1. What are the benefits of offering financing to my customers?

Offering your customers access to financing can be a powerful business-generating tool for companies of all sizes. A Forrester Research study found that companies that implemented online financing options experienced a 32% increase in sales. Consumer financing options are increasingly popular because of lower rates and developments in expedited underwriting methods.
Financing platforms are nothing new. Various markets such as car dealers and medical providers have long offered flexible installment loans to customers. When done correctly, financing is a win-win for both businesses and customers. Benefits of offering consumer financing include increased sales and larger ticket sizes while providing a positive company image to your customers. It improves cash flow by widening your customer base and helps to recruit and retain more customers.

2. Why should I choose ePay Finance as my customer financing partner?

ePay Management has been offering exceptional payment and financing solutions since 2000. Our financing platform provides more approvals, higher loan amounts and longer term options than traditional lending options. We cater to preferred vertical markets such as "Legal" and "Alternative Medicine" as well as those that typically do not meet most lenders' participation requirements.
Our marketplace lending platform features instant credit decisions and aggressive credit policies. Our goal for the platform is to make it as comprehensive and simple for you as possible.

3. I have a law firm. What makes ePay Finance Bar Compliant?

Our Legal Fee Lending platform was built to adhere to the 5 key bar regulations governing client finance; No compulsion to perform, no limitation of choice, no compensation other than the collection of legal fees, arms-length transaction, and fair market pricing. The intention of the program is not to just help attorneys get paid but to remove the cost barrier for clients who are seeking legal representation.

4. What is the credit criteria for borrowers using ePay Finance's alternative financing platform?

Approvals though our direct-to-borrower platform are based on many factors. Each lender has their own system of vetting the customer in order to weigh the risk against default. While many of the lenders understand that these consumers may come with higher risks, they minimize them by looking for signs of financial stability and solvency. With that said, typical minimum requirements include the borrower having a social security number, a minimum annual income of $26,000 and a FICO score of 550 or above.

The ePay Denefits platform offers 100% approvals with guaranteed client financing and no credit checks.

5. What are the interest rates for consumer loans offered through your platform?

Borrower interest rates start at 6% and go up from there dependent on the credit-worthiness of the individual borrower. To maintain bar compliance, law firms using the platform have loan offers capped at 35.99%.

6. How does the direct-to-borrower consumer financing platform work?

The merchant provides the application link to the customer who completes the form. A credit decision is provided in seconds and loan offers are extended to the customer. We do all of the follow up with the applicant to go over the offers and answer any questions. The customer then chooses the loan offer they prefer to accept and completes the loan agreement and provides the lender with proof of income and identity. Funding is 2-5 business days after loan completion and the merchant is notified that the borrower has been funded and they can collect their funds. The merchant is billed the discount fee of 4.99% 10 days after funding.

7. What happens if I am unable to collect from my customer or if I only collect a partial amount from what was funded?

Merchants are only billed discount on the collected amount. If the borrower decides to use the funds for something other than the merchant's product or services or if the merchant collects a lesser amount than what was funded, the merchant is only invoiced for the amount they collected.

8. How does alternative financing differ from traditional lending options like Wells Fargo or Synchrony Bank?

Traditional lenders have requirements for the merchants they support. Typically they require a minimum time in business and annual revenue stipulations. They do not usually support home-based businesses and they have a small list of preferred vertical markets such as; home services, medical and large ticket retail. While traditional lenders do fund the business directly, funding usually only happens upon delivery of product or completion of services rendered.
The ePay Finance platform funds the borrower directly and has no restrictions on business type, annual revenue or time in business. Merchants on our platform are also able to collect funds (either in its entirety or a down payment) from the customer prior to job completion.

9. What does it cost my business to participate in the program?

There is an initial enrollment fee of $499.00 and a recurring monthly fee of $99.00. Merchants are then billed a flat 4.99% discount rate on collected amounts from the individual loan fundings. On occassion we may run promotional offers discounting the enrollment fee. Ask your ePay sales person if one is available.

10. Are there minimum requirements for my business to participate?

There are no restrictions on the business type. Nor do we require a minimum time in business or annual revenue thresholds. To get started we simply need a completed enrollment form. A copy of the business license and a voided check from the operating account funds are to be drawn from.

11. What happens if the borrower defaults on the loan? Am I responsible?

No. The merchant has no liability on defaulted loans.

12. Are ePay Legal and ePay Finance the same?

Yes. ePaylegal.com is a website operated by a sales partner of ePay Management, LLC and ePay Finance.