As the restaurant industry continues to grapple with the effects of COVID-19, your customers are most likely to need equipment and supplies to continue service while also remaining compliant with local, state, and federal mandates and guidelines. To help connect your customers to the resources they need now more than ever, financing through Currency is now available as a payment option through AQ Pay. AQ Pay is a no-cost product in AQ CPQ that facilitates a digital payment process right from an AQ quote. By quickly implementing AQ Pay, you can move from cash to digital payments even faster while simplifying the sales process all from within AQ.
In this blog, we will address some common FAQs about the financing process through Currency so that you can feel confident about adding it as a payment option in AQ Pay.
Is AQ Pay, powered by Currency, providing the funds?
So, your customer applied for financing, the deal has been approved and is ready to be funded. Now you are wondering where the funds are sent. Are they initially sent to the customer to then pay me (the dealer), or will I be paid directly? If I am paid directly, how do I receive the funds?
Great news! When a customer financing transaction is ready to be funded, you are paid (the dealer) directly via ACH or wire transfer. Once boarded with AQ Pay, you may opt-in to offer financing as a payment option for your customers. If this option is selected, you will need to complete an electronic onboarding packet via DocuSign. In that packet, you will provide bank information and a preferred secure payment method, so payment can be quickly sent to you once a financing transaction is closed.
If my customer is going to need financing on a project when will I get paid?
This is a scenario where financing can significantly benefit both you and your buyer. Say your customer is looking to purchase equipment from you, but it will take anywhere from approximately 6-12 weeks to build out. Your customer is also very interested in financing their purchase. Once you’re boarded with AQ Pay and approved as a platinum dealer, you will be funded 100% upfront for the equipment cost upon the close of the financing transaction with your customer. This makes the experience very easy for your customers, eliminating the need for a large down payment and instead, allowing them the flexibility to pay in monthly installments. We understand that the current environment has had a financial strain on many customers, and access to cash flow can be tight. By offering financing through AQ Pay, powered by Currency, you are paid 100% upfront, while your customers have an option for attainable monthly payments. Financing is a great tool to have available; giving your customers multiple payment options allows you to stay competitive while also getting you paid upfront!
Can the quote provide estimated terms and payments before application?
Another frequently asked question is if a customer can get an idea of their estimated payment and loan terms prior to applying for financing. This is entirely understandable; many buyers likely want to know if the cost fits within their budget.
We have great news, AQ Pay has some exciting new features upcoming in early 2021 that will help optimize your experience. An upcoming feature will allow each customer to review their potential payment and term length options before applying for financing based on the invoice amount. Be on the lookout for this release and other exciting features in 2021 to make payments and financing through AQ Pay even easier!
What is required/what can my customers expect when completing the financing application?
The application is entirely electronic, making it easy and accessible for your customers no matter where they are located. Your customers can access the financing applications using one of the following methods:
- Your website - you can add your unique finance link directly to your website for your customers to access.
- The “Buy Now” button on an AQ quote
- Email your customer your unique finance link, and they can open the URL and apply
- Financing Badge (COMING SOON) Add Currency to your quotes and invoices when preparing them and our Pay As Low As badge will dynamically populate with the monthly payment info for the equipment selected.
In the financing application, the customer (the business owner), will need to provide details about the business and personal information such as:
- Personal and Business Contact Information: Full legal name, legal business name, and personal address, and business and personal contact information (phone and email)
- Business Information: legal business structure, annual business income, their time in business, etc.
Once the customer then clicks “Submit” on the electronic finance application, they will be given a “gold circle” authorization number or reference number for their Currency application. This will also be used for verification purposes.
What is the turnaround time for a decision on an application?
Since AQ Pay, powered by Currency, is a platform connected to multiple banks and lending institutions, the turnaround time on applications may vary depending on the lender. Once the financing application is successfully submitted, and the customer receives a “gold circle number,” they will receive a call from a Currency fulfillment representative to finalize the deal.
The customer may be requested to provide the following information before finalizing an approval:
- If the business is not found on the secretary of state websites or other resources, the customer will need to provide proof of time in business.
- If there are multiple owners in a business, most lenders request to review the credit profile of the additional owners.
- Once all requested document(s) are sent to the Currency fulfillment representative, most lending institutions typically respond with their decision of approval or decline within an average of three hours.
After credit approval, the Currency fulfillment representative will work directly with the customer to finalize funding.
- In connection with the financing documents, the customer will be asked to provide a copy of their driver’s license and a voided check
- The dealer (you) will be asked to provide a copy of the invoice or quote. This is to verify that the deal is being financed for the correct amount.
Once the required documents have been received and verified, the loan contract will be sent to the customer electronically to complete. Once the contract is executed and the internal review is complete, you will be paid for the transaction!
Payment processing is provided by CurrencyPay, LLC. Commercial financing provided or arranged by Currency Capital, LLC pursuant to California Finance Lender License #60DBO56173. Equal opportunity lender. Applicant credit profile including FICO is used for credit review. Actual terms available may vary depending on applicant and/or guarantor credit profile(s), equipment type and additional approval conditions. Assets aged 10-15 years or more may require increased finance charges. Financing approval will require pledge of collateral as security.
© 2021 Currency Capital, LLC dba Currency. CurrencyPay is a registered trademark of CurrencyPay, LLC. All rights reserved.