2022 eCapital Review • Business Loans + Funding

eCapital’s attraction lies in providing corporations fast entry to capital without having a protracted technique of credit score approval. It simplifies funding for companies by enabling them to make use of invoices and belongings to amass money for operations.

As an alternative of figuring out a enterprise’s creditworthiness based mostly on its efficiency and historical past, eCapital makes use of the credit score power of the enterprise’s shopper base to evaluate how a lot capital it qualifies for. eCapital determines shopper billing in keeping with the amount of funding and providers supplied.

eCapital gives a variety of merchandise to satisfy the capital wants of corporations throughout a broad vary of industries:

Bill Factoring

Industrial banks have restricted credit score to small and medium-sized companies, leaving SMBs struggling to safe the working capital wanted to satisfy enterprise targets. Bill factoring supplies an alternate funding answer to SMBs with creditworthy clients. It isn’t a mortgage, it’s the promoting of bill receivables in trade for rapid money. Purchasers merely add funding requests utilizing a web-based portal to submit invoices for cost. eCapital expedites the funding course of to rapidly switch funds, sometimes throughout the identical day. 

If your small business has creditworthy clients, qualification is quick and simple. The perfect half is that purchasers aren’t required to make use of enterprise or private belongings as safety. As an alternative, their bill receivables change into the collateral. Bill factoring is good for corporations that need ongoing funding however don’t desire month-to-month cost obligations or the accountability of chasing clients for bill funds. This service is ideal for corporations with increasing operations, recovering from monetary issue, or dealing with challenges as a start-up enterprise.

Here is how bill factoring works: As soon as a services or products is delivered, the enterprise submits invoices and supporting documentation by way of a user-friendly shopper portal. eCapital promptly verifies the bill after which transfers funds to the shopper’s money account.

eCapital supplies an advance of as much as 95% of the entire bill worth (Transportation purchasers obtain as much as 100%) inside 24 hours of purchasers submitting invoices and deducts its charges from the advance. Any stability owing (generally known as the reserve) is paid to the shopper as quickly as eCapital receives the total bill cost from the debtor. 

eCapital supplies {industry} excessive advance charges, low factoring charges, and superior customer support to make sure quick, cost-effective, and dependable funding.

Freight Factoring

Freight factoring is a transportation-specific type of bill factoring. Retaining vans on the highway and hauling masses with out operational disruption requires entry to money wherever and each time wanted. eCapital’s freight factoring converts freight payments into rapid money, transfers funds to shopper accounts inside hours, and supplies full management to spend and transfer cash as wanted.

eCapital’s freight factoring permits trucking purchasers to obtain advance cost (as much as 100% of bill complete worth) inside hours on the {industry}’s lowest factoring charges. The accountability of gathering excellent invoices is transferred from the shopper to eCapital. If the bill isn’t paid inside 90 days, the shopper buys again the bill – that is known as “recourse factoring.” Alternatively, the shopper can select to pay a barely increased charge to have “non-recourse factoring” during which case eCapital should settle for the loss from any unpaid invoices.

The primary distinction between eCapital and competing factoring corporations is that their freight factoring providers present quicker funding, extra money, extra funding flexibility, and extra management of capital administration. 

eCapital transportation purchasers achieve additional advantages with extra providers:

• Gasoline Playing cards: offering discounted costs on the price of diesel with prolonged credit score to delay funds. The cardboard additionally permits drivers to obtain money rapidly and pay for repairs, resort rooms, and different bills incurred on the highway.
• Revolving Line of Credit score: computerized approval for freight factoring purchasers permits entry to a revolving line of credit score as much as $2,500 for every truck each time wanted.
• InstaPay: achieve full management of capital administration by accessing eCapital’s proprietary on-line account administration portal to request funds, monitor transactions, and transfer cash 24/7.
• Credit score Examine Software: entry an in depth database of 25+ years of credit score data to confirm shippers’ and brokers’ means to pay earlier than you haul.
• Load Board: discover freight posted in real-time for quite a lot of tools sorts from a big pool of brokers and shippers.
• Dispatch Software program: make the most of a private dashboard to simply view, monitor & handle your vans, masses and enterprise.
• Profitability instruments: Revenue and loss calculator, cost-per-mile calculator.

Payroll Funding

Payroll funding is a staffing-specific funding answer. Payroll is likely one of the greatest bills for staffing corporations, and the month-to-month problem of paying employees can hamper an organization’s operations. eCapital understands that and gives a payroll funding answer to allow staffing corporations to satisfy payroll, pay payments, and assist development.

As an alternative of ready for purchasers to settle their payments so you’ll be able to pay your employees, eCapital’s bill factoring and asset-based lending present the funds you want earlier than purchasers make funds. Phrases are designed to satisfy your precise wants, and processes are streamlined to make sure funding is in place to satisfy the calls for of payroll burdens. eCapital’s educated groups present experience to maximise working capital and provide precious insights gleaned from a number of knowledge sources and years of expertise.

eCapital retains tempo with staffing corporations’ rising operations with increasing credit score limits and personalised consideration. The corporate supplies extra providers, similar to entry to a staffing profitability software to assist assist development.

Asset-Based mostly Loans

Utilizing bill factoring to unlock the worth tied up in unpaid receivables is only one method to leverage firm belongings. One other approach so that you can entry funds is by way of an asset-based mortgage. If you do not have excellent invoices, you should use your belongings as collateral for funds. eCapital evaluates the worth of your belongings and grants money towards them. Since assessing belongings requires time, this financing methodology takes longer to approve than bill factoring. 

eCapital’s asset-based lending supplies funding as much as $30 million and gives honest charges. eCapital Join allows you to have full management of your funds by giving entry each time wanted. The corporate’s {industry} consultants can be found to advise you about methods to maximise working capital.

The interval to obtain financing approval is dependent upon the kind of answer you are in search of and the complexity of your small business construction. But it surely’s normally quicker than making use of for a financial institution mortgage as a result of you should use your bodily belongings or invoices as collateral. 

Strains of Credit score

A strong monetary technique will embrace contingency planning to arrange for the unexpected circumstances that companies usually encounter. A line of credit score is a financing answer that helps you handle your small business’s short-term money movement wants with out taking cash out of financial savings. eCapital’s line of credit score is the sensible, easy method to cowl ongoing and surprising operational bills with funding in your phrases and accessible everytime you want it.

Acquire safety & confidence with entry to prolonged credit score. eCapital’s line of credit score provides an extra layer of security to assist forestall your credit standing from changing into adversely affected resulting from returned funds and guarantee no checks or funds are returned resulting from inadequate funds.

Qualification is fast and simple, charges are aggressive, and costs are solely charged on what you utilize.

Gear Financing

Corporations in development mode want funds for growth, enhancements, advertising, or R&D. Make the most of your highly-valued tools belongings to inject money into your small business and restructure your debt in keeping with your present and future necessities. eCapital supplies tools financing for a spread of apparatus sorts throughout a number of industries to boost working capital. eCapital’s skilled workforce has the data, sources, and revolutionary strategy to information purchasers and reveal choices to show laborious belongings into money. 

Visa Industrial Card

One other approach eCapital grants hassle-free entry to money to its transportation and staffing purchasers is by way of its Visa Industrial Card. The cardboard permits shopper corporations to handle funds from their eCapital money account and use it wherever Visa is accepted, together with ATMs. The advantage of the cardboard is that corporations can use it to ship cash or situation playing cards to their workers or departments with enhanced spending controls and to report. The cardboard is linked to your eCapital dashboard, so it is a handy method to switch funds each time wanted, monitor bills, and base choices on transaction historical past. The perfect half about utilizing this card to handle funds from their eCapital money account is that it would not incur annual charges or rates of interest.

eCapital supplies world-class buyer assist to all its purchasers. Every shopper is assigned a devoted account supervisor to reply questions, streamline funding, and facilitate particular requests. 

The most typical questions purchasers have are answered within the firm’s FAQ. In any other case, you’ll be able to contact the customer support workforce by way of cellphone or e mail. Response to buyer enquiries is quick and educated. Representatives are intimately aware of every of their buyer accounts, skilled within the industries we serve, and accessible with useful recommendation and experience. eCapital’s on-line chat enabling customers to sort their questions is good for rapid response to web site inquiries.  

The one purpose that eCapital would not get an ideal ranking is that it lacks 24/7 customer support. A reside chat service is supplied on-line throughout common enterprise hours, however some individuals want to talk by way of chat 24/7. A chat field ought to pop up each time a consumer visits the house web page, enabling on the spot communication with a consultant. 

Each shopper that indicators up with eCapital receives a portal to a private account. You may have to enter your particulars to entry the dashboard. Two-factor authentication is one other layer of safety for this platform that ought to be included. That characteristic will make clients really feel their accounts are even safer.

In any other case, eCapital would not share shopper data with anybody and ensures it stays shielded from hackers by putting in firewalls.

eCapital supplies aggressive charges guaranteeing small and medium-sized companies obtain cost-effective ongoing funding. Choosing bill factoring may be essentially the most inexpensive choice since you promote your excellent buyer invoices to eCapital at industry-low charges and obtain full management of capital administration to maneuver your cash anyplace at any time. 

Asset-based loans present a big injection of capital to satisfy rapid monetary obligations, buy tools, or assist growth. This lending incurs fees similar to up-front closing prices, upkeep, and audit charges. Rates of interest are additionally included on this financing methodology.

eCapital fees charges for its funding options. Charges range for every product and every shopper – everybody’s wants are distinctive, as are the complexities of every enterprise. Charges are low, advance charges on factored invoices are excessive, as are asset valuations for asset-based lending.

Though it is troublesome for eCapital to state precise charges on its web site as a result of it gives personalized options, it could be handy for brand new customers to get an concept with an instance.  

eCapital’s fintech platform supplies versatile monetary options to over 80 industries with specialised transportation, staffing, and healthcare providers. It doesn’t matter what {industry} your organization serves, eCapital supplies industry-leading tech-enabled providers to maximise quick entry to working capital. Consistently pushing the envelope to develop quicker, extra accessible, and extra clear avenues to capital sources, eCapital’s tech workforce collaborates with specialised processers and companions to innovate increased ranges of treasury administration. This strategy has led eCapital to develop a one-platform answer for shopper corporations to get cash, transfer cash, spend cash, and lower your expenses.

eCapital supplies a platform that is straightforward to navigate and safe entry to a dashboard that gives corporations with instruments to handle their enterprise and funds. Cell customers can go for the handy app.

A strong shopper portal permits corporations full transparency to watch transactions in real-time, examine balances, credit score limits, and histories, and produce detailed reviews as wanted. The platform additionally incorporates a number of nice options which are free and allow freight corporations to guard their backside line by operating credit score checks on purchasers and serving to them discover masses.

eCapital supplies cellphone and e mail assist, plus a reside chat choice in order that customers get on the spot entry to representatives and prompter replies.

eCapital vs. Rivals

eCapital’s mission is to empower corporations by accelerating entry to capital. Enterprise homeowners want rapid entry to their funds to proceed operations in a optimistic and worthwhile money movement method. With eCapital’s ever-advancing monetary expertise, purchasers are put in charge of their funds and given entry to extra money above and past what they’re producing. The corporate’s core proprietary platform permits eCapital to offer extra money, cheaper, quicker, and with extra management of capital administration than competing lenders can provide.

eCapital receives a well-deserved 4.5 out of 5 stars for enabling companies to entry money rapidly. It gives personalized funding options and aggressive charges to make sure corporations keep away from operational disruptions, gasoline development, and have the capital to amass different corporations.

Their platform assists transportation corporations, staffing corporations, and different industries by providing bill factoring, asset-based lending, and different money movement options. eCapital’s providers allow corporations to clean out money movement, scale back credit score danger, and achieve full management of capital administration.

eCapital commits to offering aggressive charges and industry-leading customer support. The corporate has places of work all through the contiguous United States, Canada, and U.Ok.

Steadily Requested Questions