Featured Challenge

Equipment finance providers like Stride Capital help their clients acquire expensive, indispensable, and sometimes sensitive assets for multiple key industries. Most clients are trustworthy and dependable, but the rare few that aren’t can cause a number of problems, from misusing and wearing down valuable assets, to outright failure to pay. Companies like Stride Capital need an accurate picture of any applicant’s financial status, and to protect themselves against falsifiable data. As Senior Credit Manager at Stride, spotting potential fraud fell primarily to Garrett Beuk and his Credit Department. “We needed to prevent potentially fraudulent financial and bank statements from being used in supplied documents, which have been on the rise since late 2024.” This need became especially urgent when economic factors caused a rise in fraud. “A downward spike in Canadian logistics rates, plus oversaturation in the trucking industry as a whole, led to increased fraudulent activity in the industry,” Beuk says.

Featured Solution

Verifast was proactive about helping the team at Stride come up with the best approach for verifying applicants. “Avery at Verifast initially reached out to me on LinkedIn after noticing our frustration with a different product from a different company that didn’t fulfill our needs,” says Beuk. “We needed a product that could scan financial statements for fraud indicators, and Verifast had all the capabilities we were looking for, and we were excited about the platform’s potential uses.” Immediately impressed, Beuk and his team switched to Verifast, where the onboarding process was efficient and easy. “We loved the product, as it was exactly what we were looking for and Verifast began the process of onboarding us. The whole process took about three to four weeks. Our President, Randy Mannix, was involved in the final approval of the product and Katelyn Neuls, our Controller, helped implement and set up payment for the product.”

Featured Results

The difference between the previous product and Verifast was instantly obvious. “Faster confirmation of potential fraudulent accounts has led to improved efficiency in declining deals,” says Beuk. “Delinquencies are down, which Verifast has had a direct impact on combating potential fraud. We’ve declined at least fifteen deals as a result of Verifast flagging potential fraudulent activity on financial statements and bank statements. These deals alone represent millions in potential lost revenue, and we owe those savings to Verifast. We have a better class of lessee on our books thanks to weeding out bad actors with Verifast.” Declining a potentially lucrative deal is never easy, so Beuk and his credit department appreciates the support Verifast provides that their decisions are sound. “We have a lot more confidence in our declines when Verifast highlights inconsistencies or potential fraud in a financial document. It reassures us we are on the right track. Verifast has been an indispensable tool for our business in combating fraud.” Asked if he or his team had constructive criticism for Verifast, Beuk said, “Nil. It’s been a solid relationship since the onset, and we are very happy with the platform. Having an unsatisfactory experience with a similar product from a different company has made us value the quality and surety Verifast provides. We always appreciate our thorough and warm correspondence with our Verifast contacts, who have made it very easy for us the whole way through.”