- 1More than 76% of applicants on LendFax apply from a mobile device.
- 2Applications reach partners via API, from a qualified application to full docs in the CRM.
- 3CMO Nick De Jesus says merchants want digital, low-friction answers.
More than 76% of small business owners who apply for financing through LendFax do so from a mobile device, the company says. LendFax is a platform that pairs business owners, and consumers, with the service provider best suited to their needs.
How it works
Information submitted through LendFax's curated intake process is pushed to partners via API, and LendFax keeps communicating with customers to help them finish the process with those partners. Depending on the relationship, a partner can receive as little as a merchant's qualified, completed application or as much as the whole deal with full documents, managed by LendFax and delivered to the partner's CRM in real time.
Chief Marketing Officer Nick De Jesus says the system rests on enterprise-grade infrastructure, built through years of in-house development. He says LendFax stays lean so partners get "enterprise infrastructure without the enterprise pricing," and acknowledges it is not the only operator of its kind.
A path from pre-med to lending
De Jesus was on an accelerated track toward medical school, having researched heterotopic ossification at 19. Acquaintances asked for his input on a small business financing tech project, and he was hooked. "I finished my cell biology exam and the next Monday I was in [their] office," he said.
Merchant behavior
De Jesus attends the major trade shows and says in-person relationships matter in the industry, but that merchants trend toward the least friction. He said people increasingly want to go online and submit information "without even texting or talking or emailing anybody" and get an answer, which is what LendFax aims to deliver by bringing offers based on the answers merchants select.
things are moving definitely more to the digital landscape where people just want to go online, submit information
Why it matters
The mobile figure underscores how digital the front end of small business financing has become, even in an industry built on personal relationships. LendFax's model, matching a merchant's answers to partner offers and then following up until the application is completed, is aimed at the segment of merchants who want an answer without conversation.
For funders and ISOs, the sliding scale of delivery, from a single qualified application up to a complete deal package delivered into their CRM, is the product's main selling point, along with the lower cost De Jesus says comes from running lean.
Source reporting: deBanked.
