing program that best aligns with their financial goals.

Many finance applications submitted through Fund My Contract are approved in minutes, thanks to the automated approval process and broad lending partner network from Fund My Contract. Customers can quickly review financing options and make purchasing decisions without long waiting periods. Companies benefit from shorter sales cycles, a better customer experience, higher conversion rates, and more sales closure opportunities.

Upon approval of financing and closing of the transaction, participating lenders generally fund under their own funding procedures. Businesses get paid right away, as opposed to waiting for customers to pay down the financing. The lender is responsible for servicing the financing agreement and collecting scheduled payments, which allows businesses to benefit from predictable cash flow with minimal administrative work.

Businesses that handle their own financing must handle many responsibilities that extend long after a sale has taken place. Application review, credit evaluation, payment processing, customer account maintenance, outstanding balance monitoring, and delinquent account management may strain operational resources.

Fund My Contract helps to ease these responsibilities by providing access to third-party financing partners who manage the lending process. They allow businesses to get funded efficiently , with reduced administrative burdens , less operational complexity and more time to spend on serving customers and growing the business .

Financing allows customers to spread large upfront costs into manageable monthly payments, providing more flexibility in their purchases. This may cause the customers to go ahead with potential purchases, which they would have otherwise postponed, leading to higher sales volume and bigger average transaction values.

Fund My Contract’s waterfall technology enables several lending partners to review one financing application with a soft credit inquiry during the initial qualification phase. The efficiency of the process saves time, reduces paperwork and helps improve financing opportunities without the need for customers to complete multiple applications.

Businesses also receive financing support, lead scoring tools, payment processing services, loan servicing resources, Buy Now Pay Later programs, software onboarding, sales education, and dedicated support that helps businesses get the most out of their financing program.

Customer financing is a great solution for companies in home improvement, healthcare, professional services, digital agencies, contractors, equipment providers, eCommerce businesses, and many other industries. Lower monthly payments make products and services more accessible, helping businesses build customer loyalty, improve satisfaction and generate additional long-term revenue.

Every delayed purchase is a missed opportunity to grow your business. Financing provides customers with additional payment flexibility that closes the gap between interest and completed sales.

Fund My Contract allows businesses to grow their financing options, increase approval and conversion rates and get funding in a timely manner. These benefits result in improved customer relationships, repeat business and ongoing business growth.