FOR IMMEDIATE RELEASE
Contact: Alexandria Cerretani
We’ve Automated the Equipment Leasing Process Through The Power of a Platform
Introducing a new technology era of equipment leasing – Smarter, More Control, Automated & Cost-Effective
CHARLOTTE, NORTH CAROLINA, (March 1, 2018) – Prior to the so called Platform Revolution, equipment leasing was offered through two different channels. Equipment vendors, dealers, resellers and manufacturers had to choose to either use a broker or go directly to a lender themselves.
FaaStrak was established back in 2015 as a standard equipment leasing broker who specialized in the M2M/Internet of Things space. Founder/CEO, Ken Brokaw wanted to build a solution where his customers could easily sell a subscription service utilizing the lending institutions to help out with cash flow for multi-year contracts. Ken quickly realized that much of what value the broker brought to their partners 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 need of a new way to offer equipment leasing,” says Ken Brokaw.
After the initial development of the product, Mr. Brokaw faced a predicament: How to make the company profitable all without having to significantly increase the interest rate of the applicants in order to accomodate for costs.
“Essentially we had to reinvent the Equipment Leasing industry,” says Mr. Brokaw. After years of hearing other people call themselves equipment leasing brokers, Mr. Brokaw realized that the industry standard was far from what most we were used to when dealing with said 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. Ken 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.
But that wasn’t all. Ken wanted to change the way the industry looked at equipment leasing and the value of having a professional service. Sticking to the value of always wanting to service the equipment dealer first, FaaStrak developed the first ever open marketplace of lenders. FaaStrak’s site gives users access to equipment leasing lenders that fit their customers best.
We have eliminated the typical broker/business model. Our talent, 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 that connects to all lenders within the marketplace. Users can now build their business around a multi-lender approach and the customer will only have to fill out one application. The coined term “smart application” refers to the platforms ability to update in real time based on the applicant’s criteria. This way the applicant gets sent to the most appropriate lender without being shopped by other lenders.
For more information, please visit our website at www.faastrak.com.
Request a demo of the FaaStrak platform by visiting our website or calling 1-877-443-8851. Spots are filling up quickly!