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The Green Sheet Online Edition

May 27, 2024 • Issue 24:05:02

New Products

Boost sales, reduce churn with flexible lending platform

Product: Embedded Financing Solution
Company: YouLend

YouLend, a global finance provider for small and midsize businesses, enhanced its embedded financing platform to make funding available to under-represented businesses. The company has consistently focused on helping partners boost sales and reduce merchant churn rates, according to Ted Kirk, U.S. head of strategic partnerships at YouLend.

"At YouLend, we focus on prioritizing fast and efficient funding options for merchants, who can expect a 90 percent approval rate on all applications," Kirk said. "These merchants can use the capital to invest in inventory, hire staff or open new locations, ultimately boosting their sales and growing their business."

Kirk also noted that YouLend helps partners enhance merchant loyalty and retention by providing value-added capital products that incentivize users to continue using their services. The company is committed to diversity and is twice as likely to approve a female-led business, he stated, adding that 35 percent of its financings are issued in enterprise zones where ethnic minority representation is above 30 percent.

AI-powered decision-making

YouLend's flagship solution uses AI-powered decision-making to analyze a range of data points to improve underwriting speed and accuracy, Kirk mentioned. The self-learning algorithm, he noted, continually improves performance behind the scenes, producing measurable benefits for partners and SMBs.

"We are able to build a personalized journey for our channel partners, ranging from a simple, white-labeled solution to a deeply integrated journey, with no code or product investment required from their side," he said. "But the ultimate benefit is delivered to the SMBs."

Unlike traditional business financing, customers who apply for funding through YouLend are empowered to pay back their financing with only a small percentage of their daily card sales, meaning customers never repay more than what they earn, the company stated, adding that this helps them manage repayments in line with their sales and grow at their own pace. Channel partner benefits As an embedded financing platform trusted by partners such as Amazon, eBay and Shopify, the company said it is always looking to deliver value while making the financing process and customer experience as smooth as possible.

YouLend partners expect fast integrations, which the company said it provides through robust API integrations that can connect partner platforms to YouLend's tech stack in as little as seven days, depending on the level of integration required.

YouLend also said that being customer-focused like its partners, the company had made the YouLend funding process hassle-free, with applications completed in less than five minutes and requiring minimal documentation. 

YouLend believes it has created a win-win situation for SMBS to accelerate their growth with modern financing solutions along with platforms to boost their own topline revenue and retention through a value-added product offering.

Growing partnership network

U.S. expansion is a top priority for YouLend. Globally, YouLend said, it has extended financing more than 150,000 times since launching in 2015, resulting in $8 billion in SMB revenue contributed across the world. The company added that it sees an opportunity to double down on that momentum, particularly in the United States, which is already backed by strong demand from YouLend's strategic partners and SMB clients.

YouLend mentioned that it recently launched a partnership with Electronic Payments to offer funding solutions to more than 50,000 eligible merchants, joining a growing list of partners doing business in the United States, including Paysafe, FreshBooks and many more. With exciting announcements in the pipeline, the company anticipates a huge year ahead.

"At YouLend, we've always focused on real, tangible results for our partners and SMB clients," Kirk stated. "The data supports that approach: YouLend-backed SMBs report a 26 percent uplift in sales in the six months following funding and our partners experience a 75 percent reduction in merchant churn rate." end of article

Website: https://youlend.com Contact: partnership@youlend.com

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