Managing your consumer finance program doesn't have to be a hassle. With Managed Services from FormPiper, you'll be able to focus on what drives your business and leave the consumer finance application process to us. Then, once the applications are processed, we'll put a wealth of reporting in front of you in the form of a convenient dashboard.
In simple terms, FormPiper delivers a fully automated consumer finance process. The customer fills out the application securely on the device of their choice, and you get to sit back and see how much money we make for you.
But what does that actually look like, and how will in-depth reporting on your finance program help your business? Let's dive into the details of FormPiper's reporting platform to find out.
A Detail-Oriented Approach to Reporting
When you use the FormPiper dashboard, you'll have all the information you need to know about your finance program's performance presented to you in one convenient location. We then break this out into two separate scorecards.
Employee Scorecard
The employee scorecard tracks the performance of each of your employees when it comes to finance applications. You'll be able to see the total number of applications ran, the number of applications approved, and the approval percentage, along with total revenue. These numbers are then broken out by employee.
This method of individual employee tracking will revolutionize the way you handle financing at your retail location. With the key metrics right there, sorted by employee, you'll be able to see who runs the most applications, who has the best approval rate, and what each employee's close percentage is.
Think about it: do you know how many deals are walking through the door? Do you know how many are getting away? If you can't quantify how many potential finance deals are coming in or going out due to a failure to close, then you have no way of knowing how much additional revenue you could be making. Chances are, you're losing a lot of revenue without knowing it.
If you don't track this closely, you are probably closing 50% or less of your potential deals. If you track and train on it, you can get to 80% or better.
Now let's say you have one employee who closes 30% of deals and one employee who closes 90% of deals. Rather than delivering a one-size-fits-all process training to all of your store's employees, you can have the 90% closer train the 30% closer to help bring up their percentage.
It does you no good to offer a consumer financing program if you can't track its performance, and knowing exactly how well each employee is performing is a big part of that. They are the ones who are responsible for the success of your program. You can have the best customer experience in the world, but if your employees don't know how to close a sale when offering financing options, it's money out the door. Use FormPiper's employee scorecard to track employee performance on the most important metrics and boost your revenue by enhancing their sales performance.
Lender Scorecard
Just as you want to ensure your employees are doing the best they can to support your financing program, you also want to make sure your lenders are performing as expected. FormPiper delivers a lender scorecard that tracks Key Performance Indicators (KPIs) through our close-out form. These KPIs include which lender approved the deal, how much the deal was for, and how many applications were run by each lender. It also details how many deals they funded, what the revenue was for those deals, and what their blended merchant rate is.
The lender scorecard lets you look at lenders side by side to compare applications, percentage of deals, and revenue. And rather than you having to manually go in and collect this information for all of your lenders, FormPiper presents it to you all at once, so you can compare lenders in the same view.
FormPiper Reporting Boosts Your Revenue
At the end of the day, having better reporting through FormPiper helps you make more money. You can't know if a lender is underperforming unless you have that information available and presented in a way that allows you to define action items. Likewise, you can't improve employee close percentage and strengthen your financing program unless you understand where the gaps are and which employees need the most help in terms of training.
Our single store reporting option gives you the in-depth dive you need to increase your revenue, close more deals, and create more happy customers. But we also offer multi-location reporting to give you a broader view of how your consumer finance program is performing across multiple stores in a single region, for example.
All of this information would be useless if it wasn't regularly updated and presented in a clear, easy-to-read format. FormPiper's dashboard is user-friendly and shows you what you need to know, when you need to know it. It's not just about capturing the numbers; it's about giving you the tools to proactively boost your revenue and turn your consumer finance program into a money-making machine. We're here to support your business and make your finance offerings a key pillar of revenue generation. Our convenient reporting platform is just one more way FormPiper makes your life easier and helps your business earn more.
