When it comes to getting your business ready to offer financing to your customers with LenderPing, the process is simple. The first step is building your business's financial profile within LenderPing's portal so that the system can pair your business with lenders that fit your industry. Once your profile is created, LenderPing will automatically submit your financial profile and supporting documentation to the lenders for approval. As soon as your business is approved by the lenders and our team provisions your account, you will be ready to start offering financing your customers and submit applications.
LenderPing is currently integrated with three lenders that are able to instantly approve loans across a broad range of credit profiles. LenderPing's team will be working around the clock in 2019 as we continue integrating more lenders onto the platform, ensuring that loan approval rates continue to grow. LenderPing's proprietary underwriting technology is able to instantly ping lenders and identify which lender and loan program is the best fit for you and your customer at the Point-of-Sale. As LenderPing's network of lenders and funding sources continues to grow, so will your loan approval rates, revenue, and business.
LenderPing was created by business owners for business owners that fully understand how vital cash flow is to a business. Unlike other personal loan platforms, LenderPing funds you, the business owner, directly within 24-48 hours just like a traditional merchant account. By engineering our platform to fund you, the merchant, directly, it makes for a smooth transaction at the Point-of-Sale, ensuring that you get paid so you can move forward immediately with the cash flow you need to start fulfilling the services you have sold your clients.
LenderPing understands a variety of sales processes for the verticals we service and we fully comprehend how important a simple application process is at the Point-of-Sale. Our lenders make it easy to apply for financing by enabling either you or your customer to quickly input borrower information and submit loan applications instantaneously to the lenders your business is approved with. The loan application can be submitted through any device connected to the internet, like a smartphone, tablet, laptop, or desktop, giving maximum flexibility when it comes to running loan applications.
Configuring LenderPing is easy! All of our subscription plans come with one administrative user and one sales user with functionality that allows you to expand or create new administrative or sales users depending on your organization's requirements, structure, and growth. Business owners that sign up for LenderPing are able to set up sales users, administrative users, and get visibility on all users and platform activity throughout their organization, including functionality that will accommodate multiple locations and sales offices.
LenderPing's dashboards and reporting are simple to understand and easy to access. LenderPing developers are busy working daily on improving reporting on key analytics such as funding ratios, approval rates, application volume, lender performance, and many other borrower related metrics that will help your organization confidently implement financing as another regular payment option for your clients at the Point-of-Sale.
LenderPing can be integrated with just about any system your organization is already using or wishes to continue to use. LenderPing knows that your organization already has Point-of-Sale and Customer Relationship Management systems in place and we will not change or replace any of your current systems.
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Commonly asked questions about LenderPing and Point-of-Sale financing for merchants in the service business.
If more customers can afford your services, more customers will buy your services, providing you with more opportunity to maximize each sale.
If you provide services with a cost basis of $1,000 - $35,000 per transaction, your customers will appreciate the ability to finance said services.
With access to multiple lenders and variety of loan programs, guidelines, and terms, all customers can be paired with an ideal financing offer.
Interest rates vary by merchant vertical and customer. Rates are typically between 8% and 20%. Flat rate programs are offered to some merchants who finance at least $250,000 per month.
LenderPing is free for an initial 90 day period. After 90 days, LenderPing charges monthly subscription fees, which primarily depend on the size of your organization.
Each lender charges a different merchant discount depending on the credit risk of each approved customer application.
LenderPing is absolutely FREE for your customers. LenderPing is committed to the best-in-class service that your customers expect.
Current financing approval rates are around 50% and vary greatly by the line of business and target market. With access to a variety of vertical-specific and non-traditional programs, LenderPing provides an option for almost every customer.
LenderPing's network has a funding capacity of over $100,000,000 per month.
LenderPing will pair you with every lender on our platform that finances your industry type. Many lenders in our network focus on specific lines of business and provide best-fit financing options tailored to specific services and customers.
When your business joins LenderPing, you will be instantly matched and connected with all the lenders on the LenderPing network who serve your industry.
LenderPing is currently integrated with multiple CRM platforms and POS systems. Please inquire with a LenderPing team member regarding the integrations we currently offer.
By onboarding consumer service industry dealers with multiple lenders who offer a wide variety of specialized loan programs for each industry and consumer credit tier, dealers on the LenderPing platform get better approval rates and the competitive advantage of multiple loan offers.
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800.660.8555
info@lenderping.com
124 Broadkill Road, Suite 464 Milton, Delaware 19668
