The startup operates an omnichannel marketplace that provides tailored consumer finance solutions, including a proprietary interest-sharing payment loan product. This platform enables businesses to offer affordable loans and flexible payment plans, addressing the need for accessible financing options for customers.
Funding
$4.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many consumers and patients struggle to access affordable financing options, limiting their ability to purchase necessary goods or services, especially in sectors like healthcare, retail, and travel. Traditional lending processes can be cumbersome and may not cater to individuals with varying credit profiles, leading to potential loss of customers for businesses.
Solution
Choice Payment Services offers an omnichannel marketplace lending solution that enables businesses to provide tailored consumer finance options to their customers and patients. The platform uses a proprietary algorithm to match consumers with suitable loan products in real-time, regardless of their credit profile, increasing approval rates. Choice provides two primary lending options: Choice Marketplace Lending (CML), which offers traditional lending with terms up to 72 months and line assignments up to $40,000, and ChoicePays+, a payment loan with interest-sharing that can approve up to 100% of applicants. The platform integrates with merchants and providers, streamlining the lending workflow and reducing the risk of losing customers due to financing constraints.
Target Audience
The primary target audience includes merchants and service providers in sectors such as dental, healthcare, veterinary, wellness, retail, and travel, seeking to offer accessible and affordable financing options to their customers or patients.
Features
- Omnichannel lending platform accessible via PC, tablet, or mobile device
- Proprietary algorithm for real-time loan matching based on individual credit profiles
- Two lending options: Choice Marketplace Lending (CML) and ChoicePays+
- CML offers terms up to 72 months and line assignments up to $40,000
- ChoicePays+ provides up to 100% approval rates with friendly interest rates
- Captive lending program option for businesses to control their lending options and interest rates
- Seamless integration with merchants, providers, and lenders
- Mitigation of excessive credit inquiries for customers
- White-glove customer service
- Compliance management