APPROVE, a new Software-as-a-Service (SaaS) powered by equipment financing programs and put out by KWIPPED, has finally launched after a yearlong pilot, according to a press release on Thursday (May 20).
KWIPPED works in B2B equipment eCommerce.
With the new solution, users will have access to equipment financing throughout a sales process, including a digital quoting engine.
APPROVE’s lender network currently has 17 equipment finance companies, including Balboa Capital, Triton Capital, New Lane Finance, North Star Leasing and Time Payment.
The release noted the effects of the COVID-19 pandemic on the SaaS marketplace, as many consumers and businesses had to change the way they operated with the way COVID affected in-person transactions.
Robert Preville, founder and CEO of KWIPPED, said participating lenders “gain the opportunity to bid on a much larger pool of higher quality equipment financing applications, thus giving them the potential to expand their market share.”
He added that the company pilot showed that originations increased by 26 percent when financing was offered at the point of sale.
“We talked to sellers in various industrial, medical and food-service sectors who were missing opportunities to close transactions when equipment buyers turned elsewhere for financing,” he said. “We also learned many lenders were seeking an easy fintech solution that would help them grow their financing business in new markets.”
PYMNTS wrote that smaller businesses have been looking at other options for access to capital. While government aid has bolstered things for some, the availability has also shone a light on the limits of some financing agreements.
Those looking for options could find solace in equipment financing, though, with Mike Jones, president of Business Capital at CIT Group, who said there was a myriad of reasons businesses might choose financing rather than pay in full, including the need to keep competitive and provide the best kind of experience, using more modern technology.