Eastern Funding will launch a new service, tagged Small Ticket Group, with the aim of help vendor complete all automatic and single signature transactions more efficiently.
According to Eastern Funding, STG will automatically populate certain fields during the loan approval process for auto transactions, eliminating the need to manually input information. In addition, the platform will pull details from the borrower, credit and vendor sections, among others, to fill out applications instantly. STG automatically approves sales if all seven of the preprogrammed qualifiers listed in the system are met.
A term chart is also part of the STG platform, which allows credit processors to forgo rehashing and decrease the amount of time spent negotiating by outlining exactly which term limits are associated with each credit amount.
The new system has already gone live with a pilot group and is tentatively set for launch in January.
Headquartered in New York City and founded by commercial banking and lending veteran Michael Fanger, Eastern Funding has become a leader in commercial financing for the laundry and specialty vehicle business.
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