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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.
What Are Third Party Financing Companies?
Zip-Loan is an agency that provides small business owners with access to third party financing companies. Our mission is to make it easy for small businesses to meet customer needs and expand their horizons by providing them with the option of offering financing solutions. We provide a platform that connects business owners with reputable lenders, so they can easily secure financing. With our help, small business owners can offer alternative payment methods to their customers while ensuring they don't have any unexpected risks or liabilities.
Benefits of Working With Third Party Financing Companies
Third party financing companies are businesses that specialize in providing financial services to clients who aren't able to secure traditional bank loans or other types of financing. These companies usually work on a peer-to-peer basis and will review the creditworthiness of potential borrowers. This means they will assess the ability of borrowers to repay their loans before approving them for funding. For example, Zip-Loan works with numerous third party finance companies, allowing us to provide our clients with tailored financing solutions that best suit their specific needs.
Why Do I Need a Third Party Financing Company?
Working with a third party finance company can be beneficial for a number of reasons:
By providing their services through Zip-Loan's platform, business owners are protected from any unexpected risks or liabilities associated with running their own financing program.
How Will I Benefit From Working With One?
By working with one or multiple third party finance companies, small businesses are able to reduce overhead costs related to managing customer payments and offer more competitive interest rates without putting their bottom line at risk. Additionally, entrepreneurs are able to quickly adjust their offerings as needed based on customer demand without having to spend time researching different lenders and negotiating loan terms - Zip-Loan handles all of this on behalf of the client! Finally, when working with a respected lending partner such as those found on Zip-Loan's platform, clients can rest easy knowing they are dealing with a reputable source who adheres strictly to industry regulations and provides excellent service quality standards!
How Will My Customers Benefit?
When customers use third party finance companies that are connected through Zip-Loan's platform - they're getting access not only to reliable financial solutions but also options that may offer lower interest rates and more flexible payment plans than traditional sources would offer them - something they might not be aware is even available in many cases! This can ultimately result in improved customer satisfaction levels since customers feel like they're getting value for money when using these lenders rather than feeling like they have no choice other than to take out expensive conventional loans from large banks!
Takeaways
Summary
In conclusion, third party financing companies are a great way for small business owners looking for alternative payment solutions while helping them reduce overhead expenses associated with managing customer payments effectively! By connecting your business through Zip Loan's platform, you'll gain access to trustworthy partners who adhere strictly to industry regulations and offer extremely competitive borrowing options - meaning both you & your customers get the best deal possible! Whether you're looking into improving your overall cash flow situation or simply want to give your customers more convenient payment options - investing in partnership between yourself & trusted third parties could be well worth your time & resources invested!
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.
