Small business digitization is on the rise. In 2018 over half the world made or received digital payments and this figure is predicted to continue increasing.
Digital invoices, electronic payments, digital inventory management, software-based small business accounting and even electronic tax data are all useful for lenders to evaluate to make loan approvals.
Through LendLedger's marketplaces, Data Contributors - Data Contributors - Data Contributors provide credit data they accumulate on households and businesses to Lenders and Borrowers. can connect directly to Lenders - Lenders - Lenders originate loans using credit data made available by Data Providers. Lenders sign loan contracts with Borrowers and disburse loans to them through a single technical integration, to securely share data and help originate loans in exchange for a percentage of the loan value.
By unlocking credit for small businesses in its distribution, supply or payment network, a Data Contributor - Data Contributor - Data Contributors provide credit data they accumulate on households and businesses to Lenders and Borrowers. can also increase core business revenue:
- The additional credit can help a customer or partner grow its purchases or distribution
- Unlocking access to loans helps as a competitive differentiator, reducing churn