Online equipment financing marketplace LeaseQ began offering instant financing for micro-ticket equipment purchases of $15,000 or less.

After being approved for an equipment lease or loan, LeaseQ customers can now opt for instant financing through participating lenders on the platform.

LeaseQ is piloting the new instant financing program with a handful of dealers in the food and beverage and fitness verticals, among which include Restaurant Appliance Depot, Atlanta Fixture & Sales, AIMCO Equipment and Perform Better. LeaseQ plans to expand the solution to all micro-ticket deals in the final quarter of 2018.

Instant financing is part of LeaseQ’s effort to deliver one-hour funding through a streamlined and automated funding process, with goals of automating all small-ticket transactions under $250,000.

“We predict that instant approval for micro-ticket equipment financing and one-hour funding will become the de facto standard for all credit classes in the next 12 months,” said Vernon Tirey, co-founder and CEO of LeaseQ. “We’ve hand-selected a few lenders to help us bring this solution to market. Each one brings equipment finance expertise, and they’ve made development fast and easy at every step.”

“Instant financing is a huge advantage in this industry where most banks are still handling approvals and quotes by snail mail. If I can offer an approved payment on the spot, I have a 50 to 60 percent better chance of closing that customer. LeaseQ is the Dealertrack of the equipment finance industry, and their platform helps us move faster” said Matthew Prager, president of Restaurant Appliance Depot.

LeaseQ is actively seeking additional lenders to bring instant financing to market.