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By Offering All Customers Payment Plans Regardless of Credit
Offer payment plans at point of sale that is simple, fast , and as easy as a card transaction.
Guide to the Best Third Party Financing For My Customers
Zip-Loan is an agency that specializes in helping small business owners provide their customers with a variety of financing options. Here at Zip-Loan, we understand that providing your customers with the best third party financing options can be daunting and difficult to navigate. That's why we work hard to not only offer our customers access to a wide range of external lenders, but also equip them with the right information and tools to compare and select the most appropriate lender for their needs.
How to Find the Best Third Party Financing for My Customers
In this guide, we will provide readers looking into third party financing options with easy to understand information for researching, comparing companies and choosing one. Read on for helpful advice and tips on making the most informed decision when searching for financing services.
Researching Third Party Financing Companies
The first step in finding the best third party financing options for your customers is researching all available companies that offer such services. It can be helpful to look specifically for companies that specialize in working with small businesses or have experience in industries relevant to your customer's unique needs. Make sure you read through each company's policies carefully, as well as any terms or conditions associated with its services. Additionally, it can be beneficial to review customer reviews or ratings from previous clients as well as industry news articles discussing the lender.
Key Takeaway: Take time to research all potential third party lenders by their specialization, policies, terms & conditions, customer feedback, etc..
Comparing Third Party Financing Options
Once you have gathered enough information about potential lenders, it's important to make comparisons between them in order to determine which offers the best deal for your customers. Consider factors such as lending rates and fees they may charge as well as any other features that could be attractive such as flexible loan terms or quick approval times. Some lenders may also offer additional services such as debt consolidation or business mentoring that could be beneficial for your customer's individual circumstances.
Key takeaway: Compare different third party lending options side-by-side using criteria like interest rates & fees charged, loan terms flexibility and extra services offered
Choosing the Right Third Party Financing Option
Once you have completed your research and comparison of potential lenders it is time to decide which option provides your customers with the greatest benefit. If possible, try and contact each lender directly so you can discuss specific details regarding their services before making a final decision. Additionally if there are multiple viable options available it might be worth considering running a survey amongst prospective customers prior to selecting an offering so you get direct feedback from actual users before investing resources into promoting a specific solution provider.
Key Takeaway: Talk directly with 3rd party lending companies & run surveys if necessary before committing to an option when you're looking for the best third party financing for my customers
Conclusion
Finding the perfect third party funding option can take some time but having access to reliable financing options is essential for helping small businesses grow and succeed in today's competitive landscape. At Zip-Loan we strive to provide our customers with valuable insights into these products so they are better equipped when making decisions about what fits best for them financially long term.
Zip Loan has formed partnerships with leading financial institutions and lenders for the sole purpose of creating an integrated first look experience. Consumers can see all their options in one location, which makes them more inclined to buy.
APIs support the application, credit rating, pre-approval, and final offer for a smooth process from start to finish. Each financial provider has a tailored workflow to its algorithms and necessary functionality. These APIs handle special requirements seamlessly and speed them up.
This modular solution supports pre-approval concepts, promotional payment programs, and joint application processing.
This module supports both online and storefront transactions, pending the approval of third-party partners. With practical features like same-day voiding, partial or full post return, and support for on-site facilities, the first look module is a sensible choice.
Businesses need to know their revenue figures, so this modular software makes it easy. Companies can quickly check daily transactions reports, merchant reporting, individual transaction reviews, individual account settlement status, and merchant-wide settlement reports.
Customers can also verify their accounts and track their payments.
The solution modules are designed so they can work independently or within an existing customer system. The modular payment solution integrates with the most popular software easily, or the development team can build a custom bridge.
Zip Loan offers full look customization. Clients can choose to use the existing clean interface or create their own to match the rest of their process. Zip Loan offers workflow optimization and assistance.
Second look solutions often require multi-level or multi-partner financing options. Zip Loan facilitates that through the second look module for consumers who are typically considered sub-prime borrowers. The process matches the first look module, and the two integrate seamlessly for a better customer experience when deployed together.
Functional APIs allow quick processing for application, credit rating, pre-approval, and final offer for each financial institution. The API expedites special requests and manages the process flow based on what information the consumer provides.
Joint application processing, pre-approval concepts, and promotional payment options are available with this module.
Businesses need to know their revenue figures, so this modular software makes it easy. Companies can quickly check daily transactions reports, merchant reporting, individual transaction reviews, individual account settlement status, and merchant-wide settlement reports.
Customers can also verify their accounts and track their payments.
All modules include in-depth reporting so partner companies can better manage their revenue stream. Available reports include individual transaction review, individual account settlement status, merchant
reporting, daily transactions report, and merchant-wide settlement reports.
Customers can also verify their own accounts and perform specific actions.
Payment plans may seem newer, but the practice is a well-recognized payment method with decades of history. At Zip Loan, we’ve been providing payment plan solutions for years to helps businesses gain customers, even those without excellent credit.
Zip Loan provides an end-to-end solution for every client. This model uses advanced origination modules and comprehensive software solutions for every eventuality. As with first look and second look modules, this software can be used alone or as a modular waterfall solution.
The third look and merchant backed plan module can be implemented alone or with partner workflows for a seamless experience. The APIs handle all the origination and underwriting mechanisms as well as the payment plan execution.
This modular payment solution includes four potential mechanisms for ease of use:
This module uses a proprietary software solution for underwriting criteria that companies can customize using a rules system. Companies can specify each aspect of the payment terms based on their clients’ risk factors when filling out their profile. The platform has an API for credit risk factors and can check credit scores.
The interface for consumers is straightforward and simple to operate. Changes companies make to criteria are reflected immediately, and users are not notified when a company changes its rules. Instead, the consumer sees different offers at the next search.
The module platform creates the necessary legal documentation based on the merchant inputs. The platform includes a signature pad for ease of use and email status updates on the customer’s requests. For the consumer, the straightforward workflow looks like this:
Once the consumer signs the documents, the recurring billing system handles all payment management. There’s no need for the company to chase the consumer. If necessary, the collections module handles any missed payments.
