SME fintech lender Shift has launched a new program giving businesses consistent and easy-to-access credit for asset purchases.
Equipment Line is designed to help brokers and their customers initiate transactions ranging in value from $2,000 to $500,000 in one day, with a total account threshold of up to $1 million.
Following the initial registration process, customers, or brokers on their customers behalf, can initiate a purchase whenever they like rather than having to go through an approval process for each individual purchase.
Shift sales director Kristian McCausland (pictured above) said Equipment Line was the first revolving facility for asset finance which was assessed on bank statement data alone.
“We’re giving businesses certainty regarding how much asset finance they can access so they can plan their capital expenditure for the coming years,” McCausland said. “This is a feature that’s been lacking in the market until now.”
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McCausland said Equipment Line was part of Shift’s move towards finance on demand, which brings the decision maker of the business forward to have funds available when needed.
“We do this by approving a customer’s bank statement data that they supply of up to $500,000 for a primary limit. Once the limit is established, the customer can choose when and what they buy,” he said. “The customer can either submit the invoice to Shift, or their broker can and arrange the funding on their behalf. This enables the customer access to funds when they need it and takes away that time pressure of submitting all the required information, waiting on approval times, etc.”
McCausland said Equipment Line enabled the broker to transition into more of an advisory capacity for their client.
“If it is a smaller transaction, then the customer can transact themselves. However, a broker can help the customer work through any issues with the transaction that might arise,” he said. “The goal is to make it easier for smaller businesses. All of our products are about how we can help SMEs cater to their marketplace to make their lives easier and Equipment Line is a step towards that.”
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McCausland said when Shift piloted the product earlier this year, brokers said they wanted the choice of either their customer completing the transaction or the broker doing it for them.
“That is why we have rolled that capability into the product in this latest release,” he said. “We’re pleased with the broker feedback on our pilot and look forward to rolling out more releases later this year to deliver finance on demand to our brokers and their clients.”
McCausland said early broker feedback on Equipment Line had been positive, with Steven Emms, the founder of Melbourne asset and finance company Speaking Finance founder, commending the platform’s flexibility.
“I was lucky enough to be one of the first brokers to use Shift’s new Equipment Line,” Emms said. “I see it as a real game-changer for clients across all manner of industries because once they’re set up, the funds are there when they need them, helping them plan with more certainty.”