Dynamark creates new funding program
HAGERSTOWN, Md.—Dynamark announced in late September a new funding program for its alarm dealers, allowing dealers to get loans for their accounts.
Hank Groff, senior VP of sales and business development for Dynamark, told Security Systems News that the funding program is a new approach for the company. “It really is fulfilling a demand by security companies across the country of providing a financial solution for them to continue to be independent and working with a central station that provides them financial solutions,” he said.
The program will have two options, Groff explained. The first is its Account Loan Program, where a dealer will get a loan for each account they bring online. The second is the Credit Line Program, allowing dealers access to a line of credit.
“The first option is best utilized for someone who is either a start up, and doesn't have the reoccurring monthly revenue, or who has been a long-time security dealer, selling their paper through a funding program,” Groff said.
Dynamark is partnering with two financial institutions to provide the funding, Groff said.
Alongside this option, the company will also continue to buy accounts directly from dealers, it said in the announcement.
The option to sell accounts to Dynamark benefits dealers in the program, according to Groff. “The benefit is, if down the road they ever choose to sell any of these accounts, because they’re already with us … they can present the portfolio to us or any percentage [of their portfolio], we can look at it—we already know that it’s being monitored with us—and we can make an easy transaction.”
Before joining the program, dealers can get a consultation from one of Dynamark’s regional managers, without any commitment, the company said.