Customer Financing That Helps More Customers Get Approved in Seattle!

The financing application process is typically initiated with a soft credit inquiry, which enables customers to explore financing options without impacting their credit score. During the initial prequalification phase, a soft inquiry is used, so this won’t have the same impact as a hard credit check. If the customer elects to accept a financing offer and proceed with the application, the participating lender may perform a hard credit inquiry before a final lending decision is made. The approval requirements and credit review process can be different depending on the lender, financing program and the individual applicant’s financial qualifications.

Fund My Contract has a vast network of trusted lending partners that can support customers with a broad spectrum of credit profiles. This allows businesses to offer financing options to a wider pool of customers, including those who may not qualify through traditional lending institutions. Some financing programs may be available to applicants with FICO scores as low as about 550, and some lenders may offer no credit check financing options to qualified individuals. Your income, credit history, the amount you are requesting to finance, the repayment terms and the lender’s underwriting guidelines will all contribute to your approval. A broad selection of financing programs enables businesses to help more customers obtain payment solutions that meet their needs and budgets.

Point of sale financing is an adaptable payment solution that can be customized for many industries and utilized for a broad spectrum of products and services. Typical financing categories include HVAC, roofing, home improvement, healthcare, elective procedures, coaching programs, equipment purchases and other high-ticket products or professional services. Customers have the option of spreading the cost over predictable monthly payments that are easier to budget for, rather than paying the whole purchase price upfront. Financing helps companies improve customer satisfaction, increase affordability, increase average transaction values, and create more opportunities to close sales.

Interest rates, repayment terms and promotional financing offers are determined by the participating lender, applicant qualifications, amount of financing and other approval criteria. Qualified borrowers may be eligible for interest rates as low as 2.99%. Some lenders offer promotional financing options, such as deferred interest periods, 0% financing offers for qualifying customers, or Same-As-Cash payment arrangements. Financing options differ depending on the lender and customer eligibility, so it’s not uncommon for customers to be able to shop around for several payment options and select the financing program that’s best suited to their financial goals and buying needs.

Fund My Contract’s automated financing platform means that many applicants get a financing decision in just a matter of minutes. The app is designed to respond to customers fast, shorten wait times and assist customers in making sound decisions about purchases by connecting them to a vast network of lending partners. Quicker approval of financing also helps companies maintain the flow of sales, enhance conversion rates and create more opportunities for revenue growth.

Participating lenders typically release funds on their own funding schedules, once financing has been approved and the purchase consummated. Businesses get paid without waiting for the customer to finish paying off the loan. The lender takes care of servicing the financing agreement and collecting the scheduled payments, providing a helping hand to businesses to keep cash flow steady and reducing a lot of the administrative work that comes with managing customer financing.

In-house financing programs often require businesses to take on responsibilities that go far beyond closing a sale. Assessing customer qualifications, reviewing credit applications, collecting payments, servicing accounts, monitoring outstanding balances and managing late payments or defaults may require significant time, staffing and operational resources.

Fund My Contract provides a more streamlined solution by linking businesses to trusted third-party lending partners who manage the entire financing process from approval to repayment. Benefits for businesses include quicker access to funds, less administrative complexity, lower operating costs and more time to focus on customer service, sales growth and day-to-day operations.

Customer financing helps businesses to overcome affordability hurdles by enabling customers to spread the cost of larger purchases into convenient monthly payments. This added flexibility can help make customers feel more confident, boost their buying power, and result in more sales and higher average transaction values for businesses.

Fund My Contract’s smart waterfall technology allows customers to fill out one financing application that can be reviewed by multiple lending partners with a soft credit inquiry in the initial qualification phase. This lean approach saves precious hours, reduces the number of financing applications needed and increases the opportunities for approval through increased access to a wide lender network.

Businesses also have access to a variety of additional resources, including lead scoring tools, financing support, payment processing services, loan servicing resources, Buy Now Pay Later programs, software training, sales education and dedicated customer support to help businesses get the most out of their financing program.

Customer financing offers significant advantages to companies in a broad spectrum of industries such as home improvement, healthcare, professional services, agencies, digital businesses, eCommerce companies, contractors, equipment suppliers, and many other organizations that sell higher value products or services. By replacing large upfront costs with affordable monthly payments, businesses can make purchases more accessible, improve customer satisfaction, build long-term relationships and create additional opportunities for repeat business and sustained revenue growth.

Financing can provide customers the flexibility to move forward with confidence when budget constraints or payment concerns cause them to pause. This way businesses do not miss out on valuable sales opportunities and at the same time, offer convenient payment options that motivate customers to follow through with their purchases.

Fund My Contract enhances the opportunities to approve financing, boosts conversion rates, delivers fast funding and streamlines the customer financing experience for businesses. These benefits can help to develop better customer relationships, drive better sales performance, generate more repeat business and contribute towards long term business growth.