Lendio is both a tool and a financing service for sellers. Two of the main concerns of any entrepreneur who starts selling on Amazon or sets up his own online store, are both the formula for obtaining funds that allow us to carry out the necessary operations for the business, as well as keeping our accounts healthy.
Table of Contents
Lendio is a solution, therefore, at a deeper level. It does not directly affect product listings, SEO or promotion, but it does affect the viability and management of the business so, if you're thinking about Amazon financing you should definitely check this review.
Features
Since this is a tool that is also a service, we will highlight the main features of both, but we will do so separately.
Small Business Lending with Lendio
Let's start with financing for small and medium-sized businesses.
Multiple types of loans
There is no single type of loan at Lendio. They are specialists and know the needs of SMEs, that's why they have different products:
- Accounts receivable financing
- Business acquisition loans
- Business Term Loan
- Equipment financing
- FBA loans
As you can see, the number of options means that we have a really wide range of options.
Quick access
This is one of the main advantages over other financing options. Once the credit application is approved, the money will be in our account within 24 hours.
Simplicity
Through its App, in just 15 minutes, we will have all the available options and a Lendio manager will help us evaluate the pros and cons of each of the alternatives.
This human and specialized touch is what adds value.
Low interest rates
Lendio's negotiating capacity and the number of entities that are subscribed to its program (more than 75), make its conditions particularly competitive. In many cases, you will find loans at 3% interest.
Lendio as an accounting tool
This is the other variable of this solution, the accounting management part of the business.
Software designed for SMEs
It connects with our bank and, thanks to this integration, we can better manage our expenses, categorize them and assign them to projects or items.
As it is based on the data extracted from the bank, we know that all the decisions we make will be optimal and, incidentally, we forget about problems when it comes to filing taxes.
Small businesses do not have large tax advisors.
Issue your invoices in one click
This module is very complete, allowing you to automate recurring payments, customize the look and feel of invoices and even process payments through WePay powered by Chase.
Pricing
You have two different plans and you know the best part? The first one is totally free.
Free plan
Of course there are some fees that apply to transactions made through the system (3.55% + $0.30 per CC transaction 1.5% + $0.30 per ACH transaction) and, as you can imagine, there are some advanced features that are not available to users of this plan.
Plus plan
The good thing is that the Plus plan, which already has financial alerts, automatically categorizes expenses and integrates payments with Stripe, Square or PayPal… has a very affordable cost: only $19.99 per month. It is also worth noting that the transaction fees are also lower: 2.55% + $0.30 per CC transaction 0.5% + $0.30 per ACH transaction.
In case you are wondering, yes, you can try the Plus version of Lendio fully operational for two weeks before deciding.
Lendio Review
It's a very smart idea to add all the management part to the financing part. Thanks to this, we have a partner when it comes to getting a loan and, at the same time and for a very affordable price, we have a solution for invoicing.
It has nothing to envy to other specific and similar tools, so we would recommend you to consider it if you are thinking about something like this.
Our score
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Number of financing offers
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Pricing
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Integrations
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On-boarding process
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About the author
Jordi Ordonez
I work as an independent eCommerce and Amazon consultant.
Clients
Estrella Damm, Intersport, Bella Aurora, Lladró, Textura Interiors, Nice Things Palomas, Castañer, Due-Home and many other clients.
Lecturer & Teacher
I teach and have been a speaker at: Meet Magento, Prestashop, Prestashop Day, SEMRush, Cambra de Comerç Barcelona, ClinicSEO, Ecommbeers, Ecommbrunch, Ecommercetour.com, Ecommfest, EOI, ESIC-ICEMD, Foxize, Generalitat de Catalunya, Inesdi, Quondos and The Valley.
In addition, I have done in-company trainings for brands such as Orange and Adidas.
Writer
Finally, I collaborate writing articles for Helium 10, Carbon 6, Shopify, SEMRush, Prestashop´s official blog, Brainsins, La Vanguardia, eCommerce-news.es, Marketing4ecommerce and other blogs and media.
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