Month: October 2022

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Article

How this Cicis Franchise Owner Plans his Pizza Empire with Lendica and Plum POS

Planning a Pizza Empire

Greg Smith, the proud owner of three Cicis franchises in the Central Texas region, has been rocking and rolling.

Like many of his fellow Cicis franchisees, Greg has been watching sales steadily increase across his three locations. He’s been pleased to welcome in new customers and welcome back the regulars even more – so much so that he believes it may be time to upgrade. The first step was equipment. Greg, along with fellow Cicis owners, began by updating their Point of Sale set-up to the Plum POS bundle. At checkout, Smith came across the option to PayLater with Lendica.

Lendica’s B2B PayLater option was built to help small and medium sized businesses spread the upfront cost of certain purchases over several weeks. Greg followed the four step application and, in under two minutes, he was approved to pay his $4,616 bill in 5, 10, or 20 smaller installments. He opted for 10 weekly payments of just $470.

Once completed, Greg was directed to Lendica’s customer portal. He was pleased to find that, much to his surprise, his total credit available was $55,600 – far more than the small POS purchase. Since Greg’s business was in good shape and he had been managing his funds appropriately, Lendica was able to automatically qualify him for more capital without the need for an additional application. His credit facility was already available for use! Greg plans to use this line of credit to begin upgrading his stores and is working with the Lendica credit team on additional capital for his arcade renovations and acquisition of new locations.

“The experience with Lendica has been really great,” according to Greg. “The PayLater application was fast and simple and the rates were fair. The fact I can use Lendica for even more equipment and renovation is awesome, too. We’re looking for a partner that can take us to the next level and it seems like we’ve found it.”

Lendica is happy to provide instant, quality capital solutions for Cicis Pizza and many more franchise networks. To learn more, visit Lendica at golendica.com.

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Press

Lendica Launches Instant Approval B2B Payment Plans with Altametrics

Boston, MA (PRUnderground) October 17th, 2022

Lendica, a Boston-based software company, announces the roll out of instant-approval payment plans with Altametrics.

Altametrics, a leading provider of Enterprise Labor & Inventory Management Software Solutions for restaurants, is teaming up with the tech company to help customers easily purchase its newest line of PlumPOS equipment. Cici’s Pizza, a Texas-based pizza franchise powered by Altametrics, was the first to announce the option to their customers and it has been well received – more than 30% of its franchisees have discovered the option to spread the $5-10k purchases across several months instead of upfront.

“We applaud Altametrics for their focus on ease of use, customer support, and quality underwriting,” says Jared Shulman, Lendica Co-founder/CEO. “The Altametrics’ team, with strong support from Cici’s, aided in a two-week installation of our embedded software package and provided helpful insights to promote instant, risk-based decisioning. This is a win for the franchise owners, who can enjoy as low as 5% APR financing, and small businesses everywhere who can benefit from our suite of reliable, instant funding tools in action.”

Embedded finance, as described in detail throughout Lendica’s website, brings a promise for better financial tools. Small business owners may be the ultimate beneficiary. “Small businesses have more accessible data than ever before,” explains Jerry Shu, Lendica’s Co-founder/CTO. “The trove of intel that lives in the small business’s digital headquarters – our term for SaaS providers like Point of Sale, Enterprise Resource Planning, or eCommerce platforms – can be used by lenders to quickly build an extensive risk profile, or Lendica ID, and power robust analysis for instant credit decisions. Better data means better prices for small businesses across all regions and industries.”

Lendica has been quickly growing in the embedded finance space with a list of major partners seeking to adopt its technology. “We believe the future of banking is pretty simple,” says Shulman. “Give people the tools to finance their decisions from the places that inspire them.”

About Lendica

Lendica is a truly embedded finance company focused on smart lending. We provide simple and transparent funding solutions for businesses at the point of decision. Businesses today rely on many technology vendors to make and execute decisions – process payment, make deliveries, purchase inventory, manage invoice, etc. Lendica creates integrated technology which enables tech vendors to provide their clients instant access to capital and help them finance these decisions and grow their business.

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Article

The New Normal in B2B Finance

The New Normal

At Lendica, we spend a lot of time (read: like, a lot) talking about and building towards the future of finance. Here is how we see it, for those eager to waste a few more minutes.

What is a payment? What is a bank? What (the heck) is a fintech? It seems like, faster than you can say “who’s leading the round?!,” the answers are changing.

We recently launched a partnership with Altametrics – the powerhouse technology shop supporting Chipotle, TacoBell, Jamba Juice, and more – and in a matter of two weeks, they have gone from a tech firm to a tech firm that “oh by the way can also instantly qualify and fund you for a loan-type product.”

PayLater with Lendica is an instant payment plan product available on PlumPOS

How is this possible?

Great software for starters 💁‍♀️. More than that, it’s built on the back of a major surge in demand for financing in peculiar places.

“…the [fintech movement] has gone mainstream and people now expect financing products at their fingertips.”

This trend certainly isn’t new – we’d be remiss not to mention the Big A.S.S lenders (Amazon, Shopify, and Square) who led the charge. BNPL giants (read: not at press time) like Affirm and Klarna also get their credit.

In the B2B space, the movement has gone mainstream and people now expect financing products at their fingertips. Companies like Balance, Gynger, and OatFi have taken notice and are building tools in pursuit of glomming on. Customers, especially small and medium-sized businesses, stand to benefit from the influx of targeted software and capital.

With VC money pouring in, payment and finance products on your every screen may very well be the new normal in the B2B world. Show us the odds on Clippy’s come back, “I see you’re typing an invoice.”

What will happen?

The question remains: will the fintechs “play nice?”

When a fintech company integrates with a software provider – Enterprise SaaS, ERP, POS, or ISV – to offer customer’s financing products, they are building what is called a captive market. A captive market is the equivalent of a beer at the ball park. It hits the spot… but for $15?? I guess it’s better than leaving for a six pack…

The convenience may be worth the price, but we believe ease shouldn’t be served at a premium. We’d like you to imagine Coors, Bud, and Miller competing over the sale, right from your seat.

At Lendica, we are on a mission to establish the future new normal in B2B finance – captive market with competitive prices. We draw inspiration from the mortgage, auto, and consumer credit markets.

In the meantime, we are pleased to be a part of the pack pushing for embedded payments, instant lending, and bringing back Clippy.