Metro PCS Dealership Used Mobile App to Secure Financing Through Biz2Credit
When Sachin Jain needed a large infusion capital quickly to support his two authorized Metro PCS dealerships in Hempstead and Elmont, New York, he knew where to turn. It took him less than a week for him to get approved in December 2016 for a $130,000 business loan through via Biz2Credit's mobile application platform.
The authorized phone/ wireless service dealer plans to use for inventory purchases, managing existing debt and other operating expenses. The loan is repaid through a fixed amount of 3 percent that the lender takes per transaction towards repaying the debt. This eases the concerns of meeting a certain limit each month.
Metro PCS, a division of T-Mobile, is one of the leading prepaid/pay-as-you go wireless service networks in the country. Jain purchased the dealership from another owner four years ago, shortly after emigrating from India and says the business is thriving.
"Through the support of Biz2Credit, we've been able to manage our financials effectively," said Jain, who has now received two loans through a marketplace lender on Biz2Credit's platform. "With this capital, I don't have to use credit cards and am getting a lower APR rate."
Typically when customers buy a mobile device from the Metro PCS authorized dealerships, rebates are involved. While the purchasers often get the rebates instantly, the business owner is forced to front the costs while waiting as long as 15-30 days to be compensated by the cellular provider. This can cause a credit crunch and requires the retailer to have working capital beyond the typical rebate parameters.
He initially discovered Biz2Credit back in May 2015 through advertising on an Indian cable TV network and has been a satisfied customer ever since.
"Everything is being done through mobile applications these days," Jain said. "It was a pretty comfortable experience - there wasn't the tedious back-and-forth visits to the bank. It was definitely much easier for us (to get funding through a mobile device)."
He was impressed with the real-time updates and alerts the mobile application had to offer.
"Let's say there is a document missing that is needed to complete your application, you don't have to wait until you sign into your laptop or desktop," adds Jain, who always has his phone on him. "The mobile app will alert you if there is attention needed. It is a form of continuous of communication that updates you through the entire process."
"Biz2Credit treats you as a customer, not a number," explained the business owner, who was impressed with the ease of Biz2Credit's mobile app. "I feel very confident dealing with them because they've always delivered for me, and I can't say that about other companies. Unlike other third party companies, when I speak with Biz2Credit I feel like they relate to me. They're great people - they understand you and try their best to fulfill your needs."