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Contact: Alexandria Cerretani
Using the Power of Technology to Reinventing the Equipment Leasing Process
Introducing a new technology era of equipment leasing in one single platform – Smarter, More Control, Automated & Cost-Effective
CHARLOTTE, NORTH CAROLINA, (March 1, 2018) – Prior to the revolution of online platforms, equipment leasing was only offered through two different channels. Equipment sellers had to choose between a broker or going directly to a lender. The problem was that equipment sellers could never control the process. Equipment sellers didn’t have the transparency into either the lender being used, the broker, or the sales process from direct lenders.
FaaStrak has created the first ever online marketplace of equipment leasing lenders. Now, sellers can choose the best lenders for their business while also protecting their customers from being shopped by other lenders. FaaStrak’s proprietary software systematically places the applicants with the most appropriate lender chosen by the equipment seller and helps its lending partners automate their application process. By standardizing the application process, applicants and equipment sellers now see the same process no matter which lender is chosen from the marketplace.
FaaStrak was established back in 2015 as a standard equipment leasing broker who specialized in the M2M/Internet of Things space. Founder and CEO, Ken Brokaw wanted to build a solution where his customers could easily sell a subscription service utilizing the lending institutions to help with cash flow for multi-year contracts. Brokaw quickly realized that much of what value the broker brought to their partner was repetitive tasks and could be automated utilizing the power of a platform.
“The feeling was that FaaStrak with its challenges to scale shouldn’t have to result in hiring more employees to service the increasing amount of repetitive tasks. The industry was in dire need of a new way to offer equipment leasing. A way to offer equipment leasing that turned your typical broker services into an digital platform,” says Brokaw.
After the initial development of the product, Brokaw faced a predicament: How to make the company profitable all without having to significantly increase the interest rate of the applicants to accommodate costs.
“Essentially we’ve reinvented the Equipment Leasing industry,” says Brokaw. After years of hearing other people claim to be equipment leasing brokers, Brokaw realized that the industry standard was far from the usual situations of dealing with a mortgage or financial broker.
The commission to pay for the equipment leasing broker’s service was typically 3X – 4X that of other broker industries and required very little in the way of customized services. Brokaw took his knowledge of equipment leasing and the tasks that he was required to make on an everyday basis and turned to his development partners to help automate the process. By automating a majority of the tasks, the cost associated with servicing the deals dropped significantly.
However, that wasn’t all. Brokaw also wanted to change the way the industry looked at equipment leasing and the value of having a professional leasing service. Sticking to the value of always wanting to service the equipment dealer first, FaaStrak developed the first ever open marketplace of lenders. For example, FaaStrak’s site gives user access to equipment leasing lenders that fit their customers needs.
Simply put, FaaStrak eliminates the typical broker business model. Our industry knowledge and highly effective process ensures that we transform your lease business into next-generation leasing — putting you light-years ahead of direct lenders and brokers. We have created one smart credit application connected to multiple lenders. This smart application can easily be embedded into your website or product quotes.
Request a demo of the FaaStrak platform by visiting our website or calling 1-877-443-8851. Spots are filling up quickly!