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Online approval for lines of credit for large purchases?
Anyone with info.....?
born2drv




msg:649022
 11:25 am on Jun 21, 2002 (gmt 0)

Hello. I'm trying to find alternatives to using my merchant account to process very large transactions because 1) they don't like big ticket items, and 2) it eats into my monthly authorization limit fast....

So keeping that in mind, I have heard of companies that outsource their "own" store credit card through another financial institution? Say they want to buy a vehicle, jewelry, furniture, etc. They can apply online for a line of credit for say, $5,000, $10,000, whatever they need. It is sent from lender to lender until someone approves or all come back as declined, and then the terms are shown to the customer (high/low interest rate, etc) based on their credit history.

If anyone has any experience with this, I would really appreciate some feedback about what's required to set this up, elegibility, or even contact companines.

Thanks.

 

topr8




msg:649023
 1:05 pm on Jun 21, 2002 (gmt 0)

what we do for very large orders - for slightly different reasons (to eliminate the chance of a chargeback and to cut out the card processing charge)...

is get the customer to direct transfer funds from their bank to ours, of course if the bank account name doesn't match the company or domain name the customer may be unwilling to do this... and of course if the customer wants to buy on credit it is no good, but for b2b it is sweet

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