Website lets you compare equipment financing
EquipmentWallet has launched a new website designed to connect small businesses seeking equipment financing and leasing with equipment finance companies that suit their needs.
The website, www.equipmentwallet.com, has a user-friendly platform that makes it simple for business owners to apply for equipment financing through a bid-and-quote process. “It’s like an equipment-financing auction where the best bid is selected,” said founder John Elliott in a press release. “This means that getting equipment financing is just as easy as comparing hotels or flights online.”
Every company has a different process for qualification and presenting quotes, the company said. EquipmentWallet aims to solve the problem of simplifying the sometimes complex process of comparison-shopping for services.
The online marketplace matches a business owner’s company profile with finance companies that are able to offer financing terms specific to the business. In turn, lenders compete to provide the most reasonable equipment financing options to the customer by submitting their quotes for consideration. There is no cost for business owners to use EquipmentWallet to connect with a lender. The website generates revenue by receiving two to five per cent from the finance company as a marketing and origination fee once the deal is completed.
The company's goal is to empower small businesses in the equipment financing process by taking an inefficient, complex, and dated process and making it less complicated. “Our understanding of the equipment financing needs of business owners and the gaps in traditional lending practices that impact their access to the best equipment leasing options gives us a unique perspective in executing our mission, simplifying the equipment leasing process for small business owners and finance companies alike so we are the number 1 destination marketplace for equipment leasing,” Elliott said.
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