Finance & Lending

 

02 18 2014

02 18 2014

Big Data To Impact Equipment Financing

Small business owners are increasingly turning to tech and data solutions to address problems within their own companies. However, as new technology is often more expensive than most can afford, lenders are expected to increase their equipment financing and leasing options to keep up with higher demand. According to the Equipment Leasing and Financing Association, leasing companies that invest in Big Data earlier than competitors may benefit greatly from being able to serve clients more effectively while maintaining an edge against competition.

Additionally, small business owners who take to the growing trend and invest in equipment financing options may also be able to improve their own business practices without spending significant amounts of money on new technology.

The ELFA report, which was conducted by Genpact, studied the level of current application and knowledge of data and technology within the $827 billion industry. It also analyzed the level of understanding on the matter within the wider business community. According to a previously completed 2013 Gartner survey, service industries, financial companies and communication and media firms lead the pack in incorporating advanced data technology into their business plans.

Study finds numerous benefits of adopting new technology

The study examined the impact of tech trends worldwide and found 64 percent of companies across the globe have already taken to Big Data or intend to begin using these types of technology by June 2015, and 38 percent of percent of U.S. respondents said they have already invested in data tools.

ELFA reported that Big Data use can help both equipment lenders and lessees alike, and that accessing tech capabilities can help financing companies succeed in improving customer satisfaction, developing new service methods and products, increasing shareholder success, gaining insight into upcoming market trends and keeping up with competitors.

The only thing standing in the way of companies making strides toward more technological advancements is a lingering resistance toward change, Richard Gumbrecht, chairman of the foundation and chief growth officer of EverBank Commercial Finance, said. However, if they overcome these challenges and company leaders make smart decisions, organizations can quickly find their way in the world of tech advancements.

“Equipment finance companies are traditionally known for their resilience and flexibility and by applying those qualities will find information in this study invaluable in harnessing the potential of Big Data in their organizations,” Gumbrecht said.

Big Data is not only for large companies looking to expand. Small businesses can also greatly benefit from new technology and what’s more, these tools do not have to be financially out of reach. Equipment leasing and financing is a strong option for those looking to improve business, organize internal operations and increase customer service values. Those interested in utilizing new technology don’t have to spend a fortune on these upgrades, either. By contacting companies like National Funding, entrepreneurs can choose instead to lease new and used equipment, making it easier to access powerful business tools without spending large sums of money.

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General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.