What to Expect When Leasing with GreatAmerica Blog Feature

Office Technology

Ciarra Wagner

By: Ciarra Wagner on June 24th, 2021

What to Expect When Leasing with GreatAmerica

Imagine this: You did it! Your customer is ready to move forward with your proposal because you presented the option of a convenient monthly payment. What’s next? It is time to present the lease agreement for review and signature. 

When a legal document is presented for signature, it can often feel overwhelming – words cover the page to maximize use of the available real estate and the terminology can feel stuffy or standoffish. The entire experience may feel lackluster or dare we say it – slimy. 

We do not want the above scenario to be your customer’s reality. Instead, we’ll describe in detail, what your customer can expect when you decide to offer financing through GreatAmerica. 

It was Lease at First Sight 

GreatAmerica makes it apparent that the standard lease agreement is just that, a lease. With “Lease Agreement” clearly displayed across the top of the page, your customer gets a quick understanding of exactly how this solution implementation will go: 

  1. Make X monthly payments for X years, then 
  2. Continue into month-to-month renewal payments, or 
  3. Get set up with a brand-new solution X years from now. 

By keeping it simple and in plain language, GreatAmerica makes it easy to understand our leases for both you and your customers. 
RELATED: How is GreatAmerica Different from other Leasing Companies? 

Upon review of the terms and conditions, there are a couple of items that commonly come up in conversation: 

The One-Time Origination Fee 

Setting up a lease agreement, also referred to as a contract, is a process that involves many functions within your GreatAmerica team. To offset the administrative costs upfront, we charge a one-time origination fee. This charge is disclosed within the terms and conditions, so it should not come as a surprise for your customer. Nevertheless, it is important to communicate this to your customers and also reemphasize that this is not a recurring fee – it will be billed once on your customer’s first invoice. 

The Insurance Coverage Requirement 

Property coverage of the collateral being financed is very important for both the customer and for GreatAmerica. If and when the unexpected happens, having insurance coverage provides comfort for all affected parties. Within the first month following contract commencement, your customer will receive an insurance letter outlining the cost to move forward with insurance coverage through a third-party insurance company. If your customer has their own property coverage for the leased equipment through a different provider, the proof of insurance requirements are outlined in detail in the letter.  

The Deal is Signed. What’s Next?

Once the lease agreement is signed, you have the green light to install the solution. This timeline is entirely up to you and your customer, but GreatAmerica is on deck and ready to pay you once we have confirmation installation is complete.  

WATCH: Getting Paid at GreatAmerica 

Your customer can expect a phone call from a GreatAmerica representative who will obtain verbal confirmation that everything is working as outlined so we can start the contract. This phone call could take as little as 30 seconds; our goal is to keep things moving as efficiently as possible. 

Your customer will receive their first invoice by mail roughly 30 days following commencement. Note: email invoicing is an option, in which case the invoice would be emailed 25 days in advance of the payment due date. As highlighted earlier, the first invoice will display the one-time origination fee. Late fees can also apply if payment is received after the due date. More information regarding late fees is easily accessible through the lease agreement and your GreatAmerica team is always available to answer any questions your customers may have.  

For more on fees related to your customer’s lease agreement, scroll through What Fees Should Your Customer Expect on Their Technology Lease or Rental. 

To the First Payment, and Beyond!

GreatAmerica is actively pursuing an online portal in which your customer can pay, however today, your customer has a couple of options when making their monthly payment: 

Send a check to the PO Box outlined on the remittance portion of the invoice; or 

Get set up on Automated Clearing House (ACH) and rest assured knowing payment will withdraw every month on X day. Paying via ACH is a secure way to ensure monthly payments are made on time, every time.  To get set up, we simply need a form filled out and executed by an authorized signer at any point during the contract term.

Scenario: Your customer has a question regarding the invoice. Perhaps the mailing address needs changed, or they would like to receive both a hard copy of the invoice and an email copy.

On every invoice, the “back-end” or Customer Support phone number is included – this number will take your customer to a live, GreatAmerica team member ready to answer any questions and provide assistance. For insight into our standards when it comes to customer service, read “Sincerely, a Very Unhappy Customer”. We assist immediately – no “please hold” or “can I take a message?” and certainly no queue to be thrown into. 

Related: Cross-Functional Teams Play a Critical Role in Your Success 

With a lease agreement containing transparent terms and conditions, personable customer service that is just one phone call away, and you as the solution provider, your customer is in good hands. Working with GreatAmerica should be convenient for the customer and an efficient and advantageous tool for you. So, what are you waiting for? Contact us today if you’re ready to get started OR if you have an opportunity and need credit approval – call us at 888-850-0066. 

WATCH: How To Get Started with GreatAmerica  

If you’re struggling to identify how or when to introduce financing into your sales process, check out this blog for coaching from a tenured member of the industry. Or if you already use financing, but are thinking about switching financing companies, find out if we’d  be a good fit for you. If you're an MSP or UC/AV Provider, click here. If you’re in the Office Imaging space, click here.

Ciarra Wagner

Ciarra is the Content Marketing Specialist in our Unified Communication & IT Group with GreatAmerica Financial Services, where she assists in generating creative content and provides marketing support. Ciarra joined us in 2016 after attaining her Bachelor of Business Administration at the University of Dubuque. She enjoys writing a personal blog as another creative outlet in her free time.

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