Customer Financing That Helps More Customers Get Approved in Washington!

Most financing applications start with a soft credit inquiry, so customers can see what financing options are available to them, without hurting their credit score. A soft inquiry is typically performed at the beginning of the qualification process and does not show up as a hard inquiry on your credit report. If the customer chooses to accept a financing offer, the participating lender may conduct a hard credit inquiry before making a final decision on approval. Credit review procedures and required qualifications will vary depending on the lender, the financing program and the applicant’s financial profile.

Fund My Contract has a large network of lending partners that work with customers with all types of credit profiles. Businesses can then provide financing to a wider range of people, including those who might not be eligible for traditional banks or credit unions. Some financing programs are available to applicants with FICO scores around 550, and some lenders provide no credit check financing to qualified borrowers. Approval is based on several factors including income, credit history, loan amount requested, repayment terms and lender underwriting guidelines. Businesses can help more customers find payment options that fit their financial situation with access to multiple financing programs.

Point of sale financing is available to all types of industries and can be used for a wide variety of products and services. Often the products or professional services that are financed are high value items such as HVAC systems, roofing jobs, home renovations, healthcare treatments, elective procedures, coaching services, equipment purchases, and many other items. Rather than paying the total purchase price upfront, customers have the option of splitting the purchase into affordable monthly installments. “Financing for businesses helps make things more affordable, increase average value per transaction, improve customer satisfaction and create more opportunities to close sales.

The participating lender sets the financing rates and repayment terms based on the applicant’s qualifications, amount of financing, repayment period and other underwriting considerations. Qualified applicants may be offered interest rates as low as 2.99%. Some financing providers also have promotional programs which may include deferred interest periods, 0% financing for qualified customers, or Same-As-Cash payment plans. Various financing options are offered depending on the lender and the customer’s qualifications. Applicants often get the opportunity to compare several payment solutions and choose the financing option that fits their budget and financial objectives.

Fund My Contract’s automated financing platform and large lender network enable many customers to receive financing decisions within minutes. The application process is designed to yield timely responses that minimize delays and support customers in evaluating financing options with confidence. Faster approval times enable businesses to keep the sales process moving, resulting in fewer abandoned purchases and better conversion rates, while also opening up more opportunities for long-term business growth.

Once the financing has been approved and the transaction has closed, it is customary for the participating lenders to fund the transaction in accordance with their respective funding procedures. Businesses are paid out quickly after funding, without having to wait for customers to complete their repayment schedules. The lender continues to service the financing agreement and collect monthly payments, keeping businesses on track with cash flow and reducing administrative responsibilities.

There’s so much more for businesses to deal with than customer purchases with an in-house financing program. It takes time, staff and ongoing resources to review applications, evaluate creditworthiness, collect payments, service customer accounts, track balances and manage delinquent accounts.

Fund My Contract takes the headache out of the financing experience by matching businesses with seasoned third-party lending partners to handle these responsibilities. Businesses benefit from faster funding, less administration, better operational efficiency and more freedom to focus on customer satisfaction, sales performance and continued expansion.

Financing allows customers to make larger purchases with monthly payments rather than requiring the full price at the time of sale. More flexible payment options tend to increase consumer confidence which in turn drives higher close rates and better average transaction values.

Fund My Contract’s intelligent waterfall technology enables a group of lending partners to review a single financing application with a soft credit pull in the initial qualification process. This more efficient process saves time, eliminates duplicate applications and expands financing options to a wider lender network.

Businesses also gain access to valuable services such as financing assistance, lead scoring, payment processing solutions, loan servicing resources, Buy Now Pay Later programs, software education, sales coaching and ongoing support to help maximize business performance.

Customer financing can be a game-changer for companies in industries such as healthcare, home improvement, professional services, digital marketing, agencies, eCommerce, contractors, equipment leasing and many other businesses selling higher priced products or services. Flexible payment options make it more affordable, increase customer loyalty and help businesses sell more and turn customers into repeat customers.

Customers often delay purchasing without payment flexibility. Financing removes that barrier by providing practical payment solutions that help make important purchases more accessible.

Fund My Contract helps businesses grow their approval opportunities, grow their sales conversions, get funded fast and create a better customer financing experience. These benefits translate into enhanced revenues, improved customer satisfaction and sustainable growth of the business in the long term.