SuperMoney's online lending platform is already helping consumers find loans that suits their needs with its real-time loan comparison technology. Now, small business owners can do the same to help their customers land financing when they to take on a remodeling job or other project.
The company recently launched a new point-of-sale financing service for small businesses. It helps customers secure a loan, enabling small businesses to compete with larger companies and major retailers that offer financing as part of the sales process. And as it turns out, participating lenders also doing a bit of competing of their own, allowing borrowers to get the capital they need without saddling a small business or service provider with additional costs.
The point-of-sale lending offering is based on much of the same technology that powers the company's successful service for consumers.
In March, less than a year since the service launched, more than half a billion dollars in loan requests had been processed by the SuperMoney consumer loan offer engine. In a B2B fintech move, the company has adapted the technology for the small business community.
"It's an 'everyone wins' scenario," SuperMoney CEO Miron Lulic told Small Business Computing. "Multiple lenders are competing for their financing [and] contractors are not being charged all those fees." And being completely transparent about how the arrangement works, SuperMoney makes its money from lenders that pay the company, he said.
After signing up, users get access to an administrative portal that enables them to manage their newfound financing options. They also get a custom co-branded page that a business can share with clients.
The link then leads to a "fully mobile, responsive" website, assured Lulic. This means potential borrowers can simply whip out an iPhone or other mobile device and begin exploring their financing options on the spot.
Clients then fill out a single form to get offers from multiple lenders. Within moments, the service generates a list of pre-approved lending offers that enables borrowers to compare rates and terms. After picking the best option, they get their funding, sometimes on the same day, depending on the loan product they selected.
Generally, it's also money-saver. "People's rates are going to be better than a credit card," Lulic said.
While convenient for a homeowner who may want to remodel a kitchen or a person who wants to learn a new skill at a participating trade school or training center, SuperMoney's solution helps small business owners "boost sales by offering financing and increasing customer purchasing power."
Citing data from Forrester Consulting, the ability to offer financing can improve sales by nearly a third (32 percent), on average. It also increases the value of transactions by 75 percent, on average.
For an extra marketing boost, SuperMoney's dealer network lists participating companies get a profile that includes the services they provide and the regions in which they do business. SuperMoney makes recommendation to visitors when they come looking for the services offered by network members.