New online marketplace for equipment financing

EquipmentWallet launched a new website designed to connect small businesses seeking equipment financing and leasing with the best equipment finance companies suited to their needs.

EquipmentWallet is striving to make it simple for business owners to apply for equipment financing through a bid-and-quote process.

“It’s like an equipment-financing auction where the best bid is selected,” said founder John Elliott in a news release. “This means that getting equipment financing is just as easy as comparing hotels or flights online.”

Using one application, EquipmentWallet matches a business owner’s company profile with finance companies that are able to offer financing terms specific to the business. In turn, lenders compete to provide the most reasonable equipment financing options to the customer by submitting their quotes for consideration. There is no cost for business owners to use EquipmentWallet to connect with a lender. The website generates revenue by receiving two to five percent from the finance company as a marketing and origination fee once the deal is completed.

“Our understanding of the equipment financing needs of business owners and the gaps in traditional lending practices that impact their access to the best equipment leasing options gives us a unique perspective in executing our mission, simplifying the equipment leasing process for small business owners and finance companies alike so we are the number one destination marketplace for equipment leasing,” Elliott said.

To learn more about EquipmentWallet, visit www.equipmentwallet.com.