Save time & money with an online finance application system
by David Grant
There’s nothing wrong with using paper-based loan application forms ― they’re traditional, straightforward and all your salespeople need is a CCS biro! As a business you may feel, if the process isn’t broken why fix it?
But there may be benefits to switching to an online finance system, with electronic customer signatures that you are not aware of…
Help you get it right first time, every time
It’s difficult to get things wrong when completing an online application. You can’t accidentally fill in the wrong paperwork, for example, and the system will prompt you if a field is incomplete. It’s also impossible to forget that all important customer signature. All of that means, your sales people will never need to make time-consuming second visits to customers’ homes for resigns!
Everything happens faster!
Online finance applications are processed immediately and you get an almost instant decision from the lender. That can help you close the deal, as customers know they will have the funds to complete their purchase.
You also don’t have to rely on sales people dropping off paperwork for the back office staff to then input into the lenders’ system or to send off in the post. And because the 14 day right of withdrawal period starts immediately (typically speeding up the execution process by up to 5 days), you can reduce the turnaround time from closing the deal to starting the fitting.
Less admin (& paper) for your head office team to manage
Once you go online there are no bits of application paperwork floating around the office, and you no longer need to chase up paperwork. All of that means there’s far less time spent on finance admin – leaving your office staff free to work on other business activities.
Easier to upsell & close the deal
Once a customer has been accepted by the lender and they know they have the funds to make a purchase, you have a better opportunity to consolidate the sale and to upsell, giving you more confidence the order won’t be cancelled.
Overall, it’s a simpler & more credible sales experience
Overall, online applications provide a simpler, more credible and better sales experience for your customers. Completing an application online direct with the lender makes your business look more professional – and it may just save your business time and money too!
To find out more contact your Business Development Manager today!
What does it cost to go to an online finance system?
If you sell in the customers’ home then your salespeople will need a laptop or tablet that’s connected to the internet (Wifi, 3G or 4G). They will access the lender’s application system via standard internet browser software, we recommend using Chrome.
What do customers need to do?
Customer will need a valid email address as they will receive all their loan agreement paperwork to their inbox.
How long will it take to get set-up?
Typically, a business can be set-up with an online application system within two weeks.
My sales team aren’t used to online systems, are they difficult to use?
In our experience, once salespeople have seen the online system and realised how much easier it is, they never want to go back to paper! Most sales people agree it makes their life easier and improves sales opportunities.