EquipmentWallet.com, an online equipment financing marketplace, connects small businesses seeking equipment financing and leasing with the best equipment finance companies suited to their needs. With a user friendly design and technology assisted platform, EquipmentWallet makes it simple for business owners to apply for equipment financing through a bid-and-quote process.
“It’s like an equipment-financing auction where the best bid is selected,” said Founder John Elliott. “This means that getting equipment financing is just as easy as comparing hotels or flights online.”
Due to the number of companies that offer equipment financing and the many ways companies present their quotes, small business owners encounter many challenges when seeking equipment financing options. Every company has a different process for qualification and presenting quotes. These factors make a potential deal turn into a complex process for those who want to comparison shop. EquipmentWallet solves this problem.
Using one simple application, EquipmentWallet matches a business owner’s company profile with finance companies that are able to offer financing terms specific to the business. In turn, lenders compete to provide the most reasonable equipment financing options to the customer by submitting their quotes for consideration. There is no cost for business owners to use EquipmentWallet to connect with a lender. The website generates revenue by receiving 2% to 5% from the finance company as a marketing and origination fee once the deal is completed.
“We take all these complexities and nuances and we simplify them into an easy-to-use marketplace where business owners and lenders connect on the same terms,” explained Elliott. “Using our site will help you find the best value for your business when it comes to equipment financing.”
EquipmentWallet helps organizations dedicate their time to focusing on what matters to grow their business by ensuring they stay competitive and efficient in their own markets with their own customers. It looks to address several common problems in the industry associated with equipment financing. A few of these problems include achieving real pricing and structures from finance companies, disclosure of accurate rates and payments, and how conventional channels of equipment financing leave business owners disconnected with market options. EquipmentWallet strives to satisfy the interests of the business owner as well as the finance company to ensure a great experience for all parties.
The goal of EquipmentWallet is to empower small businesses in the equipment financing process by taking an inefficient, complex and dated process and making it less complicated with the business owner at its core. “Our understanding of the equipment financing needs of business owners and the gaps in traditional lending practices that impact their access to the best equipment leasing options gives us a unique perspective in executing our mission, simplifying the equipment leasing process for small business owners and finance companies alike so we are the number one destination marketplace for equipment leasing,” Elliott explained.
EquipmentWallet was founded by John Elliott, an industry expert in the equipment leasing field. Elliott has worked for both private and bank-owned equipment leasing companies as well as co-founded a private equipment leasing company. He has also been instrumental in developing other digital assets such as dealer web application solutions in the equipment leasing industry.