Subscriber Discussion

Looking For A Financing Company To Fund/Lease Customers Camera Project

DM
David Matyas
Jan 05, 2017

I am working on a $14k project and the customer asked if there is a way to get financing. Does anyone have a financing company I can work with?

 

Thank you

JH
Jay Hobdy
Jan 06, 2017
IPVMU Certified

TimePayment

Be aware that most leasing companies run a credit check on the provider/vendor. That means you. They want to ensure you will be in business in the future and the client has no reason to dispute paying. 

I did not have a good experience with timepayment but they were at ISC West and they do security equipment/surveillance systems.

I would leave to hear of any leasing companies that do not rely on vendors credit.

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Avatar
Tyler Blake
Jan 06, 2017
BCI Integrated Solutions

Ask your commercial banker to just get a special line for this. It will be cheaper than time payment. Time is normally in the low teens for interest rate. Depending on how you write the finance agreement your local lender shouldn't have a problem financing you for the project with the note/receivable as collateral.

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UI
Undisclosed Integrator #1
Jan 06, 2017

I just got approved for TimePayment today as I was asked by a potential customer about financing.  I'm happy to see others using it here as well.  We'll see how it goes.

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UI
Undisclosed Integrator #1
Jan 06, 2017

Oops, I forgot to mention the other finance company I found.  Besides TimePayment, I came across was Crest Capital who only had me fill out an application but I don't believe ran my credit.

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Avatar
Tyler Blake
Jan 06, 2017
BCI Integrated Solutions

Marlin Finance is another popular lease finance company. 

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DW
Dennis Widdows
Jan 06, 2017

I have used Marlin in

the past and they were very good...

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UM
Undisclosed Manufacturer #2
Jan 06, 2017

David,

how can I reach you but still remain anonymous on IPVM?  Can you post your email?  Or a company number I can call? 

DM
David Matyas
Jan 08, 2017

davidmatyas@opsecconsulting.com

UM
Undisclosed Manufacturer #2
Jan 14, 2017

David,

Did you receive my email?

 

Kyle

CR
Chad Ray
Jan 09, 2017

I just was approved for a 15K deal with Time Payment.  A couple things they can do that I think are very helpful:

1. They give you half the money up front on deals over 10K.

2. They offer it the costumer as a lease which can be very helpful for tax purposes.  This includes a dollar buy back at end of lease.

 

Matt Delosa  855-259-1021

mathew.delosa@timepaymentcorp.com

P.S.  Matt is a very patient and helpful guy!  

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JH
John Honovich
Jan 09, 2017
IPVM

Chad, thanks for the feedback!

Any idea what the 'cost' / effective interest rate of the lease / loan is?

CR
Chad Ray
Jan 11, 2017

Sorry John.  I am not sure , but will find out.

JH
John Honovich
Jan 11, 2017
IPVM

Chad, I think for your own sake, it's worth understanding the 'cost' / effective interest rate because the terms may turn out to be very expensive.

CR
Chad Ray
Jan 12, 2017

I agree John!  That is always a driving component with any ligit business  The issue is the mindset of consumers toward the security industry as a whole.  If you tell someone $1500.00 for a nice small security / automation system with $20.00 monitoring, the conversation usually ends.  You tell them $ 99.00 down $50.00 a month: they tend to say where do I sign.  I have a hard time wrapping my mind around that?  I am thinking, do the math!  It seems ADT has effectively marketed that idea to the masses..  So that was initially the reason for signing up for Time Payment.  Well it seems commercial clients have same ADT mindset.  Do not do the math .  Get the lowest monthly payment possible!

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JH
John Honovich
Jan 12, 2017
IPVM

Do not do the math. Get the lowest monthly payment possible!

Ok but the math might reveal who are paying a small fortune for that lowest monthly payment. For example, let's say I want to buy an iPhone that costs $500 and someone offers it to be for 'just' $60 a month for a year, that would be $220 more to not pay right way, a very high effective interest rate.

I do not know what TimePayment's effective interest rate is and if you are doing this just one time with one client, it may not matter but if you plan to do this regularly, it is worth understanding what the implicit financial cost is.

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CR
Chad Ray
Jan 13, 2017

I know it is high!  I agree with what you are saying.  I have heard a few new names on this discussion that I would like to check out.  I would prefer not to finance any project, but it does seem to be the nature of the beast?  I will be glad to latch on to any suggestions the  pro's that are here have.

CR
Chad Ray
Jan 14, 2017

Ok but the math might reveal who are paying a small fortune for that lowest monthly payment.

Excellent point!  I wonder what % of  people check the effective interest rate when they sign up with AT&T, Verizon, or ADT for a new IPhone or security sytem?

Avatar
Rian Schermerhorn
Jan 09, 2017

I know it's a little product specific, but Canon Financial has great leasing options with multiple buy off alternatives.  The only rub is that there needs to be at lease one pice of either Axis or Milestone hardware or software on the BOM...the rest can be whatever you like, and you get 100% funded up front. 

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CR
Chad Ray
Jan 12, 2017

Hey Ryan.  When you say 100% up front, do you mean after job is approved you get 100% before job is finished?  

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Joseph Parker
Jan 12, 2017

We've used Graybar for leasing with some success.  For businesses with good credit they tend to give very favorable terms.  I've heard some good things about Onemain for residential clients, so I'm considering adding them to my portfolio.

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