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A New Approach to Merchant Financing

And in the past decade, the number of bankruptcies in the US has doubled. Some estimates are putting the number of Americans with bad credit as high as 50%.

As delinquencies skyrocket on all types of loans and lines of credit, many analysts expect that the state of Americans' personal finances could only get worse; consumers with declining or already poor credit may not get approved for new lines of credit and could experience interest rate hikes on existing loans. And for those who still cling to their credit, experts are predicting that the default rate will continue to rise, as many Americans are still struggling to pay on subprime mortgage loans whose monthly payments have ballooned, all the while balancing car payments & other monthly expenses. And all the while, for the past 10 years, the average US household income has remained flat.

The statistics are staggering, and the economic implosion over the past few years has touched everyone's lives in one way or another.

So the big question the business owner, who's suffering already from our economy's collapse over the past few years, should consider is, 'how do I service this enormous population?' Clearly people still need to buy goods and services, it's just getting harder and harder for them to do so, as the guidelines for granting credit have tightened significantly. Now, more than ever, businesses are striving not only to compete, but to simply stay afloat. And for those businesses that offer either luxury/'nice to have' goods or services, or goods or services with a high price point, the past few years have taken their toll, contributing to the sad statistics in our current economy. The customers simply aren't able to buy, if they've got no means to pay by credit. And if these folks do get credit, it's often at exorbitant interest rates.

There is, however, a new approach to not just protecting, but increasing, the bottom line. If you consider the above statistics with respect to either no credit or poor credit, coupled with the squeeze that everyone's feeling these days, a short-term financing solution, that did not require a credit check, might be just the solution to help businesses compete.

By offering their customers a way to pay for goods or services over a short time frame, without requiring a credit check, merchants can not only increase their customer base significantly, but they can also feel good about the fact that they are helping a large population of folks who would otherwise struggle to pay for their car repair, or a plumbing fix, or a funeral, for example. And by having the funds guaranteed, the risk to the merchant is completely eliminated. There are more and more businesses moving towards this model, as it can open up an entirely new customer channel.

For more information on how your business might benefit from this sort of solution, visit EPS90 Solutions.