What Can Office Equipment Dealers Expect In the Credit Application & Funding Process?

posted by Kate Lyon on Friday, January 11, 2019 in Office Equipment Blog

You’ve done all the hard work. You’ve educated your customer on the benefits of new equipment, provided them examples of your service levels, and flawlessly displayed how a managed print program could help them to optimize their print spend over the long term. They like the idea of equipment financing and are excited to move forward with the next steps of the credit approval process.  

At this point, you are so close to closing the deal. It’s crucial your financing partner is able to move quickly through the credit application and funding process so your customer receives their equipment without delay, ensuring your relationship with them starts out on a positive note.

So what can you expect from our credit review process? And how soon will you get funding? We break it down!

Submit a Credit App

The first thing we’ll need is for you to gather and submit a credit application for your customer. We can start the credit process with the name, address, phone number, equipment value and terms they are looking to finance. The credit application will provide us the information we need in order to develop an understanding about a borrower's credit history and their ability to consistently make their payments should we move forward with the equipment lease agreement. GreatAmerica makes it easy to provide us this information and we offer a few convenient ways to do so.

Via our Snappshot App

One of the easiest ways to submit a credit application is via our own SnappShot app. This app is especially useful for those who are constantly in the field or away from their computer. The SnappShot app can be downloaded to your phone or tablet, making it simple to submit credit applications from anywhere. Using your camera, the app allows you to take a quick photo of a business card. The information listed there is then used to complete and submit a credit app directly to GreatAmerica.

Via Our Online Dealer Portal, InfoZone

Office equipment dealers may also choose to submit the application electronically using our online credit application found within our dealer portal. Simply log on to InfoZone from your computer or mobile device, navigate to the credit application, enter your customer’s information, and hit ‘submit.’

Give Us a Call

If you’re more of a people person, we’d love to help you fill out the application over the phone. Simply give us a call and we’ll walk you through the application, completing it as we go.

If you prefer, you can also download the application to print a hard copy, complete it manually, and either email or fax it over to your GreatAmerica team.

We’ll Contact You in One Hour

Once you’ve submitted the credit application, simply sit back and wait. Not for long though – ensuring a quick turnaround time is important to us because it’s important to you. In fact, most of our credit decisions come back in an hour or less.

That being said, not all credit is straight forward. At times credit reports do not tell the full story of an end user and there are times where we need more information from the customer or from you in order to make a credit decision. In these cases, we will contact you directly to collect that information or to provide us a contact to reach out to. Though this may take additional time, we will not leave you hanging and will keep you in the loop as we navigate the credit review process.

Confirm the Terms and Collect Your Customer’s Signature

Once we’ve provided a credit approval, and we’ve notified you with the good news, you’ll next need to notify your customer and obtain confirmation they wish to move forward with the finance agreement.

When they have confirmed they will proceed, you are ready to create the agreement for signature. The approval letter is a helpful tool to make sure we have the correct legal name, desired signer, and any other supporting documents.

We can also provide support to you throughout the creation of the agreement. Through our dealer portal, InfoZone, you can create professional agreements that can be printed for signature. Also, depending on your document and process, we may be able to offer the ability to create these documents and send them to your customer for electronic signature using our Docease process. Lastly, if you provide us with the details, we can even help to create the agreement and send this to you via email.

Send Us the Signed Agreement & the Equipment Invoice

With the paperwork completed and equipment installed, you are ready to submit the agreement to the GreatAmerica team!

Your funding packet should include:

  • the agreement signed by the customer – legible, including footers of the document
  • the invoice – make sure the ‘bill to’ is GreatAmerica and ‘ship to’ is your customer
  • the bundling worksheet
  • any other supporting documents (delivery and acceptance, etc.)

Once compiled, please scan these documents and send them to your GreatAmerica team for review and processing.

Receive Funding

With your invoice in hand, next we may reach out to your customer directly to confirm the terms of the agreement and to verify that the equipment was successfully delivered and installed. When confirmed, we will be all set to issue funding to your dealership. ACH is the fastest way we can provide funding, but if you prefer, we can also send a check to your office.

Our entire credit process, from submitting the application, to sending funding your way, is quick, thorough, and hassle-free. In fact, it’s not uncommon to get through this entire process in a single day. We understand when financing is involved, our ability to do our job well will make it easier for you to do yours well.

So what do you think? Are you ready to finance with GreatAmerica? Get started!

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About The Author

Kate joined GreatAmerica in 2003 in Sales.  Since then, she has held positions as a Team Leader, Sales Support Leader and Director of Operations.  Her primary responsibilities include indirect leadership of nine OEG Teams, risk and analysis, operational strategic initiatives, and continual improvement initiatives.  Kate has a BBA in Marketing and Communications and is currently pursuing her MBA.

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