The Newport-based company developed HowApp to cut paperwork and simplify the applications and credit approvals process to enable vendors fulfil customers’ orders without any delay.
The online portal cuts transactions times by up to 90 per cent.
HowApp can be integrated into vendors’ websites and tailored to fit their branding so it appears to their customers like their in-house tool. It is designed around vendors’ unique rate cards and, where applicable, with credit rules specific to typical customers and equipment.
So once a vendor enters the details of the lease or hire purchase required, an online automated underwriting decision is provided by HowApp.
The vendor can turn the credit acceptance into a finalised lease document by either uploading details of equipment they require or choosing from their products and pricing already listed on HowApp.
These lease documents are sent directly to them from HowApp, for an electronic signature so that a Purchase Order is automatically raised.
Dan Proctor, chief technology officer at HH Vendor Finance, said: “Traditional leasing or hire purchase agreements can take several days to complete, requiring a lot of time consuming paperwork which delays businesses’ access to cash when they may need it urgently.
“HowApp offers a quick and easy way for vendor businesses to apply for the financial support they need and ensures that staff’s time is spent generating revenue rather than administering lease paperwork."