With headlines like INC’s “Why FinTech is One of the Most Promising Industries of 2016,” and Time Magazine’s “Banks Are Right to be Afraid of the FinTech Boom”, it’s easy to get caught up in the latest hashtag craze.

fintech

FinTech stands for “Financial Technology”, that is to say, computerized financial services.  Now we’ve had computerized mobile payments, money transfers, loan applications, and fundraising for quite some time.  What’s new in the business finance world and the factoring industry specifically, is instant computerized online approvals.

Some newer factoring companies fit under this FinTech umbrella as they are now providing instant applications and approvals online or thru apps.  While we understand the value of fast turnover for applications for growing businesses that need access to financing in a very short window, at Universal Funding we have declined to use technology to provide instant online approval.  While our application process is minimal and approval can be achieved in under a week, we find value in taking the time in gathering a bigger picture of who our clients are and how they do business.  Before we even get to the brief one page application we start off with a 5-10 minute intake phone call where we learn more about your business, your clients, your billing process, and company history. This extra step cannot be replaced by software and is instrumental to companies seeking our invoice factoring services.

 

Don’t let an algorithm determine if your company gets the financing you need.  If you need a financing company to look beyond how many months or years you’ve been in business, credit score, or outstanding taxes give Universal Funding a call at 1-800-405-6035 or fill out a rate form and one of our reps will give you a call to start the discussion.