It’s no secret that to pull off a successful live event a large amount of capital is
required. The latest gear doesn’t come cheap to say the least and this capital
can be extremely difficult to acquire via traditional methods such as bank
financing.

The live entertainment market has specific and unique equipment requirements,
the value of which is not always intrinsically understood.Fintech recently entered
the entertainment industry sector offering an alternative to bank finance in a
market which they have come to understand.

Chanelle Ellaya recently chatted to Micky Carter, head of sales at Fintech, to find
out more about the rental finance option which they offer clients within the live
entertainment sector.

Why did Fintech decide to get into the live entertainment industry?

MC: Fintech, traditionally known for their office equipment finance solutions, has
expanded into a wide range of industry sectors. We have grown our knowledge
base of industry-specific equipment and the individual needs of each sector. We
have finance packages that have been specifically designed to suit the
requirements of these different industries. Our approach is very personal and
we tailor-make finance options for each company.

We identified the live entertainment industry specifically as the cost of
equipment is high and regular upgrades are required to stay on the cutting
edge of technology. A live event can be made or broken by the quality of the
equipment. The capital outlay for the latest professional gear can be significant
and finance difficult to swiftly secure. Our rental options are a perfect fit for the
entertainment industry, given that gear becomes outdated within two to three
years.

Technology is changing all the time and it is important for a company to keep up
with technological advances and international standards. With our tailor-made
rental finance solutions companies now have the opportunity to upgrade more
often and secure better equipment.

How would a customer from the live entertainment sector go about
financing equipment through Fintech?
MC: They can contact Fintech and be put in touch with one of our sales
representatives who are experts in the live entertainment industry sector.
Based on the customer’s specific equipment needs, Fintech will tailor-make a
financial solutions package to fit the customer’s requirements. The Fintech
representative guides the customer through each part of the process and
follows through with excellent service delivery, even after finance is secured.

How does Fintech select which equipment suppliers they are willing to
affiliate themselves with?
MC: Suppliers need to be in business for three years or more. We conduct an
assessment of the supplier as well as the equipment they sell. Fintech is very
thorough in this assessment process and will only deal with reputable and
professional suppliers to ensure that the end user has recourse and that quality
equipment is supplied. At Fintech we partner with our equipment suppliers to
help them grow their business. Making the rental option part of their offering
allows them to make each and every sale.

We also actively seek out new partners, for example, DWR suppliers of
intelligent lighting had one of the largest stands at Mediatech (the leading
African lighting, sound and broadcast expo) and we saw the potential of joining
forces. After further investigation we discovered that they were just the kind of
supplier that we like to associate with.

What criterion qualifies a customer to acquire financing through Fintech?
MC: Fintech assesses the customer based on their latest financial information
and the value of the customers financing requirements.
Potential customers are referred to a sales representative who is a specialist in
the relevant industry sector and is well versed in the equipment requirements
and finance options available.

What is the main advantage of using Fintech’s offering as opposed to
bank financing?
MC: Fintech is an independent financier and can transform an opportunity into a
total solution for customers. Suppliers will enjoy a partnership in which they are
enabled to sell more equipment, deliver with confidence, and enjoy a simpler
administration process. Customers and suppliers want to work with
professionals who do as they say and always follow through. The speed at
which Fintech can provide finance, get through the paper work and deliver a
decision, is of huge benefit in an industry that often requires last minute
decisions.

Fintech makes the whole process simpler, better, and faster, because we
understand specific industries and the equipment requirements. The live
entertainment market is capital intensive and margins are low, with businesses
often drawing from their cashflow to purchase equipment. Fintech’s rental
options not only free up working capital but we pride ourselves in our expert
service and the relationships we build with clients.