Why Partner with a Service Finance Company like Fund My Contract
Contractors who want to offer financing will often turn to a third-party provider like Fund My Contract instead of servicing the financing programs themselves as the primary lender because financing options are supposed to alleviate many of the concerns that contractors typically face when they want to build and grow their businesses.
If you are offering the financing yourself, you’re on the hook for the funding that you extend to the customer and that means you’re the one collecting payments for reimbursement. Many contractors are already burdened with chasing down late payments and unpaid invoices from customers who don’t pay on time. Why assume this burden upfront when you don’t have to? You can partner with a service finance company like Fund My Contract and our third-party lender network who will service the financing agreements from application to funding.
All you have to do is continue growing your business by providing exceptional service and satisfying your customers. When a customer applies for one of your financing programs, the lender through which the program is offered handles the application process and finances the applicant upon approval. When your business performs the work and completes the job, you get paid upfront, in full. The customer makes his or her payments directly to the lender. Your involvement in the financing agreement comes to an end once the work is finished and you’ve been paid.