CARMEL, Ind. -

NextGear Capital introduced this week it's new Rapid Pay tool — a feature built to streamline and speed up funding within its Account Portal platform.

This follows the company’s recent February announcement regarding the release of Account Portal’s AutoPay feature.

Rapid Pay is designed to simplify the funding process for eligible dealers who want to floor plan non-auction inventory.

Within Rapid Pay, non-auction purchases such as dealer-to-dealer purchases or trade-ins are given priority for reviewing and processing funding requests. Dealers are provided with improved functionality and more control over funding of their non-auction purchases, the company said.

“Dealers shouldn’t be limited by a cumbersome process to fund non-auction purchases with their line of credit,” NextGear Capital director of product strategy Sarah Lutey said in a news release. “With Rapid Pay, we give dealers enhanced control of their floor plan and a simplified process to finance the inventory they need to grow their businesses.”

Additionally, each non-auction unit floored through Rapid Pay is eligible for a pre-paid shipping waybill that allows dealers to ship titles directly to NextGear Capital for no added cost.