FAQ 2017-04-01T15:42:42+00:00

Financial Services Solutions – Made Easy

ExtendCredit is an end-to-end, online financial services software platform that enables individual business, multi-location entities and large enterprises, to create and deliver financial offerings to their customers. Key solutions include 3rd party financing integration, in-house payment plans and membership programs.

Technology Questions

As a cloud-based SaaS solution there is no hardware or software to purchase or maintain from us.  You can securely utilize our services from any browser, so with a browser and internet connection, you are set.  We do ask that your business computer and applications be somewhat current.

The platform provides various reports and downloads that include a PDF report as well as an Excel download.

The platform provides several options to look at their account with you. The first option is that you have a link off of your website that goes to our brandable Login Page from which they can log in. The second option is for them to come to ExtendCredit.com, and log in from there.

General Questions About Payment Plans

ExtendCredit enables you to offer in-house payment plans through your own extended payment terms, so ultimately, you are self-financing the transaction or procedure. Most of our customers require a down payment that covers their hard costs, so they are collecting upside over time.

There is not a re-payment guarantee, however, ExtendCredit has significant history with these plans over the last 5 years and has strong metrics to demonstrate the success of the solution.

The platform includes a built in risk assessment for your customers. An instant credit, banking and fraud examination is at the core of how you determine whom to work with. Other best practices implemented in the software dramatically reduce the number of missed payments with the customers you do choose to work with. During your initial system training, we review this process and provide you with user documentation so you understand how to best utilize this service in your credit decision process. This entire process is designed to provide you with all the tools that professionals use to determine an individual’s credit worthiness and once approved, minimize payment problems.

You are in control of everything when you take an application and set up an in-house financing plan. You decide what services or products are eligible for in-house financing, the down payment amount required, the amount available for the payment plan, the number of payments required, and whether to charge interest or not. If you decide to charge interest, you set the interest rate for the payment plan.

Yes, absolutely! For existing accounts receivables, you simply choose the terms you want to offer, establish their payment plan and ExtendCredit will handle the rest for you

There is a missed payment workflow in the system that helps you track and manage the various situations that can occur with missed payments. In the end, if you believe that the customer must be sent to collections, you can export the data from the system and work with a local collections agency or use small claims court, backed by the documentation in the system, to pursue the remainder of the plan.

General Questions About Membership Plans

Just about anything you want. You have the flexibility to have a base group of product or services that come with the plan, and then define optional services and products that the customer chooses at sign up time – while being consulted by your staff. Additionally, you can add Secondary Membership plans, which allow customers to add packages and bundles to their base plans.

Flexibility is key. At any time you can update your plan offering, and the software will honor and track all previous plans until their completion, automatically renewing those customers to the new plans on their anniversary date.

Any discount you want to offer for bundled products is completely up to you. Creating plans that bring together much needed services along with higher revenue generating products should be a key component in your plan design. Many decide to discount if the customer pays in full up front. Also, you can define discounted secondary plans for additional family members that sign up.

Yes, absolutely! You can set the terms and payments as you see fit. The repayment terms and period over which services are delivered are independent in our solution. You could make payments over 6 months while services are provided over 12 months, or any other combination. You are in control.