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Successful originators in the commercial equipment finance and leasing industry make the process easier for their vendors and end-users. Top originators emphasize the ease of doing business with them. They offer a "hassle free" experience and excellent communication to keep their clients up to date at every stage of the process.
I recently heard an originator explain, to a prospect, the process of facilitating a transaction through his company. I assumed the originator was trying to flaunt his knowledge and expertise. However, after a twenty-minute, exhausting dissertation, the prospect said that he would get back in touch. If I were the prospect, I also would have moved on. The explanation was much too detailed. The prospect was looking for an easy process and the originator conveyed a complicated, lengthy process with extreme hurdles along the way. My suggestion was to keep it simple.
Step 1. The prospect submits a completed, signed application with all necessary information.
Step 2. The credit department adjudicates the application.
Step 3. Upon receiving an approval and finalizing the terms and conditions, the transaction is ready for documentation.
Step 4. Once the signed documents are returned, the equipment is delivered, and the vendor has submitted the correct invoice, then the company is ready to fund the transaction.
The commercial equipment finance and leasing industry is not a difficult business. Top originators emphasize the simplicity of facilitating a transaction. Don't oversell your knowledge - keep it simple.
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