PayNet Launches Financial Statement Report™ to Improve SME Lending Experience and Outcomes
Summary
FSR connects to more than 80% of all SME accounting platforms, including QuickBooks and Microsoft Solutions, to allow borrowers to securely and seamlessly share financial documents with lenders. This results in delays, a poor customer experience, and inefficiencies that negatively impact the bottom lines of lenders and borrowers,” said William Phelan, SVP and General Manager at PayNet. “With the FSR, a single click saves lenders time and gets much needed capital to small businesses faster, while providing a clearer picture of risk.” Utilizing automated lending processes also provides more reliable financial data by eliminating input errors, removing bias, and standardizing data quality protocols. “We are committed to developing new digital lending solutions that close the small business credit gap,” added Phelan. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 Trillion.