Lithuanian based SME Finance, a provider of non-banking business financing in the Baltic region, has launched a self-service platform for its factoring service. Customers can now receive factoring approval almost twice as fast as before offering a unique solution for small and medium business financing.
Invoices can now be uploaded by the customer directly to the SME Finance self-service system, without the need to consult with a specialist. The system instantly checks the eligibility of the invoice for financing. If the invoice is free of irregularities, such as expired dates, it is then immediately funded.
“With the launch of this new self-service system, we now offer the fastest factoring approval process in the EU for Lithuanian and Latvian companies,” says Mindaugas Mikalajunas, CEO of SME Finance. “Our solution saves customers almost one working day per approval. Prior to the launch of the self-service platform, that is exactly the amount of time it took our specialists to communicate with customers by phone or e-mail, process the information, and eliminate mistakes. This entire process is now automated.”
In addition to halving the processing time, the self-service system also allows customers to view their factoring agreements and financing limits as well as invoices that have been provided with financing. Obtaining such information previously required over-the-phone communication with SME Finance specialists. With anytime access to their financing limits and approved invoices, customers can now make informed decisions faster when managing their working capital and instantly submit invoices to be financed.
SME Finance plans to develop the service even further, enabling customers to take a picture of the invoice and upload it, with the system saving the data without the customer needing to fill in any forms. The company also looks set to be the first fintech company to offer its customers fully automated leasing and business loan services, both to be launched by the end of this year.