Electronic Commerce International (ECI), a registered provider of data security and secure, reliable Visa and MasterCard credit card processing for businesses, unveils ECI Consumer Finance, its new multi-lender, credit based and no-credit based (retail, brick and mortar businesses only) online platform consisting of over twenty lenders.
Lenders can be mixed and matched to provide merchants with a solution that will accommodate prime, near prime, and sub-prime consumers. Multiple lenders provide a true ‘No Credit Check’ option for retail (brick and mortar and e-commerce) business for amounts up to $5,000. Approximately 70 to 80 percent of applicants are approved. If the full balance is paid off within 90 days, there is either no additional cost or minimal cost. No equipment is required.
The merchant enrollment and customer application process is as follows:
A merchant signs up for the program and is initially granted access to ECI’s Direct to Borrower Multi-Lender platform consisting of 5 to 7 lenders who will approve consumers with FICO Scores as low as 600.
With this platform, applications are typically processed within 15 minutes (Monday through Friday, 8am to 7pm EST).
If a consumer is pre-approved by one of the lenders, the consumer is provided with instructions on how to proceed, working directly with customer support until the loan is funded (typically 3 to 5 business days, depending on how quickly the consumer reacts to the stipulations provided).
Finally, the loan is funded to the consumer, who then pays the merchant.
If a merchant is applying for one or more Direct to Merchant Lenders, ECI will forward the appropriate Enrollment Package(s) to the Merchant once in the system. How quickly the Merchant responds to requests determines the length of the lending process. In addition to Enrollment Package, the Merchant may also be asked for additional documentation.
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