TimePayment, a financial technology company specializing in commercial and specialty equipment lease financing, raised its limit for automated approvals for qualified lessees from $15,000 to $25,000. Leveraging the firm’s multiyear investment in upgrading and automating its technology platform, this move allows TimePayment to better serve both its vendors and end customers in the face of rising equipment costs.
“We’ve seen the increased cost of equipment in the marketplace, and larger ticket sizes as a result. So it made sense to increase our automation limit,” Alyce Reilly, senior vice president of credit & funding at TimePayment said. “The demand is out there. Our updated system automation creates efficiencies and reduces complexity, allowing us to improve our customer experience and decrease sales cycle time.”
“Our vendors want to say ‘Yes’ to as many customers as possible and close the transaction as easily as possible for all parties,” Jay Haverty, president & CEO at TimePayment, said. “With auto-approvals, they don’t need to wait—they can go straight to documents and quotes. By raising the limit to $25,000, we’re delivering a seamless experience to more small businesses than ever before.”
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