This client was a national F&B franchise that was rolling out a new POS system to its franchisee base.
The franchisor wanted to put in place a financial solution for those franchisees that did not want to pay for the new assets up front.
The cost of each terminal package was approximately $11K with some franchisees requiring up to three terminal packages. As there were three suppliers involved, the solution needed to be able to cover three separate supplier payments in a single transaction that was easy to manage for the franchisees.
Techfin proposed a solution for the franchisees that only required a one-page application form to be completed and offered terms of either 3 or 5 years for them. In addition Techfin was able to process the credit approval without the franchisee having to provide onerous financial information.
Once we had received the completed application we could provide a credit response to the franchisee within a period of between 2 – 6 hours. Upon approval we then prepared the documentation and emailed to the client for sign off. Assuming all the documentation and information was correctly provided and executed we were able to process and application from credit approval to settlement within 6 hours.