Customer Financing That Helps More Customers Get Approved in Portland!

The financing process normally begins with a soft credit inquiry, which enables customers to evaluate their options without affecting their credit score. This initial inquiry is used during the pre-qualification process and is not the same as a hard credit check. If the customer accepts the financing offer, the lender may execute a hard credit pull prior to approving the offer. The financing provider and program chosen will determine lending criteria, approval procedures and credit review requirements.

Fund My Contract works with a wide network of trusted lending partners to serve customers with a variety of credit profiles. This enables businesses to offer financing options to a wider range of customers, including those who may have had past credit issues. Some financing programs may be available to applicants with FICO scores starting around 550. Some lenders also offer no credit check financing to qualifying applicants. Approval is contingent upon a number of factors, including credit history, income, amount financed, repayment structure and lender underwriting guidelines. Access to multiple lenders helps businesses improve financing options for customers with varying financial circumstances.

Point of sale financing provides flexible payment solutions to customers purchasing products and services across a range of industries. Financing is often used for things like HVAC systems, roofs, medical procedures, elective medical procedures, home improvement projects, coaching, equipment, and many other high-dollar purchases. Lower monthly payments make these purchases easier to budget and lessen the burden of a large upfront payment. Businesses often experience higher conversion rates, increased customer satisfaction, larger average purchases and more sales opportunities.

Financing terms are driven by a variety of factors including lender participation, applicant qualifications, financing amount, repayment schedule, and underwriting guidelines. Interest rates can be as low as 2.99% for qualified customers. Some participating lenders also offer promotional financing options including deferred interest, 0% financing for eligible borrowers, or a Same-As-Cash payment plan. Another advantage of the financing offers is that they are not the same from one lender to another. Customers can generally compare several payment options before choosing the financing solution that suits them best.

Fund My Contract makes it easy for many applicants to obtain a financing decision in minutes through an automated financing platform that connects them to multiple lending partners. The simplified application process is designed to reduce wait time and provide customers with immediate access to available financing options. Fast finance decisions help companies maintain sales momentum, improve customer experience and increase the chances of converting a lead into a sale.

Participating lenders typically release funds after financing is approved and the sale has closed, in accordance with their own schedules of funding. The business gets paid, and the customer doesn’t have to wait for the repayment period to finish. This is the role of the lender . They receive the monthly payments and administer the financing agreement. This enables businesses to have a healthy cash flow and reduces the ongoing administrative burden .

Companies that provide their own financing typically assume the responsibility for reviewing applications, assessing credit, servicing customer accounts, collecting payments, monitoring loan performance and resolving payment issues. These responsibilities will require additional staff time, administrative oversight, and operational resources.

Fund My Contract offers access to third party lending partners who will perform these financing functions on behalf of participating businesses. This enables businesses to access funding more efficiently, reduce administrative burdens, and improve operational efficiency and focus more on serving their customers and growing their operations.

Flexible financing enables customers to buy products and services with monthly payments instead of paying the entire balance upfront. Making buying easier and less expensive helps companies build customer confidence, increase completed sales and build a higher average transaction value.

Fund My Contract’s smart waterfall platform gives customers one financing application to be reviewed by multiple lending partners with a soft credit inquiry during the initial qualification stage. This streamlining saves time, reduces duplicate applications and increases financing availability through a larger lending network.

The combined suite of resources provided by companies includes financing support, lead scoring, payment processing, loan servicing, Buy Now Pay Later programs, software training, sales education and dedicated customer support to help businesses grow successfully.

Customer financing can be an asset for companies in healthcare, home improvement, professional services, agencies, digital businesses, eCommerce, equipment financing, and a host of other industries that deal in higher-value products or services. Affordable monthly payment options enable customers to budget more effectively. For businesses, monthly payments can help build customer relationships and increase sales, and encourage long-term customer loyalty.

Financing options provide customers with the ability to manage costs and are more willing to complete a purchase. Flexible payment solutions can help remove the worry of affordability, and build better buying confidence.

Fund My Contract helps businesses increase their loan approvals, improve conversion rates, get funded faster, and simplify the lending experience for both businesses and customers. Such benefits result in increased revenues, repeat business and long-term business success.