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    0 Replies Latest reply on Jul 13, 2014 6:40 PM by ncaquatech

    Retail finance for my customers

    ncaquatech Newbie

      Hello ladies and gentlmen,

       

      My name is James, my company is NC Aquatech. We do installation of aquariums and are also a  licensed retailer of all related equipment and marine livestock.

       

      I am looking to increase my sales by offering some sort of contract payment or finance options for my customers. We are not a large enough operation to provide these options alone, so I am looking to involve some sort of third party finance company or bank.

       

      Here is a short list of companies that I have found offer services like these, I have done a small amount of research and these companies seem to be the better of the bunch. By that I mean BBB Rating of A.

       

      -East bridge funding

      -Wells Fargo

      -Genesis

      -HSBC

      -MRC Military

      -First Franklin

      -Citi Bank

      -GE

      -EBA Raleigh

      -Strategic merchant solutions

      -Auctus Rebus

      -US merchant systems

       

      I am concerned that the larger banks will only accept contracts from high score customers, 700? I'm sure that some of these smaller companies that will loan to customers with a 600 or below score will have inflated APRs. Some providers I didn't list wanted a 159% APR on a $1500 loan, I would not insult my customers with that offer.. Others want larger installation fees for equipment, we are not looking for this option either.

       

      US Merchant Systems has decent reviews, but has numerous resolved complaints on the BBB. Auctus Rebus has a good score, no complaints, and an A+ rating but I cannot find a lot of information online about the company itself. They also seem to be the best fit on options for us (39$ per month, No equipment needed, We are paid in full within 48hrs).

       

      Tomorrow I will call and get more in depth information on these companies policies. Really my inquiry is, does anyone have any experience or knowledge on consumer finance that they could share with us pertaining to this matter, or on the finance companies in question?

       

      Thank you ahead of time for your responses, James.