Announcing exciting changes to our credit policies!
We are happy to announce that TimePayment is lifting a number of our COVID-19 related credit restrictions. These initial changes bring back many of TimePayment’s signature features – like auto-scoring and instant approvals across a wide credit window. For 30 years, TimePayment has funded businesses through good times and bad. Whether it was through the Dotcom bubble in 1999-2000 or the Global Financial Crisis in 2007-2008, TimePayment has shown that we can take the hits and keep moving forward.
When small businesses were ordered to shut down across America, we had to implement prudent measures to protect the vitality of our business, like so many other companies had to do as well. Now that businesses are reopening again, we can proudly say we are ready to serve you, now more than ever. Our associates are eager to help your business succeed!
Some policy changes we would like to highlight:
- Autoscoring & auto-decisioning is live for all deals under $15,000
- We’re funding most industries again, including restaurants*
- We’ve implemented a new funding agreement to make funding deals even easier
*Some industry restrictions still apply: Currently not accepting applications for Fitness Centers, Spas, Barbers, & Salons. Restaurant transactions over $15,000 will require February and 3 months of the most recent bank or merchant processing statements.
Like many organizations across the country, we are taking a phased approach to our relaxed credit guidelines and policy updates. For example, over the coming weeks we will be working diligently to open up our limit on companies less than 2 years old and offering new credit tiers to serve as many business owners as possible. Stay tuned for details.
We’ve been funding businesses through this unprecedented period, but with these relaxed credit guidelines and policy changes, we expect reopening volumes to be high. Please be patient with our turn-around times as our credit teams are adjusting to our new policies and procedures. We continuously aim to provide you with the best financial experience we can.
Adversity has made us stronger. It may be difficult to see at first, but it’s there. We know that quick decisions, fast funding, and super easy equipment leasing is not something we can take for granted. It’s something we work hard to achieve every day here at TimePayment. And we are excited to be able to bring you this experience once again.
Did you have an equipment purchase not move forward because of COVID? Is it something we can help you achieve now? Is there something we can do to make the rest of your year a success? Talk to your equipment seller about TimePayment leasing options today. If they’re not already signed up with us, the simple, online Vendor enrollment process takes just minutes to complete.
Do you know a business owner that needs help because of COVID? Visit our COVID-19 Relief Programs page for helpful options from our government and leading organizations.
We knew we were in this together from the beginning. We’re in the business of helping people achieve their dreams. We’ve been doing it for 30 years, and we’re ready to do it for 30 more.
