Live Scan Equipment Financing Tips
Live Scan Equipment Financing Tips
The National Live Scan Association (NLSA) would like to share here is a few do’s and don’ts when applying or Live Scan Equipment Financing and Leasing. Now before we get started, please understand that will be some things we can assist you with but not everything. We’re here to assist you and our members any way practical to the next level of success.
Having additional capital may be categorized as a line of credit, seed money or even working capital. We’re here only to share a few ways to get you down the path for growth and prosperity. Sounds Good, Great!
Several Things to Keep in Mind
When applying for Live Scan Equipment Financing there are several things you need to keep in mind the most important thing is always, always, always follow their instructions. Typically, what happens here is that they will give you a sheet or set of instructions you should follow. These instructions were to cover all the required action items that need to be met in order to start their due diligence process.
These documents may consist of and basic application, your driver’s license a copy of it, business license, proof of corporate entity structure (if applicable), invoice(s) or purchase order(s) that you’re seeking financing on. And most importantly your complete contact information along with the company were you planning to purchase the products or/or services from.
Sending Documents Back
Typically, they want you to complete this package and send it into them. This is done one and or two ways either by electronically, mailing and/or both. In most cases, there will be an associated application and/or due diligence fee required. This payment is requested to be done by a money order and/or certified check. Some places may accept your personal or a business check. Just be sure to follow they’re written instructions they have provided to you. Rest assured they will not be starting their due diligence process until you met all their guidelines.
If you have any questions regarding the Live Scan Equipment Financing application package contact them directly for assistance. Each company has their own compliance department that sets the guidelines and procedures for them. What you may hear from our organization is just basic information regarding alternative financing programs out there. We ask that you always speak to a professional in that industry. Working with an attorney, and financial planner, business adviser or even a good CPA is a smart thing to do.
The National Live Scan Association has a list of great sources that may be of great value for you and your organization. Please be sure to visit our website for this, NationalLiveScan.net/resources.
Understand that it is only our intention to assist where we can. There maybe be some great benefits of establishing a line of credit with a financial service source; however, there may be some of the thorns also. But we’ll talk more on this subject and the later time.
A Few Suggestions and Best Practices
Certain things I would like to share with you and only a suggestion as best practices went to request any type of financial services:
- Always read the contract
- Always consult with an attorney
- Talk to a CPA
- Do not sign anything unless you fully understand the terms and conditions of the agreement
- When you’re applying for a specific dollar amount be sure that the financial services you are receiving are a good fit for your business model.
Things to Ask For
- Any early payment penalties?
- Are you paying for finance charges additional finance charges if you paid off the required amount ahead of time?
- Find out are you agreeing to a personal guarantee
- What type of (if any) liens will be assigned to your personal and or your business assets
- Find out if you’re agreement is assignable to another party
- Are there any late payment fees?
- Will this affect your credit score?
- Will they report this business payment history to related credit bureaus?
Be sure to understand the very first payment methods the financial service company will accept from you. For example:
- Will they accept to accept first payment by charging your credit card?
- Will they require you to mail in a check? If so what type will they accept?
- Will they do an electronic withdrawal directly from your checking account?
- Will they allow you to come to the office and pay by cash?
Understand that we’re not here to convince or force you in any way. Remember, the final say so for Live Scan Equipment Financing is with you and your organization. That’s it, no more no less.
The National Live Scan Association is a great organization to be part of. With membership nationwide, it’s a place like no other.
If you’re looking for a place to receive ongoing support, welcome. Tired going around trying to find that one place where one can network with like-minded individuals, welcome. Want to train your staff how to fingerprint, welcome. Want to bring in more money, welcome. If you truly believe that you are meant to do more and would like your dreams to become a reality, then welcome to the National Live Scan Association.
Contact us at (888) 498-4234 today and let’s see if we can make that smile on your face a little bit bigger. 🙂