What is our FaaSmatch Algorithm?
We keep mentioning our “FaaSmatch” algorithm – it’s how we match your business to the best lending options out there. But how exactly does it work? The “FaaS” in FaaSmatch stands for “Financing as a Service,” which is what FaaStrak does. We’re taking the broker out of getting a loan, and making it easier for you and your customers to find the lending options you need. We’re a business-to-business service, and our finance-matching is the service we offer.
FaaSmatch is an algorithm because it uses software analytics to automatically sort through your customer’s financial information and compare it to our lending marketplace. This way, based on data points, it can match you them with the lender that will give them the lowest rates and best terms, along with the best chance for approval. By using this automated process, they can instantly see how different lending options compare, and understand which one will work best for their business.
What is an Algorithm?
By definition, it’s a process or set of rules to be followed in calculations and other problem-solving operations. They’re created by constructing a set of directions, much like a map, that can be reduced to three logical operations – “and,” “or,” and “not.” You can use algorithms to solve a Rubix Cube, or you can use algorithms to run search engines. Algorithms are everywhere. They’ve become a colloquialism. They determine what’s advertised to us and they determine what shows up in our news feeds. FaaStrak’s algorithm is different. We saw the need for an easier way to find lending options, so we spent countless hours dedicated to doing just that.
Our algorithm is a set of programmed commands that looks at financial information and compares it to data from lenders. It looks at credit and other financial factors and analyzes it alongside compiled information from our lenders to determine which loan and lending options make the most sense for each business’s financial situation.
The Goal of the FaaSmatch Algorithm
Stefan Friend, head of product development at FaaStrak, explains that the goal of the FaaStrak algorithm is to help users make informed decisions.
“It’s a simple way to match a business’s credit profile holistically to the right financial products for them,” said Friend. “Using a proprietary algorithm, we take a close look at a business credit profile and score and weigh them against the criteria for certain financial products.”
This makes the funding process quick and easy, and without the need for a broker or extensive paperwork. The FaaStrak algorithm automates the funding process so the business owner is in charge of their own funding, but FaaSfunds lets them see what their best option is.
“Ultimately what this does is help them have a better view of the best product for their business,” said Friend, “and allows them to have a firmer grasp on their business’s financial future.”
If you’re interested in seeing FaaSmatch in action, click the button below to book your demo today.
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