What are the Lender Advantages of Using FaaStrak?
At FaaStrak, we connect equipment vendors with businesses that need equipment. Then, we connect these businesses to lenders to give them funding options for the equipment they need. By having a range of different equipment vendors in our marketplace, we offer several different services to businesses that need industrial equipment, but that also need a way to finance that equipment.
That makes them your customers, too. Once a business figures out what they need, trying to figure out a way to buy it can be stressful. These purchases are costly, and many businesses can’t afford to buy them upfront. That’s where you, as a lender, come in – by being a part of FaaStrak, you’re able to access more customers who need your funding.
We offer several benefits for equipment vendors, but what do lenders get out of working with FaaStrak? Along with giving you access to a larger pool of customers, FaaStrak also gives lenders the opportunity to close more deals. How do we do that? Here’s a definitive list of the lender advantages FaaStrak offers.
Higher Quality Applicants
Imagine getting applications that have over a 75% chance of approval. With FaaStrak, that’s the reality. Your team will no longer have to waste time processing applications that never had a chance of approval from the beginning. How do we do this? Each lender tells us basic credit requirements in order for us to match them up with applicants. If those requirements aren’t met, the algorithm kicks out the application and it is never sent to that particular lender.
This will save your employees hours of sorting through applications that never stood a chance for approval. This way, you only see the applicants with the best chances for approval, every time.
The first question we often get – is the application our credit team receives being shopped? No way. We make sure that if an application is sent to a lender, that it’s only being looked at by that lender. This way, you don’t waste time on a deal that might not go through.
Our FaaSmatch algorithm automatically matches up those looking for funding with the deal they’re most likely to get approved for. Based on data points from lenders, we’re able to quickly show applicants what they can get approved for, and therefore taking the hassle and guesswork out of the application process for your customers, and taking the headaches out of the approval process for you.
Not to mention, we take care of the technology, consumer experience and vendor integration, so you can focus on your core business. We do the customer-facing part, and you do what you do best – lend money. We make our integration simple – it consists of three steps and can be completed online. Our code is universal and works for every checkout solution.
Our streamlined application process makes things easier for applicants, and therefore quicker for you. The faster applicants can get things done, the faster they send them off, and the faster you can approve their funding. Not to mention our ability to show you the applicants with the best-approval ratings – this also makes things quicker and gives you the chance to get through the most applications you can in the shortest time-frame.
Increases in Funding
Our platform processes thousands of credit applications from our registered equipment vendors. As a result of things being easier and quicker, you’ll be able to close more deals. From our algorithm to the application, we make the entire process a breeze and get your customers to you in higher numbers than ever before. This increases your pool of customers. The increase in people needing funding will help you to close more deals as a result, and everyone gets their way.