QuickFi Frequently Asked Questions

Here are a few topics QuickFi partners ask about to initiate productive conversations.

 QuickFi is a platform controlled and managed by QuickFi’s manufacturer finance or bank partners. QuickFi is not a lender. We are are not in competition with our bank or manufacturer finance partners. In fact, we have many manufacturer partners that wish to use QuickFi, which we connect with our bank partners for future funding opportunities. 

We never charge a spread or commission for using the QuickFi platform, only a low, flat fee (per transaction). Our standard fee is less than 1/3 the internal costs (per transaction) of a highly efficient small ticket lender operating at scale (per current ELFA survey of industry activity data1).

QuickFi does not require large up-front payments or long term commitments. If QuickFi doesn’t work as expected for a bank or manufacturer partner (which has not yet happened) the partner can discontinue using QuickFi without cost or obligation.

1Access the full report, here: https://www.elfaonline.org/knowledge-hub/ sefa-survey-of-equipment-finance-activity

QuickFi is an end-to-end platform, meaning it requires minimal partner integration and can be rolled-out in less than two weeks. QuickFi can be connected to bank and manufacturer partner loan and accounting systems via API. QuickFi’s services include onboarding, authentication, credit scoring, pricing, structuring, documentation, lien perfection, OFAC verification, compliance, customer service, billing, collections, early buyouts, etc. The entire, 100% digital, end-to-end business model is provided.

QuickFi has turn-key solutions for consultative direct equipment sales, widely-distributed dealer equipment sales models and Internet direct equipment sale distribution models. We attempt to implement QuickFi with as little change to the existing manufacturer sales distribution model as possible.

QuickFi serves small ticket, credit-scored transactions nearly instantly, often providing borrowers with onboarding, authentication, credit scoring, structuring, documentation and loan or lease consummation in under ten minutes, without the need for the borrower to talk with anyone (unless the borrower wants to talk with QuickFi’s 24/7 live support). Serving smaller transactions with the cost-effective, frictionless QuickFi platform is often an implementation starting point.

At the other end of the spectrum, QuickFi is also an ideal way to serve your best, repeat customers, allowing them instant, self-service capability to draw-down on their lines. Banks and manufacturers wishing to avoid losing their best borrowers to competitors use QuickFi to create a differentiated, borrower self-service for their largest and best customers.

For equipment manufacturers, QuickFi provides significant differentiation offering nearly instant, digital, borrower self-service financing solutions that are available 24/7/365.

Our partner banks and OEM captives control all credit and pricing criteria. Our bank and OEM captive partners remain in control of all credit and pricing decisions.
QuickFi accommodates secured business equipment financing transactions in all 50 states including both loans and leases. Terms range from 12 to 72 months. Down payments may be required. Multiple credit tiers may be established. The platform accommodates manufacturer subsidized (infinitely configurable blind-discount) loan and lease pricing. QuickFi also accommodates 90 day payment deferrals. All these product structuring options may be easily turned on and off and configured and adjusted from time to time by QuickFi’s partners, in the web-based QuickFi Partner Control Panel.

QuickFi produces digital chattel paper which is output into an eORIGINAL digital vault, controlled by the bank or OEM partner and integrated with QuickFi. The terms and conditions contained in the digital chattel paper are widely accepted among banks and finance companies in the U.S. equipment finance industry, so QuickFi digital lease or loan transactions to $5 million each are easily syndicated between US banks for over-exposure credit management and for other reasons.

Maintenance, audit and transfer of digital chattel paper between lenders is less costly and more secure compared to traditional chattel paper.

About QuickFi

QuickFi incorporated emerging new technologies (such as artificial intelligence, facial recognition, and blockchain) to create an entirely new financing business model expediting the equipment sale process with advanced pre-qualification capabilities instant 24/7 credit and documentation processing and next day funding — all with a nearly instant, dramatically improved borrower experience.

QuickFi provides significant differentiation and competitive advantage against all banks and manufacturers employing the traditional equipment financing model.

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