Northern Leasing relies on independent sales organizations (ISOs) and merchant processing banks to submit lease applications and, in many cases, deploy equipment.
All Northern Leasing applications include:
- Lessee business name and DBA, if applicable
- Lessee address and business telephone number
- Number of years in business
- Equipment description
- Term of lease
- Monthly lease payment
- Personal Guarantor information, including name, address, home telephone number, and Social Security Number
- Personal Guarantor signature
All Lessees are encouraged to read all four pages of the non-cancelable lease before signing.
By signing the Lease Agreement, the merchant must:
- Ensure all sections of the lease are completed accurately and legibly. This enables Northern Leasing to provide accurate and prompt funding.
- Assume responsibility for reading and understanding the Lease Agreement and its terms and conditions.
- Agree to be bound by the terms and conditions of the lease.
- Personally guarantee the lease.
- Agree that amounts due under the Lease Agreement may be debited from the business checking account via automated clearing house until the leasing equipment and lease are bought out or the relationship is terminated.
- Give Northern Leasing the right to access – and at Northern Leasing's choosing – to report on the Lessee’s personal credit report.
- Agree to either obtain business insurance for the leased equipment or purchase Northern Leasing’s Loss and Damage Waiver.
Once the equipment has been delivered and installed, the merchant may receive a verification call from Northern Leasing at the business telephone documented on the lease to review the basic contract terms and equipment installation.
Lessees may also receive a Quality Assurance call from the Northern Leasing Merchant department within five business days.
Finally, all Lessees receive a Welcome Letter with a copy of the executed lease from the Northern Leasing team. This letter welcomes merchants to Northern Leasing.