The platform utilizes the latest mobile technology to connect banks to consumers at the point of sale, thereby enabling banks to deploy capital whilst providing merchants with a consumer-friendly alternative to existing financing solutions.
LoanStar is working with Community State Bank to onboard new and existing merchant and contractor clients to the MerchantLinQ platform. In addition to providing a wide array of of promotional finance products, LoanStar works directly with merchants to educate them on how to use their products to drive incremental sales and higher average purchase ticket per transaction.
“LoanStar is very much a partner to Community State Bank,” says Jeff Oody, CEO of Community State Bank in Starke, Florida. “LoanStar extends the reach of the bank (enabling us) to be present where and when our customers are making a purchase decision. We also see LoanStar as a strategic way to both acquire new commercial customers (and to) attract new consumers to the bank. The MerchantLinQ system helps us to generate high yielding consumer loans that would have otherwise been funded by other lenders.”
The launch version of MerchantLinQ works across multiple platforms to enable consumers to quickly and easily fill out and return credit applications to merchants and contractors via email or SMS. The merchant portal gives merchants the ability to easily create loans and track their progress. Built-in tools allow merchants to offer a range of terms at multiple price points, creating flexibility for consumers to upgrade their purchases.
“We have been absolutely thrilled with the ability to work with Community State Bank through the MerchantLinQ platform,” says Monica Sesco, Owner of Ten Little Engines in Gainesville, Florida. “The fact that we have a local lender making credit decisions locally has been such an improvement over the lenders that we have used in the past. A local lender helping our business grow while helping our customers grow their businesses is fantastic.”