Finance Equipment in a Flash with a Mobile App

Source: GREENSHEET.COM

Innovation Finance USA LLC created QuickFi®, a mobile-first solution designed to accelerate equipment financing while building transparency and trust. Using innovative technology and APIs, the platform converts a typical financing cycle from three weeks to three minutes, according to company representatives. The self-service solution works on Android and iOS devices. QuickFi users can upload invoices to the QuickFi mobile app and e-sign digital applications.

William Verhelle, CEO at Innovation Finance, who formerly served for 20 years as CEO at First American Equipment Finance, started the digital-first company from scratch. Together with company leaders, he built a disruptive new model of equipment leasing and finance to eliminate portfolio conversions, staff training and other labor-intensive tasks.

“QuickFi was really designed with the user experience in mind. The app provides transparency, convenience and trust while giving clients more control and flexibility of the equipment finance process.”

Mark Tomaselli, President at Innovation Finance

Three steps, three minutes. Traditional business equipment financing and acquisition is a lengthy process that can take between 14 and 90 days to complete, Tomaselli noted. It typically involves sales, credit approval, pricing, documentation, manual review, approval decision and multiple signatures. Conversely, the QuickFi process takes three minutes and three steps, described by the company as follows:

  1. Business owners upload or import unpaid invoices into the QuickFi mobile app. Users can upload the invoices from their Android and iOS cameras, directly from cloud storage or folders, or by emailing the invoices to the secure QuickFi platform.
  2. Users select financing structure and terms and choose a finance or rental structure accordingly. Users can view loan interest rates and monthly payment plans to make an informed decision. There are never any hidden fees or costs, and initial deposits are not required. Also, users will never pay additional fees for timely repayments.
  3. After reviewing transaction detail, users can complete transactions with a digital signature inside the QuickFi application on their connected devices. QuickFi requires only one digital signature. Documentation, stored on a private blockchain, is accessible through the mobile app. Most vendors are paid on the next business day.

TRANSPARENCY, TRUST

In addition to being 100 percent self-service and 100 percent mobile, QuickFi provides open lines of credit to be used on demand instead of on a project-by-project basis, Tomaselli stated. QuickFi is part of a new generation of FinTechs that are changing the trillion dollar equipment finance industry, he added. Channel partners can leverage its real-time underwriting and account onboarding tools.

QuickFi also noted that it leverages biometric authentication, digital authorization and artificial intelligence to protect customer data. The solution securely stores vendor invoices, financing agreements and payment records, all of which are accessible via the QuickFi mobile app. Amortization schedules and booking entries to set up new loans in accounting systems are also available through the mobile application, along with 24/7 live chat and telephone support.

“Equipment financing transactions don’t have to happen between 8 and 5, Monday through Friday,” Tomaselli said. “Customers can control the process from end to end, anywhere, anytime. The intersection between changing customer preferences and advanced technology enables us to reimagine how equipment financing is done.”

Website: www.QuickFi.com  |  Contact: info@QuickFi.com

Source: GREENSHEET.COM |  December 09, 2019  |  Issue 19:12:01

BY DALE LASZIG. Ms. Laszig is a payments industry journalist for Green Sheet (an online community and e-magazine for breaking industry news). She specializes in emerging financial technologies.

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