A Document-Free Financing Alternative?

No one loves to gather documents, particularly a customer who’s hustling to purchase equipment and build a small business. Clicklease can help your customers circumvent the paperwork slog and buy what they need without time-wasting hassles. Here’s why document-free financing can help your business.

People Don’t Go to Brick-and-Mortar Banks Anymore

Digital money management tools were already popular, but the Covid-19 pandemic made them fully mainstream: mobile banking registrations jumped 200% between March and April 2020, which included a significant increase among Baby Boomers who were previously resistant to fintech. Customers expect the ability to deposit checks, make payments, apply for loans, and manage their accounts from their phones. And, subsequently, they don’t have much reason to walk inside a brick-and-mortar bank anymore.

What does this mean for customers applying for equipment financing? If a lender asks them to produce documents for a traditional small business loan, they can’t just grab papers from a filing cabinet. They need to generate the documents because they’re already operating in a paperless environment. And, if you’re running a physical equipment showroom, a browsing customer probably isn’t walking around with a pile of sensitive paperwork in case they need it to apply for financing.

Meet your customers where they are, in a document-free digital space. Clicklease offers point-of-sale financing that customers can apply for with just some info from a business license—no documents, no hassle. And no customers leaving your storefront to hunt down paperwork. 

Small Businesses Don’t Have Time for Bank Loans

Not only does paperwork tie up customers applying for traditional small business loans, but it also slows down the approval process significantly—a human underwriter collects and reviews everything and then generates another ream of documents for approval or denial. Some small business loans can take several months for processing, and all that time costs money. As a result, it often doesn’t make financial sense for banks to lend in amounts less than $15,000 after they’ve paid the underwriter and spent weeks shuffling papers around.

Most entrepreneurs don’t have months of runway without an infusion of outside capital, and many need an amount less than $15,000 to purchase equipment. With Clicklease, document-free applications are assessed by an algorithm that returns approvals within minutes. This quick process spares customers the agonizing wait to learn whether they can finance their small business dreams. And, Clicklease offers financing amounts from $500 to $20,000, so customers can apply for exactly what they need. All without a pile of paperwork.

Younger Customers Don’t Do Paperwork

If your (desired or actual) customer base tends to skew younger, you can catch more sales with paperless financing options: 80% of Gen Z uses mobile banking and payment apps, and 55% of Millennials pay bills from their phones. They also tend to make broader use of paperless buy now, pay later options offered by online B2C retailers, and expect the same level of ease in their business purchases. And, finally, Millennials don’t own printers—they possess neither the desire nor the tools to create paperwork for themselves.

By offering younger customers the ability to apply for financing without resorting to document-gathering, you can reach two of the largest generations in history, who are in their prime years for taking out loans and building their dreams. Clicklease makes it fast and easy for your customers to get what they need.

 


Ready to cut down on paperwork for your customers and yourself? Let Clicklease take over the financing while you collect the funding. Here’s how to get started.