TimePayment Raises Its Automated Approval Limit to $25K

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TimePayment seeks to improve the selling experience for even more businesses.

Person at computer sees application approved within seconds of submission.

TimePayment Raises Its Automated Approval Limit to $25K

“By raising the limit to $25,000, we’re delivering a seamless experience to more small businesses than ever before.” —Jay Haverty, President & CEO

TimePayment, an award-winning FinTech company specializing in commercial and specialty equipment lease financing, has announced that it has raised its limit for automated approvals for qualified lessees from $15,000 to $25,000. By leveraging the FinTech firm’s multiyear investment in upgrading and automating its technology platform, the move allows TimePayment to better serve both its vendors and end customers in the face of rising equipment costs.

Alyce Reilly, TimePayment’s Senior Vice President of Credit & Funding, says that anticipating customers’ needs drove the change. “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. The demand is out there.”

Answering the needs of their vendors has become easier for TimePayment. Over the last three years, the Fintech company has made a substantial investment in an organization-wide upgrade and migration of its legacy systems to a modern, responsive technology platform. With that evolution has come enhanced automation capabilities. According to Reilly, “Our updated system automation creates efficiencies and reduces complexity, allowing us to improve our customer experience and decrease sales cycle time.”

Reducing friction in the customer experience is a priority for Jay Haverty, TimePayment’s President & CEO. “Our vendors want to say ‘Yes’ to as many customers as possible and close the transaction as easily as possible for all parties. 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.”

About TimePayment™
TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups. TimePayment proudly serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.

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Z. Wright
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