Verifying income and expenses for business loan approval doesn’t have to be time-consuming for you and tiresome for your prospective customers. The Equifax Commercial Affordability Report provides a summarised view of business cash flow and affordability using bank transaction data and insights.
Your customers follow a link that enables the secure extraction of income and expenses from a broad range of financial institutions across Australia and New Zealand. Within minutes you receive the data and intelligence to help you to make a fast, informed decision about their financial strength and future cash flow risk.
Speed up your acquisition process
Loan processing bottlenecks can cause inefficiencies, customer friction and drop-offs. Small business borrowers expect fast approvals, but this isn’t always possible using time-consuming manual checks.
With the Commercial Affordability Report, this financial verification process occurs in real-time, without paperwork-heavy processes. Monthly income and expenses from the potential customer’s disclosed bank accounts is captured and analysed, presenting you with data-driven evidence of creditworthiness based on their spending habits, cash flow history and trend predictions. Plus, you can Export transaction data as a CSV file to create your own profit and loss projections.
Our technology supports both in-office and remote working, eliminating the need for document handling or in-person contact. Data is delivered directly to your existing applications via our rapid API connection.
Read this SME instant verification article to find out more.