We have some thrilling news to share with the Credit Key community! Our team has been working tirelessly behind the scenes, and we're proud to announce that we've been granted not one, but two new patents for our financial software.
This is a huge milestone for us, and we want to take a moment to explain why this matters, not just for our company, but for our users and the FinTech space as a whole.
What does this mean for Credit Key?
Securing these patents isn't just about recognizing our team's innovation and hard work. It's a testament to our commitment to pushing the boundaries of what's possible in the financial technology space.
In an industry that's constantly evolving and highly regulated, these patents are our way of saying, "This technology is uniquely ours."
Our patents give us a competitive edge in the FinTech space, ensuring that the solutions we're building, which are designed to make your financial transactions more efficient and secure, are protected from imitation.
This allows us to stay focused on what matters most — delivering cutting-edge technology that helps both our merchant partners and borrowers grow their businesses.
How does this benefit our customers?
Our patented technology allows for fast, in-cart lending approvals within 5 seconds, requiring less time and data from borrowers to complete the lending process. This means higher conversion rates and a smoother purchasing experience.
We've eliminated the need for borrowers to hand over sensitive personal details like tax statements or driver license numbers in the lending approval process — and we’ve done away with time-consuming trade reference checks too.
Unlike traditional net term payment options that only go up to 90 days, our patented system offers a true buy now pay later (BNPL) product, with repayment options up to 12 months. This flexibility drives higher conversion rates, higher average order values, and increased order volumes for merchants.
With our proprietary scoring engine, lending approval rates are higher and interest rates are often lower than typical business credit cards. This means borrowers can get better and faster access to credit, right at their point of purchase.
We’ve also paid particular attention to compliance. With ever-changing financial regulations and complex usury laws, merchants can unknowingly expose themselves to legal risks when offering credit. Our patents address this concern by partnering with chartered banks to handle underwriting and financing. This eliminates risk, which means merchants can confidently offer Credit Key as a payment option to their customers.
Key features and capabilities of our patents
Our patents protect the ability for us to offer a unique system for B2B credit facility provisioning and processing. It’s designed from the ground up to improve the B2B lending experience for both merchants and customers, while keeping security top of mind.
Here's a quick overview:
Lightweight integration
We've developed a lightweight software module that integrates seamlessly with all leading eCommerce payment portals.
The beauty of the Credit Key system is how it integrates into the online shopping experience itself. When a customer checks out on a supplier's website, they'll see this as a payment option right alongside payment options like credit cards or PayPal.
When a customer selects Credit Key for payment, they can get approved and complete their purchase in just a few clicks, without ever leaving the checkout page.
This integration isn't just convenient for B2B buyers. For merchants, it can lead to larger order sizes and fewer abandoned carts, which can potentially drive more revenue.
Real-time underwriting for borrowers
Merchant platforms often don’t provide a line of credit option to customers, or have no ability to control the underwriting process, which can negatively impact customer approval rates.
Credit Key’s proprietary scoring method allows for real-time underwriting. With just a few additional details, B2B customers can be verified and approved online within minutes.
The Credit Key platform also ensures that funds are directly allocated for business use, addressing a common concern of using borrowed funds for non-business purposes. By using real-time data to evaluate creditworthiness, the system can offer tailored solutions that meet the unique needs of all types of B2B customers.
Speedy borrowing for smaller B2B customers
The benefits of our patents are especially useful for smaller business customers. Our system allows SMBs to access credit instantly during the eCommerce checkout process. By entering basic information about the business and the owner, customers can receive approval and funding in seconds, accessing higher credit lines with longer terms.
This revolutionary approach enables SMB owners to make purchases and manage cash flow without the stress and frustration of lengthy loan applications.
Streamlined credit process for merchants
One of the top benefits of our patents lies in streamlining the credit process for merchants. By integrating with Credit Key, merchants no longer need to dedicate internal resources to managing trade credit, accounts receivables, and time-consuming paperwork.
Using our system, merchants also reduce the risk of non-payment and can access customer funds just two days after a transaction, compared to the typical 30-day waiting period. This significantly boosts cash flow and minimizes the operational hassle of extending trade credit.
Even for businesses that don't currently offer trade credit, the Credit Key system provides a flexible payment option which can lead to bigger orders and much happier customers.
More accurate credit assessments
We've pioneered a unique method of combining Enterprise Resource Planning (ERP) data with information from public credit bureaus. This allows for more accurate and comprehensive credit assessments, allowing the Credit Key platform to make smart lending decisions based on real historical trends.
As the system learns from past lending decisions, it can identify patterns that inform future approvals. For example, businesses that historically have higher sales during specific periods might be granted increased credit during those times. This intelligent analysis creates a dynamic and responsive lending capability that benefits both merchants and customers.
Biometric verification
To further enhance borrower and merchant security, the Credit Key system will implement a unique mechanism for incorporating various biometric identification techniques, such as retina scans, fingerprinting, voice printing, and face recognition.
QR codes
Unique Quick Response (QR) codes let customers easily use Credit Key in brick-and-mortar stores.
Customers can scan the QR code and pay for purchases using their line of credit. This integration expands Credit Key’s usability beyond online purchases, opening up new in-store opportunities for both merchants and customers.
Flexible product offerings
One size doesn't fit all when it comes to business financing. The Credit Key system recognizes that, and offers more flexibility in how businesses can borrow and repay money.
Instead of simply offering standard 30, 60, or 90-day terms, it allows for customized repayment plans up to 12 months that better suit the business needs of B2B customers.
Data-Driven Decision Making
Credit Key isn't just a simple credit check system. It combines data from multiple sources to make smarter lending decisions. It looks at traditional credit bureau data, but also considers information from the merchant's own systems about a customer’s purchasing history and payment record.
Over time, our system learns from its decisions, tracking which loans are repaid successfully and using that information to refine its decision-making process. This means it can often approve more businesses for credit, and potentially offer better terms than traditional lenders.
Looking to the future
With deep eCommerce and financial expertise backing our patents, we’ve prioritized the customer experience, ensuring that applying for loans and managing payments becomes a simpler and less stressful process for B2B buyers.
Our patents are our promise to users that we're committed to leading the charge in the financial space with solutions that make a real difference. We're excited about the possibilities these patents open up for further innovation and improvement of our services.
We want to thank you, our users, for your continued support and trust in Credit Key. Your feedback and needs drive our innovation, and we're thrilled to continue serving you with our newly patented technology.
The future of B2B lending is here, and we're proud to be at the forefront with you!
Topics from this blog: B2B Payments E-commerce Finance B2B Sales Product Release