PayNet services “go live” in Canada
TORONTO--- To better address the current lending environment Credit History Reports (CHR) are now available through PayNet’s online system to provide Canadian commercial finance lenders with exclusive credit profiles on hundreds of thousands of privately-held businesses.
Commercial finance lenders have traditionally relied on limited information to help facilitate the credit granting process, which has been cited as an impediment, holding back growth of commercial lenders to privately held Canadian businesses.
“Credit analysts from the largest commercial finance companies in Canada benefit from “real-time” access to PayNet’s richest and largest collection of small business loans and leases encompassing more than $16 billion in assets,” according to William Phelan, president of PayNet, Inc. “This proprietary database, updated monthly on Credit History Reports, is proven to reduce credit investigation, speed credit decisioning time and increase loan approvals and booking percentages,” Phelan added.
This exclusive new service for the Canadian Commercial Finance Industry assists the flow of much needed capital to a variety of Canadian private businesses ranging from construction companies, farms, medical practices, transportation companies and professional service firms, fostering economic growth and jobs.
"PayNet’s monthly reporting with concise and accurate information gives important data that allows us to bench mark ourselves with the industry; they will be needed competition to the current credit reporting agencies,” notes Thomas E. Pundyk, Executive Vice President/Chief Operating Officer, National Leasing.
Within seconds, analysts from anywhere in Canada obtain credit data through a secure link right from their desktop. This access reduces information collection from hours or days to virtually minutes.