The Finance Process in Seven Steps Blog Feature

Technology

Jackie Schmid

By: Jackie Schmid on March 9th, 2020


The Finance Process in Seven Steps

Picture this: a lead was generated, you got a technical and business discovery, and then crafted the perfect technology solution to meet their business needs. After asking these 12 questions during the discovery, you decided that in order to give your client the best solution, they’ll likely want to pay for the hardware and software over the course of a few years.

Kudos to you, awesome sales person! Before you deliver that all-important proposal, you know the customer will be thoughtful about the price and how they’ll pay for the solution. This is where we can help you come up with a plan that gives them the latest, greatest technology without having to battle for budget.

The Complete Steps in the Finance Process

What you and your customer should expect during this process - from approving your customer for the dollar amount you plan to spend, to getting paid for the solution – is covered below in seven simple steps.

While we can simplify the process into a few steps, many times you want to know what happens during each step.

  • You quote a monthly payment
  • We review your customer’s credit and issue a decision
  • You finalize the solution and request documentation
  • The customer signs the lease or rental agreement
  • You send us the documentation and invoice
  • You order and install the equipment
  • You get paid

Keep reading for more information about each of these critical steps.

 

Quote a Monthly Payment

Many of our customers want a ball-park monthly payment for the solution they are considering for their customer. What is the best way to get that monthly payment? While we are happy to help you quote a deal, we also give you some technology solutions that allow you to get that monthly payment more quickly.

Your Proposal Tool or PSA

You can quote that payment within your proposal tool, CRM, or PSA if you are operating one of the systems we have integrated our lease rates with. Those tools include Salesforce, ConnectWise, and QuoteWerks. Click here to see the full list of integrations.

SnappShot®

Download the SnappShot mobile application to quote monthly payments quickly from your phone. This is perfect if you are in a customer’s office and want to estimate their monthly spend remotely.

Info-Zone.com

The final technology solution is logging into your info-zone portal where you can create, save, and access quotes.

 

You Submit and We Review Your Customer for Credit Approval

The first thing we need to do is get a picture of your customer’s financial health and their ability to repay their obligations.

Before submitting your customer for review, read this article on five challenges that may prevent your customer from being credit approved with GreatAmerica.

How to Submit a Credit Application to GreatAmerica

Submitting a credit application is simple, and we only require basic information to get the process started. Here’s what we need:

  • Business Name
  • Business Address
  • Business Phone Number
  • Technology Solution Being Considered
  • Total Project Cost and/or Total Monthly Spend

Again, you can call or email your team to submit the credit application, or you can use one of the technology offerings mentioned above.

Quick Credit Decisions

You deserve a quick credit decision, so we strive to get back with you within one hour. There are three possible outcomes on a credit application:

Credit Decision: Yes

If the credit application is approved, you’ll receive an automated approval letter via email. You can now move on to the next step.

Credit Decision: Pending

A pending credit decision simply means we need more information to move forward. For example, if we are unable to verify the legal name of the business or its address, we will reach out to you requesting assistance with that information.

Credit Decision: No

In the instance we have to turn down an opportunity you bring to us, we will personally let you know why it was declined with as much information as we can provide you.

Check out these other frequently asked questions about the credit approval process.

 

Finalize Your Solution and Request Documentation

During the proposal and negotiation phase with your client, you may change a few things about your technology solution. Throughout those adjustments, you can get updated estimates for the monthly payment.

If your solution is changing drastically, especially if the cost is significantly increasing, we may require a review of the initial credit approval, so be sure to communicate often.

Once the pricing and technology are finalized, you will send us the finalized equipment list and request the lease documentation. If you don’t anticipate many changes at the time of credit approval, and have an equipment list, we can provide documentation then. You will receive one document, which is the lease or rental agreement, but we may also include other required documentation for the customer to sign, such as amendments.

 

Acquire Customer Signatures

Here, you can get a PDF to print out and deliver to the customer to sign. A quick and efficient alternative is to use Doc-Ease to collect digital signatures from the customer. With Doc-Ease, we can either send the documentation directly to your customer to digitally sign, or we can send it to you and you would use the delegate feature to assign your customer to sign.

 

Send GreatAmerica the Signed Lease and Your Invoice

Once your customer signs the agreement, you should send it to GreatAmerica. If you chose the standard print and sign method, you will have to ensure the copy you scan to us is clear. We do not accept photos of the signed lease.

The other critical piece we need from you is an invoice so we can pay you. There are some specific things we require on the invoice in order to release funds to you, and we will walk you through those items on your first transaction with us.

 

Order and Install the Equipment

We rely on you to proactively communicate when you have your installation schedule and when installation is complete. As soon as you confirm installation is complete, we will reach out to your customer to verify all the details of the lease agreement, so they know what to expect during the process.

Standard Funding

By this point, you are getting close to getting paid. We have two programs: standard and prefunding. This article explains the difference between standard funding and lessee-reliant prefunding.

Before we can pay you on standard funding, there are a few steps you’ll take. The order in which you do these steps largely doesn’t matter:

  • Order the equipment
  • Install the solution
  • Send GreatAmerica the signed lease and the invoice
  • Let us know the solution is installed

Lessee-Reliant Prefunding Process

With the prefunding process, the requirements above apply with the exception that we will pay you a portion of the funds prior to installation. Lessee-reliant prefunding was designed to match the cash flow of a cash sale. Here’s the process we generally follow for lessee-reliant prefunding:

  • You will send the signed documentation and invoice to GreatAmerica 
  • We contact to verify the lessee-reliant prefunding process
  • We commence the lease and begin invoicing your customer
  • We pay you a portion of the funds
  • You order the equipment
  • You install the solution
  • You tell us the solution is installed
  • We verify the installation
  • We release remaining funds to you

Pay Day and Beyond

You should generally expect to get the funds directly deposited into your company bank account, but you can also opt to receive a check. Typically, the process of verification and you getting paid happen the same day.

What Happens Next?

Once you have your funds, we’ll invoice your customer. We encourage you to read about what your customers can expect when they lease their equipment. This explains what their invoice will look like, fees they can expect, and how they pay their bill.

The life cycle of your customer doesn’t end there. We will do our part to maintain a positive relationship with your customer and here are some additional resources for you as the relationship with your customer matures.

What happens at the end of a lease or another finance agreement?

Proactive steps you can take throughout the lease to make refreshing technology as commonplace as iPhone upgrades.

Jackie Schmid

Jackie Schmid is the Director of Strategic Marketing of the Unified Communications & IT Group at GreatAmerica Financial Services located in Cedar Rapids, Iowa. Jackie is responsible for building brand awareness and gaining strategic relationships through creative marketing. Prior to joining GreatAmerica, Jackie worked in the TV News industry as a producer and executive producer at the local CBS and FOX stations where she helped shape the programs delivered to the market. Jackie’s finance career began in 2011 when she joined GreatAmerica to support the sales team serving the Office Equipment space.

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