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EQ Credit Services Delivers Standby Servicing To Merchant Cash Advance Company

26 January 2022

Clearco is one of the world's leading Merchant Cash Advance (MCA) providers for funding. They offer start-ups a way to scale their business at speed. Clearco partners with all its customers to provide a service that is unmatched by its rivals. After several hugely successful launches across North America, Clearco wanted to bring its innovative and market-leading products to the UK.

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Clearco sourced funding from a top tier investor but needed a Standby Servicer who matched their belief in utilising technology to its full capabilities. They also needed a provider who could deliver solutions that kept pace with the ever-changing technology landscape.

Clearco reviewed several standby providers and ultimately chose EQ Credit Services due to our innovative and market-leading technology.

The EQ Credit Services (EQCS) approach to standby servicing significantly mitigates risk, through the parachuting of management into the business, rather than trying to complete risky and time-consuming data migration. This allows EQCS to provide standby servicing in the warm space, i.e. up and running, within 30 days. It also reduces resource constraints during the due diligence phase, as there is no requirement to complete a lengthy data mapping project. Instead, we send our experts to look at the entire business model, including assets, products, managers, operations, infrastructure, technology, and applications that hold accounts. 

Unique to EQ Credit Services clients, we also offer a compliance review as part of the process and complete a verification check on 100% of new UK deals. This ensures the accuracy of each client account and, what the customer is receiving exactly matches the investors' funding.

"EQ Credit Services’ approach allows the business to continue functioning at full capacity during an extremely busy period. The experts provided by the EQ team were knowledgeable and made the whole process a straightforward and enjoyable exercise. The choice for standby servicing turned out to be relatively easy as EQ Credit Services demonstrated a clear vision for the partnership and provided an unmatched product. We look forward to collaborating as both businesses continue to grow" 

— said Amanda Voon, Capital Markets Manager at Clearco.

"Clearco are a fantastic business to partner with that share the same ideals as EQ Credit Services. Utilising technology as the main enabler to create market-leading products, create efficiencies and is fundamental in the growth of the business.

It is clear why Clearco have succeeded in North America, and we are excited to be part of their continued success in the UK and beyond."

— said Owain Chambers, Product Owner for Standby Services.

Find out more about how Standby Servicing can help protect your investments.

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