AccessLease on Monday (Oct 9) launched its online private-label leasing solution designed for equipment and software providers, B2B marketplaces and financial institutions that want to add a branded point-of-sale financing option for all of their customers.
AccessLease enables institutions to give their customers instant access to the industry’s best equipment and lowest rates from the nation’s top funding sources. With AccessLease’s proprietary scoring and analysis technology, vendors of the private-label solutions gain new or increased revenue through a branded channel, real-time order fulfillment and a higher percentage of approved customer leases. In turn, their business customers benefit from lower pricing; access to a diverse product selection; a simple application and fast approval process; and 24-hour online account management.
“We seek to enable real-time frictionless distribution of capital for equipment acquisition over the Internet — which means true point-of-sale leasing, regardless of the channel a customer goes through to purchase equipment or software for their business,” said Troy Klith, founder and CEO of AccessLease.
As a proof-of-concept of this new solution, AccessLease is hosting an online marketplace that gives small businesses a way to lease equipment from a variety of top vendors via qualified funding sources. The company also announced Monday that Planetary Networks, a reseller of Cisco equipment and products, has implemented the AccessLease Solution to offer online leasing to its small business and Fortune 500 customers.
The founders of AccessLease came from traditional leasing companies where they recognized a number of inefficiencies in the unregulated equipment leasing industry that demanded a new, streamlined process. Equipment and software providers and B2B marketplaces demanded real-time point-of-sale funding solutions while providing a broad credit offering to their customers. Funding sources incurred high transaction costs while only providing leases to 20% of the applicants, and business customers found it difficult to obtain market rate information, struggled with cumbersome, paper-intensive processes and were typically paying up to a 25% markup charge for leasing.
The AccessLease solution easily integrates within equipment and software providers and B2B marketplaces’ point-of-sale infrastructures so they can offer their own customers (the lessees) an automated, cost-effective real-time leasing solution.
AccessLease’s private-label leasing solution includes real-time credit scoring and decision making that determines risk, chooses a lender profile, and adjusts pricing utilizing its national network of lease funding sources; sophisticated lease analysis tools; automated documentation-generation and online status reporting. AccessLease also offers a point-of-sale leasing solution for sales forces to directly manage and facilitate leasing transactions for their customers. Business customers that lease through private-label solutions powered by AccessLease have access to diverse lending packages that accommodate “A” through “D” credit types.
The beta version of the AccessLease System will be available in October and commercially available by the end of the year. The sales force point-of-sale leasing solution is available now.