Press Release October 10, 2013
New York (September 10, 2013) “ At FinovateFall 2013, Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, launched the first mobile tool that can simplify and compress the sales process for small business finance products, saving salespeople and loan officers time and helping them close more deals faster. Time-starved, on-the-move salespeople can take prospective small business clients seeking working capital from pre-qualification through a complete application process in the client’s place of business. CAN CEO Daniel DeMeo debuted the new CAN Mobile Funder tool during a product showcase on September 10.
Salespeople consistently tell us the greatest hurdle they face in the field is the amount of time it takes to close a sale. The longer the sales cycle, the more likely the sale is lost, DeMeo said. With our new CAN Mobile Funder tool, salespeople now have everything they need to close a sale on-the-spot. They can find out what clients need, tell them how much money they can get, present multiple finance options, complete an application and submit a complete contract package. Currently, a client fills out a prequalification application on paper, which the salesperson then faxes into a central location for processing. An answer is sent back to the salesperson within 24 hours. A follow up appointment then has to be scheduled with the client to present the prequalification results and get a signed contract. Each time the client wants modifications, the salesperson has to resubmit the request and essentially start the process all over.
All this unnecessary back-and-forth that normally happens between the hard to reach business owner, the busy salesperson and application processing often causes hot prospects to lose interest. CAN Mobile Funder can cut the sales process down from 10 days, on average, to less than 20 minutes. It’s fast and frictionless, DeMeo said. Available on most WiFi-enabled tablets, CAN Mobile Funder enables salespeople to:
¢Prequalify prospects for two different small business finance products simultaneously “ a loan and a Merchant Cash Advance “ with just a few pieces of information.
¢Use a geolocator supported by a Yellow Pages API to find the business and autofill the client’s application with readily accessible business information, reducing keystrokes and time.
¢Obtain the authorization needed to pull the business owner’s credit via electronic signature.
¢Receive multiple, customizable finance options within minutes of prequalification, and modify the options within a given range to fit the business’ needs.
¢Upload necessary documentation via the mobile device’s camera and attach it to the submission.
¢Submit a completed contract while still on site with the business owner.
Funds can be available in a merchant’s bank account within days of a complete application being submitted. CAN Mobile Funder will be widely available to CAN’s network of ISO, bank and other partners in Q4 2013. Partners can include bank loan officers who visit small business owners in the field; bank branch personnel who offer finance alternatives to clients, including those businesses they might otherwise decline for a bank loan product; merchant processing reps who cross-sell working capital products; and equipment vendors that provide finance assistance to their clients.
Capital Access Network, Inc. (CAN) reinvented small business finance to become the largest and most-experienced small business finance specialist. Using industry-pioneering risk models and an unprecedented amount of daily performance data, CAN facilitates more fundings and helps entrepreneurs qualify for more money than they could get elsewhere. Since 1998, thousands of small businesses in over 650 industries have trusted CAN to provide fast access to the capital they need to grow”more than $3 billion to date. Banks and other capital providers also choose CAN as a preferred partner to give their customers more finance options. In 2013, CAN was named to the Inc. 500 | 5000 list of the fastest growing private companies in America. The company operates profitably with a $460 million line of credit from a syndicate of premiere banks, including Goldman Sachs, Wells Fargo Capital Finance LLC, Capital One, Fifth Third Bancorp, Brown Brothers Harriman, Key Equipment Finance, Amalgamated Bank, Regions Bank, Capital Source and AloStar. CAN also received equity capital from Accel Partners in 2012. CAN makes capital available through its subsidiaries: Merchant Cash Advances by AdvanceMe, Inc. and business loans through NewLogic Business Loans, Inc. All business loans obtained through NewLogic are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.
Stay up to date with the latest financial news.