FinTech, or technology across financial services, has turned the lending space on its head. Online lending companies within the FinTech category are growing in popularity. With this popularity comes industry disruption. But where does factoring fit in the discussion of FinTech and industry disruption? At Eagle Business Credit, we like to describe our financing operations as implementing more of a FinTouch type of approach, a visionary term coined by another factor last year.
FinTech Enables Immediate Financing Solutions
As of 2017, the majority of small businesses faced financial challenges within the past year of operation, yet only 4% of small businesses used invoice factoring as their financing method. Factoring bridges the gap between when services are performed or goods are delivered and when the customer pays. A Factoring company steps in between the seller and buyer to accelerate cash flow and encourage small business growth. With the knowledge that your factor will fund you, you only need to worry about making more sales and growing your business.
What Is FinTech?
FinTech has been so disruptive in the industry because of its simplicity and ease to obtain. FinTouch incorporates the best parts of this financial technology. Small examples include integrating e-signatures and e-verifications. Notaries are no longer required to apply for financing. Larger examples include solution streamlining and the option of a total online application. If a small business calls in need of immediate funding, we are a button push away from approval. If you prefer limited human contact, you can apply and manage your factor completely online with an intuitive and up to date user interface.
Eagle FinTouch Benefits
- 24/7 online access to your account
- web-chat for immediate response
- online application
- same day funding
What Is FinTouch?
Ultimately, FinTech has pushed Eagle Business Credit to evolve. Computer algorithms run the numbers and review bank statements to provide rigid credit lines that might not give the solution needed. Human employees are able to listen to the client, understand how they operate their business and who they do business with. Your credit line can then grow with your business to meet your working capital funding needs. Conversely, a bump in the road does not have to cause your business to fail when the computer says “no”. This shows the “Touch” component of FinTouch. Human employees, guided by empathy, can offer advising and understanding where online lenders do not. We build relationships with our clients and encourage them to call us. We are not an overseas call center where no common-sense decisions can be made. Eagle Business implements the effective components of FinTech that makes doing business easy and adds human components to make business compassionate.
CEO Exclusive with Ian Varley
To hear more about FinTouch, hear CEO Exclusive’s interview with Eagle Business Credit’s Ian Varley (CEO) and Kris Varley (Head of Marketing) below: