Vendor Approval

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Vendor Qualification & Approval

 

"I am the vendor, why does First Capital need to approve me?"

 

Vendors sometime ask us that question.   After all it is their customers who are requesting equipment leasing credit.   The way we see it, First Capital is entering into a multi-year relationship with each vendor and that vendor's customer.

 

Why The Vendor Matters...

Vendors who make "clean" sales: promising what they can deliver...and delivering what they promise--create the most satisfied customers.  Experience has demonstrated that "satisfied" customers are simply more likely to pay their leases on time, every time. 

 

What does First Capital mean by a "clean sale?"

Was the equipment and/or its capabilities accurately represented?

Will the equipment meet the customer's need as he presented it to the vendor?

Was the pricing competitive?

Was the equipment delivered in good working order and on-time?

Is the equipment up and running "reliably?"

Is the vendor providing parts and service promptly and per the warranty?

 

We are in this together.

Another lesson learned "the hard way" is that one of the first things a vendor's "dissatisfied" customer does is try to hold back on their lease payments to us.  Such holdbacks or "offsets," are specifically prohibited under the lease terms.  There is no gray area.  We will sue them (there is no contractual defense) and they will loose, but it takes time and it takes money, even to win.  So again, it is in OUR interest for every lessee to purchase from stable, experienced, reputable equipment vendors.

 

Experience Counts!

History has shown us that the vendor's experience (time under current management) and basic financial responsibility (as evidenced by bank and supplier references) are highly predictive indicators of a vendor's likelihood of meeting their customer's basic expectations during the term of the typical lease repayment period.

 

First Capital's

Vendor Approval Criteria:

 

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2 Years or more under current ownership (occasional exceptions considered)

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Business must provide a resale certificate and/or business license

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Satisfactory business bank & trade reference (min. 2 year history)

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Supplier references (min. 2).

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Vendor must be an authorized dealer or re-seller for the equipment being leased

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Business address and phone listing that can be verified independently

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NO previous personal or business bankruptcy filings, no open tax liens or judgments or significant derogatory credit information of any type

 

Note: Vendors requiring pre-funding or progress payments, may be subject to a more detailed review.  Not all "approved" vendors will qualify for pre-funding. 

 

Download Vendor Application Here:
VENDOR PROFILE

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