FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News


TimePayment Raises Its Automated Approval Limit to $25K

November 29, 2022, 07:18 AM
Filed Under: Industry News

TimePayment, a fintech company specializing in commercial and specialty equipment lease financing, has announced it has raised its limit for automated approvals for qualified lessees from $15,000 to $25,000. By leveraging the 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, said 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,” Reilly said.

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.”

Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.