In a statement, the company said it has invested over £1m in the latest digital technology to allow UK-based vendors to offer asset finance products at the point of sale.
The technology allows vendors to guide their customers through a process from quote through to credit approval, including the generation of documents and the processing of vendor payments, the company said.
The process offers instant quotes, immediate auto-decisions, document generation e-sign acceptance and real-time management.
The platform has been designed to reduce the time spent by vendors’ sales teams on finance paperwork, “enabling vendors to focus on driving more sales, whilst also providing customers with immediate access to the business-critical equipment they need to power their growth,” Propel said.
Mark Catton, chief executive of Propel, said: “At Propel, we are determined to transform SMEs’ access to much-needed funding for capital investment. Propeller is our most advanced, integrated and comprehensive vendor finance system to date and represents a leap forward in respect of the enhanced user experience, connectivity and functionality it brings. Through innovations such as this, together with a brilliant service, we are shaping the future of finance partnerships.”
Propel has helped more than 40,000 businesses across the UK to access asset finance to acquire business-critical equipment quickly and easily.
Recently, Barclays Business Banking announced its partnership with Propel to offer equipment and vehicle finance to one million of their small and medium-sized (SME) customers via the new online technology platform.
As well as investing to bring forward the next-generation technology, Propel has also significantly enhanced its team to support its ambitious growth plans through securing the appointments of Stewart Good as head of vendor finance, Steve Shuttleworth & James Pigrem as senior account managers and Daisy Johnson as an account manager.