Offering consumer financing empowers businesses across industries to offer affordable, accessible monthly payment plans to help them serve customers and increase sales. United Consumer Financial Services, a high-trust, high-efficiency consumer financing partner, provides our merchants with a thorough, streamlined onboarding process that positions them for success.
This article details what a business can expect when contacting UCFS about starting to use consumer financing.
Step 1: A Business’ Application Submission, Business Review and Approval
When a business expresses interest in the UCFS consumer financing program, and after they’ve spoken with a salesperson about how financing works and decide on a specific program, they receive an enrollment package by email. The merchant agreement within that package permits UCFS to gather the information we need to submit the business for approval. We ask permission to run, review or gain access to:
- Credit checks through credit bureaus
- Driver’s licenses of all owners
- DBA certification / state registration confirmation
- Articles of Incorporation, if a C corp
- Bank account identity / validation
- Phone searches for both business and cell phones
- Advanced people search to determine if liens, bankruptcies or judgments are on record
- BBB search
- Business reviews
- Business website
- Google Maps view of the business
- D&B report
After all information is gathered, the UCFS compliance team reviews the business. If/when the business passes our compliance review, meaning no fraud and the business has a high caliber business reputation, UCFS team members move the merchant application to acceptance. After UCFS accepts a new merchant, our accounting and underwriting teams complete merchant setup tasks according to state and federal regulatory compliance. Start to finish, the new merchant process can take between five and seven business days.
UCFS scrutinizes potential business partners closely, considering a range of factors, including business history, industry type, reputation and financial stability. This rigorous evaluation and vetting reflects UCFS’ high standards and provides merchants with peace of mind. The financial regulations associated with lending money mean UCFS partners with high quality businesses. Being accepted as a UCFS merchant means you’re in excellent company—part of a network of businesses known for professionalism and consumer trust.
Step 2: Welcome, Training, and Account Activation
Once approved, merchants gain immediate access to UCFS’ full suite of onboarding resources, including links to set up their business portal and our training.
United Consumer Financial Services is dedicated to providing our merchants support to execute a successful consumer financing program. We welcome every new merchant with one-to-one training via Microsoft Teams. Our seasoned trainers and sales representatives use this time to cover every aspect of our conversion-driving consumer financing solutions, allowing you and your team to ask questions and clarify the best way to implement and execute financing for your consumers. We provide documentation, videos, guides, and other resources you can regularly review to ensure your team and new employees are confident using our program.
Our thorough training can be completed in under an hour meaning you can fully understand our platform quickly to implement your consumer financing program almost immediately.
Step 3: Submit Consumer Credit Applications
Once you’ve completed training, you can submit consumer credit applications right away. United Consumer Financial Services knows the value of simple, straightforward financing. The easier and faster the application, the less friction in the sales process, and the more likely your customers will follow through with their purchases.
UCFS offers paperless, mobile-first financing applications to streamline the process for eager customers. Either the sellers or consumers can complete a credit application in just minutes from a computer, tablet or phone. Credit decisions are returned often in just seconds. This quick turnaround helps merchants maintain momentum and excitement and close the sale –– and then get compensated –– fast – usually in 1 – 3 days.
Tips for a Smooth Onboarding and Maximizing Success
United Consumer Financial Services has spent the last 45-plus years providing conversion-driving financing programs to our clients. In that time, we’ve honed our merchant onboarding process to be as smooth and fast as possible. Here are a few tips for a seamless, quick onboarding:
- Be responsive with documentation – Our team works to move our merchants through the application process as quickly as possible. The more responsive you are with application and documentation, the faster you’ll gain access to affordable financing that drives sales. Don’t forget to unlock your credit file!
- Take advantage of UCFS’ training – Training doesn’t end once the initial onboarding is complete. We are here to help you maximize your consumer financing program with dedicated training and support. Our U.S.-based (Cleveland, Ohio) team offers live support seven days a week, with office closures only four days each year: on New Year’s Day, Easter, Thanksgiving and Christmas. Even when our office is closed, a business can still submit a credit application to move forward and make the sale. We provide our merchants with documents, videos, and more to ensure your financing program runs as it should. And, our Client Services team members are available most days, 8 am – midnight, to take calls and answer emails.
- Promote monthly payment plans – UCFS provides business partners with resources to promote low monthly payments. Personalized flyers can be created so a business can sell with monthly payments, showing a shopper the monthly dollar amount, helping them envision their purchase because the low amount might not negatively impact their regular monthly budget. UCFS offers signs and other resources to help businesses sell using consumer financing.
- Communicate regularly with your UCFS rep – We are here for you! If you have any questions about onboarding or any other aspect of your financing program, just ask. Our helpful, knowledgeable reps want you to have all the support and resources you need to successfully execute your consumer financing program to grow your sales.
Fast, Professional, Supportive Consumer Financing with UCFS
United Consumer Financial Services, a Marmon Holdings company, a division of Berkshire Hathaway, has the resources to deliver trustworthy consumer financing services to our merchants and their clients. Our efficient, rigorous onboarding process ensures you meet all state and federal consumer financing regulatory requirements to gain access to our resources and knowledge backed by more than 45 years in the industry.
UCFS is fast, professional, and supportive. Start your application today and empower your customers with financing so you can serve more, sell more and grow your business.
