In House Financing Software
Never Pay High Discount Fee’s To A 3rd Party EVER Again!
Why Offer In-house Financing?
Help your customers buy what they really want, increase customer loyalty, and drive new sales by offering extended credit terms.
More results for you and your customers through self-financing plans
More than ever before, consumers lack the available credit or cash balances to accommodate unanticipated expenditures.
- Increase revenues while capturing important, high profit services
- Further enhance profitability by collecting interest on balances
- Offer and advertise in-house customer or patient financing and attract significant incremental business
- When marketing a monthly payment as opposed to a cash price, consumers are normally willing to pay significantly more in total for the product or service
- Build true, long term customer loyalty and repeat visits
- Create a predictable and material monthly income stream
- Require down payments adequate to cover hard costs
- Reduce accounts receivable write-offs and improve collections
EC complements other consumer financing options by offering expanded capabilities not found in conventional 3rd party consumer financing programs.
It Puts You in Control
EC is a start-to-finish online lending software platform that enables your business to create and manage your own in-house customer or patient financing plans and programs. It lets you manage every aspect of the credit and collections process. As the Merchant, you determine not only how you’ll offer financing to your patients, but how fast your revenue will increase with more successful payments.
Provides Credit Flexibility
Our Solution is ideal for creating in-house financing plans for customers that don’t fit the credit standards or the type of covered transaction dictated by your existing 3rd party lender, but fit your own business’ need for a qualified applicant. With our program, you are able to attract new customers and offer in-house customer or patient financing for procedures and transactions previously rejected for lending. You can also quickly launch special promotion campaigns based around credit terms that drive new business and promote patient-business cooperation.
For many service-based businesses outside customer financing is not available or very limited. EC enables these businesses to start offering self-financing plans to their customers while controlling repayment risk. With EC integrated into your personal lending system, instant Credit and Fraud Verification are able to evaluate credit risks just as a 3rd party lender would, while avoiding the high discount fees they commonly charge. It is a poorly kept secret that lenders only approve borrowers with the best credit. Now, with EC you have the power to determine what level of credit a patient needs to allow financing and keep this revenue rather than pay it to someone else.
EC’s In-house financing software not only saves you money, it saves your patients from spending too much on an outside party’s fees. If you are providing in-house financing to your customers using a manual process and handling payments via credit card, EC will significantly save a significant amount of cost spent on credit card processing fees, not to mention the labor cost expended to manage your manual processes. Your customers will be satisfied because they will not be faced with the onerous interest rates commonly encountered when using healthcare, specialty credit cards, or traditional consumer loans.
Improves Collection and Reduces Costs
Additionally, EC offers a vital new payment option for managing your accounts receivable balances. You can now offer customer or patient financing plans to existing accounts rather than paying the high cost of sending them directly to outside collections.. You choose which accounts qualify for payment plans, you set the credit terms, and EC automates the entire process. This management even includes payment processing and handling missed or failed payment. This important capability improves collections returns and cash flow while automating time consuming and error-prone manual accounts receivable management.
Payment plans help customers pay their bill. You benefit from reduced defaults and fewer accounts going into collections.
Suffering from Slow Pays and High Collections Costs?
In today’s economy, more and more consumers are having a tough time making ends meet. When it’s time to pay your invoice, too often your customer can’t pay what is due.
Until now, your choices have been limited. You can work out payment terms with the customer and manage it manually, but that isn’t very effective when you have a large volume to track and process each month. Or, you simply turn it over to a collections agency and let them handle it for a fee. Unfortunately, customer relations are damaged because they were turned over to collections and, if the account is collected, often you end up settling for pennies on the dollar and pay a fee to the collection agency.
EC Offers a Better Soft Collections Solution
- Using ECs online payment solution,you can offer your AR accounts the option to go on a payment plan and let EC handle the process from start to finish for you. How it works is similar to extending credit to a new customer.
- You define the payment plan(s) you want to offer as part of your receivables management services- you set the terms, interest rate, and amounts you are willing to finance.
- You decide which AR accounts are eligible for payment plans and load them into EC. We provide an option to upload data electronically to save you time and the risk of inputting information incorrectly.
- Optionally, EC can provide you with an online webpage for your receivable accounts to use to apply for payment terms. We can automate the business rules behind the scenes to enable you to decide which automatically qualify, which need further evaluation, and which to reject.
- You put them on a payment plan and get their bank account information so payments can be made directly from their bank account.
- EC processes the payments each month and performs soft collections for you to handle missed or failed payment situations.
- Payments received are deposited directly into your bank account.
- In those situations where accounts are deemed in default, EC notifies you and you decide if they should be sent to collections or written off. If sent to collections, Ec handles everything for you and keeps you notified as things progress.
You Benefit from our Online Payment Plan Services
- EC automates the process for you saving you time and reducing errors common with manual processes.
- EC improves your cash flow from better collections and reduced use of outside collections services.
- When you do need a collections service, EC offers an integrated service with a proven agency at a competitive cost.
- Best of all, your customers appreciate being treated with respect and you keep your customers happy and loyal.
Now is the time to put the EC Solution to work for you and re-energize your sales today!