Pick Out Loans from Stands Or Check Out Online for Instant Gratification

LendFoundry provides a platform solution whereby financial institutions enable merchant clients to drive sales by offering an end-to-end solution that include KYC, decisioning, origination, merchant underwriting, disbursing the funds and servicing. 

 

This solution lets the financial institution focus on growing its active or prospective merchant relationships with the software being a single point of record to enable all transactions and empower the customers to virtually pick out loans from stands or check out online for instant gratification just as a retail transaction.

 

Based on an” accelerator” concept, building blocks to support Point of Sales Loan Originating and Point of Sales Loan Servicing, LendFoundry can be deployed rapidly and then customized to fit workflows, desired branding, look and feel.

State-of-the-art micro-services design enables high performance and seamless scaling.

 

Offered as a Cloud Service (SaaS) makes startup costs low and allows to scale the application as the business grows. Flexibility to choose to use the entire solution or just the pieces that make business sense.

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Modular Point of Sales Financing Software

Built using a low-code modular architecture, the platform offers a high degree of reusability and ease of customization to build solutions tailor-made to suit your unique business requirements. The robust back-end functionality is supported by an intuitive  front end to provide a point-of-sale system that significantly reduces the overall costs involved with loan origination and servicing.

Our Features

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For your Customer

  • Online all the way for a seamless truly digital paperless experience
  • Multi Channel application input support for easier lending
  • Borrower self service portal for transparent tracking through the application process and loan lifecycle
  • Configurable mobile and email management to automate notifications
  • Event driven Statement of Account and Loan Closure document generation

For your Merchant Partners

  • Online all the way for a seamless truly digital paperless experience
  • Separate portal for application submission and tracking
  • Fast disbursement to Merchant Account via ACH or payment gateway
  • Configurable mobile and email management to automate notifications
  • Event driven customised workflow for leads management
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For your Loan Origination

  • Connection with key credit risk analyzers, bureaus, watchlist, financial statement providers etc. to establish pricing and decision models with optimal loan risk .
  • Streamlined workflow with configurable approval cycle. 
  • System driven consent capture & communication for speedy funding
  • Easily configurable loan terms
  • Custom Workflows to support Credit & Risk Assessment
  • Quickly launch new loan products on same single platform for easy onboarding
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For your Loan Portfolio

  • Configurable Payment Hierarchies to align to business events
  • Variety of Amortization schedules, Actual/Actual, 30/360
  • Supports multiple Repayment calculations - Equated Installments, Balloon, Bullet
  • Easy to configure additional discounts or fees on loans
  • Stop, skip and delay payments while maintaining yield targets.
  • Multiple solutions for repayment processing including automated NACHA/ACH, Debit Card enabled funding and repayments files creation
  • Configurable mobile and email management to automate notifications
  • Event driven Statement of Account and Loan Closure document generation
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For your Business

  • Secure & Scalable Platform
  • SOC Type 1/2 certified
  • API for seamless integration with existing and future technology environment
  • Merchant Portal for ecosystem partnerships and affiliates
  • MultiLingual capability 
  • User credential and role based access
  • Complete transaction log generation and storage for future audit purpose
  • Integrated document storage with classification and access control
  • Comprehensive Reporting and Analytics for current business requirements and support long term business vision

Frequently Asked Questions

Point Of Sales financing also referred to as Buy Now Pay Later (BNPL)  is a type of consumer finance when the merchant offers their customers a financial solution at the point of purchase, in order to assist them in buying the product or service. POS lending allows consumers to split the cost of large purchases into regular installments and unlike credit cards that have a set credit limit and interest rate, POS loans are determined for each individual purchase.

POS lending has expanded in recent times, due to technological advances that have made installment loan options available immediately online and on mobile phones, providing clear repayment terms before the loan is taken out. These advances have also made it easier for point-of-sale finance to be offered by all sectors of retailers.    

POS loans are driven by the ability to apply for financing in store online with a payment plan backed by a simple and seamless point-of-sale experience. The merchant location offering POS finance should receive funds straight away for him to be interested in marketing your loan product. So as a lender, speed and simplicity is the essence for running this business.

The POS Loan Management Software has to support the functions of 

  • Loan Application
  • Document Submission including product invoice 
  • Data Enrichment
  • Document Verification
  • Offer Generation
  • Disbursement to merchant on acceptance of offer
  • Track repayments of the loan
  • Comprehend loan data for upsell, cross sell suggestions

POS Financing platforms are driven by the ability to apply for financing in store online with a payment plan backed by a simple and seamless point-of-sale experience. The merchant location offering POS Loan origination receives funds straight away.

The Point-Of-Sale financing software benefits the business by providing a seamless borrower journey and embeds the Pos Lending Software in the purchasing process itself. The workflow supports various functions including and not limited to:

  • Loan Application
  • Document Submission including product invoice 
  • Data Enrichment
  • Document Verification
  • Offer Generation
  • Disbursement to merchant on acceptance of offer
  • Track repayments of the loan
  • Comprehend loan data for upsell, cross sell suggestions

Thus, this helps in faster lending decision and loan lifecycle management leading to better business growth with the correct Point of Sales Financing Software

A POS loan software has to meet the requirements of three major stakeholders

Borrower: Seamless processing with minimal documentation and easy processing.

Merchant: integration of POS lending into the pre-purchase phase of the consumer journey to enable high value sales and seamless disbursement to their account

Lender: Customizable workflow and pricing depending on the merchant product. Easy onboarding of Merchants to build a lending ecosystem.

A POS loan software has to be an enabler for these multifaceted requirements while keeping speed of decision making to the minimum.

The cost of a Point of Sale lending software should not only include the cost of development but also include the opportunity cost of delayed go to market as upfront costs for software development even before clocking revenues.

The problem is that lending automation cannot be plug in and work, but a good Point of Sales Lending platform can be a modular all-in-one solution. This enables lenders to choose the modules that are most necessary to hit the market quicker and then build on top of the minimum viable product. The opportunity cost in this case reduces drastically through faster time-to-market.

The implementation cost depends on the type of lending operation and the amount of required system customization. Running cost is dependent on the size of the business. 

You can reach out to our team for a quote and what value we can offer to you

LendFoundry POS lending software is an end-to-end solution that works as a facilitator between lenders and retailers by bridging the gap of  manual processes and paper trails. LendFoundry understands that integration of POS lending into the pre-purchase phase of the consumer journey is essential and so enables a single intelligent automated workflow that allows to embed digital financing into retail business partner locations to meet borrowers’ needs while improving operational efficiency.

LendFoundry POS Loan Management Software takes into consideration the complex business requirements in Loan Origination and Loan Servicing and provides a solution that appropriately balances portfolio risk and size. The platform is collaborative, supports multi-workflow, enables real-time decision making and is an end-to-end digital channel for lead management, customer onboarding, invoice verification, business verification, credit underwriting, merchant disbursement and loan portfolio management.

Automated processing facilitates speedy loan origination including borrower verification, decision making and underwriting. Api driven integrations and microservice architecture ensures a seamless integration with your existing and future technology environment making it a one stop future proof solution. 

For Loan Servicing your customers get a self-service portal offering a single window view of their loans, payments, statements and also facilitates periodic, timely communications. For your support teams, they get everything required at one place and access to dashboards to manage loan portfolios efficiently. For your business, it provides Analytics and AI tools to identify the next best upsell and cross sell opportunities.

Built using a low-code modular architecture, the platform offers a high degree of reusability and ease of customization to build solutions tailor-made to suit your unique business requirements.

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