SKOKIE, Ill., June 27, 2019 /PRNewswire-PRWeb/ -- PayNet, an Equifax company that provides credit and analytics on small and medium enterprises (SMEs), today launched the PayNet Financial Statement Report™ (FSR). With a single click, financial institutions can use FSR to collect financial data from applicants to accelerate decision time and increase loans to small businesses.
PayNet's FSR was developed to solve the outdated process of lenders manually gathering, sharing and analyzing applicants' financial statements. FSR connects to more than 80% of all SME accounting platforms, including QuickBooks and Microsoft Solutions, to allow borrowers to securely and seamlessly share financial documents with lenders. The time saved by using FSR's digital capabilities means easier, faster, more confident credit decisioning for financial institutions.
"Lenders lose hours manually tracking down and reviewing financial statement data. This results in delays, a poor customer experience, and inefficiencies that negatively impact the bottom lines of lenders and borrowers," said William Phelan, SVP and General Manager at PayNet. "With the FSR, a single click saves lenders time and gets much needed capital to small businesses faster, while providing a clearer picture of risk."
Utilizing automated lending processes also provides more reliable financial data by eliminating input errors, removing bias, and standardizing data quality protocols. FSR data is encrypted, housed in the cloud, and governed by borrower's consent.
The traditional credit underwriting process can take up to 30 days and 99 hours of work to process — making loans under $500,000 generally unprofitable and unreliable. "We are committed to developing new digital lending solutions that close the small business credit gap," added Phelan. "Main Street companies are starving for capital. FSR opens the door for more applicants and more profitable loans, a win-win for lenders and local businesses."
Additional information on FSR is available on PayNet's website. A replay of PayNet's latest Digital Lending and the US Economy Webinar is also available by visiting http://www.PayNet.com.
About PayNet
PayNet, Inc., an Equifax company, is the leading provider of credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit processes at a lower cost. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 Trillion. Using state-of-the-art analytics, PayNet converts raw data into real-time marketing intelligence and predictive information that subscribing lenders use to make informed small business financial decisions and improve their business strategy. For more information, visit http://www.PayNet.com.
SOURCE PayNet
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