Businesses of all sizes find themselves in need of the appropriate equipment to operate and grow. However, many of these businesses don’t have the capital to buy their equipment outright or simply need to save their cashflow for payroll or other operating costs. This is why equipment financing has become a must for companies of all sizes to operate efficiently. This frees up cash for different business activities, hedges inflation risk, improves company growth, and keeps the company operational. But to get in touch with a company that will finance the equipment, businesses had to go through an equipment finance broker or direct lender. FaaStrak has solved this problem with its automated equipment leasing platform.
Why hiring an equipment finance broker is no longer the only option?
Businesses that manufacture their products often opt for equipment financing as it saves a lot of capital upfront. This used to make the job of an equipment finance broker crucial as he/she works as a guide to leading the manufacturing companies to finance providers, but with FaasTrak we eliminate this process and making it much easier to acquire equipment leasing options. There are many more reasons why your business will no longer need the help of a finance broker:
1. Reduce financial risks
When your customers buy expensive equipment using their capital, they their company at risk by devoting the cash to a capital asset. Using up all the cash on a capital asset will mean they won’t have enough money to finance other activities like inventory, wages, electricity, and so on. Instead, when they opt for equipment financing by utilizing the FaaStrak platform, they can nullify that risk to a great extent. A significant amount of cash will freed up in which they can then use for essential other business activities.
2. Minimal down payment
Your customers can now focus on expanding their business by tending to other day-to-day operations. As there is minimal or no down payment in this system, they can spend the money on a variety of other avenues that will help expand their businesses. The borrowing terms are often flexible and allow the business owner to use the existing machines and also take advantage of the new equipment for manufacturing purposes.
3. Combat inflation
Paying the full price of equipment or making a hefty down payment often puts businesses in a risky position if the market is in an inflation phase. Instead, they can enjoy the benefits of equipment finance services that will prevent them from using up capital when there is a financial crunch.
4. Tax benefits
Equipment finance brokers can also come up with deals where equipment financing payments are exempted from tax slabs. Many companies offer customized financing. These deals are tailor-made to suit the unique tax objectives of their business. So, not only will they save capital but also pay a lesser amount of tax because of the financial equipment program.
Equipment financing used to be a frustrating and tedious process until the creation of FaaStrak. Onboard with FaaStrak and allow your customers the benefits of cutting out the traditional broker and ensure they are matched with the perfect lender, every time!
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