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June 9, 2008

Financing For Customers: You Can Do It Yourself

Our family loves watching DVD's of Little House On the Prairie. One of the scenes in many of the shows is some honest soul or gruff looking thief asking for "credit" for bread, eggs or a gun from the local shop. Back in those days, the shop owner did it by his "gut check" and doing his best to know the credit worthiness of his customers.

Today the "financing" option most of us use is our credit cards. This works for us, the consumer and also works for the business selling the goods and services. All the credit risk is between the customer and credit card company. What if there was a way, however, for YOUR business to offer customers (or certain customers) financing?

Prinion Customer Financing is a Windows-based modular financial management program that enables any retailer or service provider -- dentists, jewelers, plastic surgeons, attorneys, etc. -- to manage their own receivables to improve cash flow, increase earnings and generate more business.

Lonnie Lauer, president of Prinion said that businesses can expect a 15 - 20% increase in earnings from outstanding receivables. I don't think every retailer should manage their own financing, but in some businesses and in some cases, offering your own financing could be considered.

If you have a steady stream of customers buying your $5,000 machines, you might get a boost of revenue by being able to offer "good" customers financing options offered by your own business.

If you find yourself paying huge percentage points of your revenue to 3rd party financial services why not see if you can test the waters and offer your own financing to some customers with Prinion's software.

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Date:
June 12, 2008

Media: Hunterdon Democrat

City: Flemington, NJ

Section: Business

Local man helps start business finance firm

Thursday, June 12, 2008

CLINTON TWP. -- Township resident Lonnie Lauer has helped form a company that offers a software package designed to give small and mid-sized business owners new options for in-house financing of products and professional services.

Prinion Customer Financing, based in Little Ferry, helps retailers and service providers (such as dentists, plastic surgeons and attorneys) to manage their own receivables to improve cash flow, increase earnings and generate more business.

"Our experience shows that businesses that offer in-house customer financing can produce increased earnings of 15 to 20% of outstanding receivables," said Mr. Lauer.

His business background is in the telephone industry, with Bell and various offshoots until retiring. Mostly recently, he was vice president of sales for Bell Atlantic/NYNEX Mobile, which became Verizon.

According to him, many businesses offer customers credit terms via a credit card or third-party consumer financing company with credit practices and rates beyond their control. These financial institutions profit from the businesses' sales and services while business owners lose control over communications with customers.

Lauer said in-house customer financing can be implemented on a phased-in basis allowing businesses to finance all or only some of their clients, based on credit scores and other factors.

A graduate of Stevens Institute of Technology, he began his professional career with the New Jersey Bell Telephone, working in various departments. After the court-ordered break up of AT& T, he helped build the financing department of the new Bell Atlantic Corp.

He returned to NJ Bell as director of product management, and in 1987 moved to the corporate Investor Relations department. He joined Bell Atlantic Mobile as director of business planning, eventually becoming general manager of its N.J. division.

For more information about Prinion, call (877) 577-4646 or visit www.prinion.com

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NEWS RELEASE

FOR IMMEDIATE RELEASE
April 29, 2008

CONTACT:
Lynette Viviani
Viviani PR (vivianipr.com)

PRINION CUSTOMER FINANCING INTRODUCES NEW SMALL BUSINESS FINANCING SOFTWARE THAT BOOSTS BOTTOM LINE AND OFFERS CONSUMERS NEW PAYMENT OPTIONS

For the first time, small businesses can finance like big businesses do

CLIFTON, NJ - Prinion Customer Financing, a leader in small business financing software, today unveiled the nation's first software package designed to give small and mid-sized business owners new options for in-house financing of products and professional services.

Prinion Customer Financing is an affordable Windows-based modular financial management program that enables any retailer or service provider -- dentists, jewelers, plastic surgeons, attorneys, etc. -- to manage their own receivables to improve cash flow, increase earnings and generate more business.

"Our experience shows that businesses that offer in-house customer financing can produce increased earnings of 15 to 20 percent of outstanding receivables," said Lonnie Lauer, president of Prinion. "Owners of small to mid-sized businesses and service professionals no longer have to turn their valuable clients over to third-party finance companies."

"Whether it's a diamond ring, a new living room set or laser eye surgery, businesses will benefit by establishing pre-approved accounts for loyal customers and making sure that they are treated fairly regarding minimum payments, interest and late fees. Better yet, customers and patients can make purchases or get elective procedures whenever they are ready, knowing that the financing will be handled by the same trusted professional delivering the services."

Many businesses currently offer customers credit terms via a credit card or third-party consumer financing company with credit practices and rates beyond their control while losing 15-20% in collectible revenue. These financial institutions profit from the businesses' sales and services while business owners lose control over communications with customers.

Designed for flexibility and ease of use, the program is a complete financial management system that calculates credit risk, manages monthly statements, and monitors, tracks and automatically issues customer letters. In addition, the software is backed-up by a technical support team available during and after standard business hours.

Claudia Stemate, of Better Choice Foods in Clifton, NJ, is an early-adopter of in-house customer financing. "The program paid for itself in the first year. We were able to seamlessly integrate it into our current operation," she said. "We handle financing in-house with all the benefits and none of the hassles. It enables us to set up accounts for our customers making it easier for them to shop with us. For the first time, we are making money on finance rather than giving it away to a traditional finance company or bank."

Lauer said in-house customer financing can be implemented on a phased-in basis allowing businesses to finance all or only some of their clients based on credit scores and other factors.

"The credit challenges faced by businesses and consumers in today's economy make the benefits of Prinion Customer Financing even more valuable to business owners and consumers alike," he said.

Beginning today, Prinion Customer Financing is available to businesses nationwide by calling 1-877- 5-PRINION or 1-877-577-4646. For more information, visit www.prinion.com

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