SuperMoney Launches No-fee Financing Platform
At the Finovate Spring 2018 conference, CEO Miron Lulic and CFO Jesse Stockwell presented the company’s new SuperMoney No-fee Financing platform, which allows merchants to obtain point of sale financing from online lenders and banks.
“The options for small business point of sale financing are embarrassingly archaic and painfully expensive,” Stockwell said during their presentation. “In the current market, consumers lose, merchants lose and most lenders don’t even get a chance to play.”
The new platform allows a small business merchant, like a furniture store, to create a free profile that is co-branded with SuperMoney. With the profile, the merchant can easily see when a customer has applied for financing and follow up.
In addition to a sales boost for small businesses that can now offer financing to customers for free, Stockwell said that customers also win by being able to compare financing options. And he said that it’s a boon for lenders as well, as a high quality loan source.
According to a Forrester Consulting study on SuperMoney’s website, businesses that offer point of sale financing enjoy an average increase in sales of 17 percent and an average increase in order value of 15 percent.
The No-fee Financing platform is an expansion of SuperMoney’s core business as a financial services comparison platform. The platform will at first provide point of sale financing to three industries: home improvement, medical and trade schooling.
In May, Stockwell said that the company, which was founded in 2013, had signed up 250 merchants in a closed beta program.
“Now we’re ready to blow the cover off this thing and sign up 10,000 more [merchants] in the next year alone,” Stockwell said.
Last modified: June 7, 2018
Todd Stone is a reporter for deBanked.