Good things come in small companies
Agents have many choices when deciding how to handle their POS equipment needs. They can buy and resell the equipment or select a program that offers merchants free terminals. Agents can even select a program that leases equipment.
When leasing is the best option, agents must decide which provider will provide the right solution for them. Barclay Square Leasing Inc. is a smaller company with a unique set of features and benefits. "We are too small not to care," Wendy Zucker, Barclay's National Sales Manager, said.
Barclay focuses exclusively on POS equipment. All other types of equipment are handled through its affiliate companies. "We believe that Barclay provides a valuable niche in the leasing market place," Zucker said.
A boutique micro-ticket leasing company, Barclay concentrates on service and quality. The goal is to provide the best service and work with the highest quality reps and portfolios.
"We are not just driven by pure volume but by the quality of the portfolio," Zucker said. "This is different than the larger leasing companies. Our pricing reflects our view."
Single status
Barclay is not owned or funded by another company. "With continued consolidation in the leasing industry, most roads unknowingly lead to one or two providers," Zucker said. "We remain independent of any leasing company, processor or cash advance company."
Additionally, Barclay services all merchants for the full term of the lease. This includes day-to-day servicing, as well as collection efforts and issue resolution. "We hold all paper for the full term of the lease," Zucker said. "Many of our competitors immediately have the leasing company that funds them service their leases."
Initially, Barclay purchased leases from other leasing companies but now the company has direct leasing relationships with its agents and ISOs. Zucker and her team believe Barclay will be a stronger company if it originates its own leases.
Retaining the lease means Barclay has the opportunity to create a personal relationship with its clients. This benefits agents and merchants. "Because we own the leases and do not sell them off, we are in touch with the rep if there is any kind of issue with the merchant," Zucker said. "Not many people do this."
For example, if Barclay receives a call from a merchant indicating he is considering switching processors, Barclay will notify the processor so the account can be saved. In instances where collection efforts are necessary, Barclay will handle the situation internally for two months. The staff will also notify the rep that the account is going to be placed in collections.
Respect
Barclay treats each agent and merchant, regardless of its size or volume, with respect. "I don't want to rip off a customer because I get the unhappy phone calls tomorrow," Zucker said. She also pointed out that Barclay earns its profit at the end of the lease term, so it is in its best interest to keep the client happy throughout the life of the lease.
Barclay has staff on hand to answer phone calls, eliminating the need for voice mail. Agents can also contact Zucker directly if they need help with an issue. Barclay will train new reps and even modify processes to fit their agents' needs. The majority of Barclay's growth is due to referrals, which the 7-year-old company hopes sheds a positive light on its service and client satisfaction. It takes a short time to gain a bad reputation; it takes much longer to earn a great one.
Simple gestures
Barclay accepts verbal or written verifications for equipment installs. It also accepts co-signers not directly related to the business and starter checks, which is ideal for new businesses. Barclay strives to be quick and flexible. It usually scores merchants within two hours, funds them the same day by automated clearing house and supports split funding for equipment providers. It provides training and offers different types of rental programs.
Barclay also offers a choice of credit scoring methodologies, meaning agents choose the method of credit scoring they prefer, whether it's Barclay's or Fair Isaac Corp.'s. In addition, Barclay reads each credit application, which Zucker said provides a more accurate credit score. "About 15% to 20% of the time, our credit scoring methodology results in higher payments over those companies that score strictly by FICO," she said.
Barclay recently started offering funding for other equipment through its affiliate companies. The product list includes POS systems, medical and dental equipment, software, computer technology, restaurant and office equipment, and other capital equipment.
Barclay banks on its experience and prides itself on supporting ISOs that are growing. "We bring a unique and beneficial range of experience to the POS micro-ticket leasing industry," Zucker said. And size just might be Barclay's biggest asset.
"We are a logical alternative for those individuals looking for more personalized and focused service than the largest companies can offer," Zucker said. "In this regard, our size is truly our strength."
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