If you've ever dealt with applying for a loan before, you know how complicated and guarded the process can be. Financeit simplifies the process – particularly by taking paperwork off your hands -- and allows you to offer alternative financing in a way that is manageable, transparent, and effective.
Financeit lets you offer financing to your customers and is:
- Has lower interest rates than credit cards
- Never backdates interest
- Has an honest and transparent process
- Allows your customers to apply in-store or online
Adding an alternative financing option to your offerings is a great way to increase the purchasing power of your clients and is a proven method of increasing sales. Financeit is an effective, easy-to-implement financing solution.
Financeit works with more than 3,700 partner companies, typically ranging in size from $500K to $10 million in sales within the United States and Canada. With FinanceIt, your company can create installment loans for customers who want to make big purchases.
This is great for retail store owners or service providers who need to bill at the point of sale or sell a premium product on their website. Financeit takes the complicated consumer loan application process and allows you to submit the customer's electronic application for approval in a fraction of the time it would have taken before.
To offer your customers financing from Financeit, you first fill in their quick merchant application form.
Financeit will have a representative call you to verify your information and finalize your approval.
Once approved, the final step is to login to your merchant account to set up your profile.
The system is easy-to-use and intuitive for merchants who have little to no technical know-how.
Financeit is continually improving the loan application process for your customers. This helps to reduce unnecessary fields and reduce the questions needed to apply.
This said, applying for a loan is still a process and you might still need to guide your clients when they’re signing up.
Financeit has some helpful resources that include videos and FAQs to help you get started and troubleshoot the loan application process. The calculator I'll discuss in the features section below is a perfect example of how Financeit is making the application process as easy as possible.
Here are some of the main features you'll encounter when using Financeit.
This is your merchant hub for helping customers with their loans. It's where the bulk of your activity will start.
Here you can see loan activity, create new loans, email loan applications, and use the resources to market the product to your customers.
You can track the status of your customers' loans under the "Loans" tab.
In addition to seeing what state the loan is in (active, pending, funded, declined, or cancelled) you can also see exactly what step the customer is at in the application / approval process. The entire process is incredibly transparent so that both you as a merchant and your customer as the borrower can be kept in the loop.
The Resource section is extremely helpful. For example, during an in-person or phone application, you can help customers figure out what their monthly payments would be.
The Financeit calculator can even provide multiple quotes and compare different options. Customers know before they complete the loan process exactly how much financing they'll get and at what rate. Plus, if you use this with the customer next to you, they can see how the process works and may even feel better about the rates and amounts.
You will get paid in full within three days after funds clear. Financeit assumes all the loan risks with the consumer after full approval.
After submitting some basic details about the customer, the Financeit platform performs an instant credit check in order to provide a conditional approval. The entire approval process often happens within minutes, however depending on the customers credit history, an underwriter from Financeit may review the loan application to make a final determination of credit worthiness.
A loan is not approved until your customer meets all of the conditions and gains underwriter approval.
One of the biggest concerns surrounding loans is privacy.
What sets Financeit apart (and is a big reasons many partners use Financeit) is that you don't have to ask personal questions about income and expenses. Tools like Financeit’s Lead Generation Form or the Financeit link ensures that the information is safely and privately asked of the potential borrower directly - so as a merchant, you never have to see that data.
With these tools, customers do not have to disclose all of their personal information to you (the merchant) and you can avoid those awkward, personal conversations.
The loan agreement is the document that sets the terms with the consumer for the financing of your products. Vendors can send the loan agreement to customers a few different ways.
The first way is to have customers review the form online and then electronically sign (eSign) the application with the merchant.
Additionally, this electronic loan agreement can be emailed to the borrower and then verified.
For companies that are interested, Financeit even has an embed code. Developers can use the embed code to place the application directly on your website for consumers that want to get funding for services on your website.
The second way is have customers do a wet signature that they then fax, email, or upload to the dashboard on their Financeit account.
Another interesting feature is that Financeit provides banners to vendors to put on their website so you can let your customers know financing is available.
This can act as a badge of trust and raises awareness of the additional funding option. It also helps lend your online financing applications some extra credibility.
Financeit offers a full resource list of the necessary documents that a potential borrower might need while going through approval process.
For example, in the United States all borrowers must fill out the credit report request document to check their credit. Financeit makes these documents available to you, at your point of sale, so that you can even further facilitate the application process on-site.
Financeit provides phone and email support Monday to Friday from 9am – 9pm (EST), and Saturdays from 10am – 6pm.
They also offer weekly webinars to help partners learn how to get the most out the Financeit platform. These webinars cover everything from getting a loan funded to running promotional programs and more.
How do your customers pay?
Financeit payments vary by country; but in all cases, Financeit will notify a customer 3 days before a payment is due.
In the United States, the customer can then pay via check, debit, credit card, or online.
In Canada, all consumers have their account direct debited with a voided check.
If consumers want to pre-pay some of their loan, they can pre-pay at their convenience.
Financeit has two different plans for their partners.
The Standard Program is their main program. For this program, merchants do not pay any fees. Instead, consumers pay through the interest on their loans. The rates on these programs vary based on country regulations and industry. However, both the US and Canada have the same core product.
The company some awesome promotional products to help you sell a customer on the financing option.
The 3 promotional programs are:
Interest Rate Buy-Down - You (the vendor) can purchase a percentage of the interest from the clients.
Equal Payments - The second promotional offer is for vendors to pay for all of the interest over the life of the loan. The customers then have up to two years to pay off the loan.
Deferred Payments (US Partners only) - Offer customers a period without payments or interest on their purchase. Customers are never charged backdated interest. Example: "Don’t pay for the first 3 months!"
The promotional programs do have some fees that you will be assessed based on which you use but they are a powerful way to sweeten the deal when your customer is on the fence.
Financeit is a user friendly, no-hassle financing option to ensure that you offer your customers as many ways to access your business as possible.
By providing consumers with this option, you (now a Financeit merchant partner) can increase the number of sales you close and raise the amount per sale.
If you're a smaller retailer or contractor, this can be the edge you need to stay competitive in your market by maintaining high margins without compromising your pricing to seem more appealing to consumers.
This is really what makes a service like Financeit so valuable to small business owners. Financeit gives their partners the tools to compete with larger competitors for their business, close more sales, and retain customer loyalty -- without running the risks of traditional consumer lending.
Want to learn more?
Check out Financeit in our app directory.