So, you’re ready to automate your consumer finance program, but you aren’t sure if a managed or self-managed solution is right for you. This guide will explain your options and steer you in the right direction toward a solution that will fit your business’s needs.
First, we’ll explain how to evaluate the specific needs of your business by looking at a variety of consideration factors common across many different use cases and verticals. Then, we’ll explain what the actual options available to you look like, so you can make an informed decision. Let’s get started!
Evaluating Your Consumer Finance Program’s Requirements
The first step in determining whether you need managed or self-managed consumer finance solutions is to perform an inside-and-out evaluation of your consumer finance program as a whole. As a comparison, think of this as a sea trial of your finance program. Just as a boat is put through its paces in open water to make sure it will perform well and stay above water, you need to look at your current finance program with a critical eye for leaks – those little problems that could sink you in the long run – and problems with your engine or sails – those major fundamental problems that could keep your program from getting underway to begin with. As part of this evaluation, here are a few questions to ask yourself about your consumer finance program:
- ◾ Is your consumer finance program an integrated part of your sales pitch and selling strategy?
- ◾ Are your team members seriously engaged with offering financing to your customers?
- ◾ Is your consumer finance program a major revenue driver for your business?
- ◾ Do your team members consider the consumer finance process to be easy and straightforward, or burdensome and difficult?
- ◾ How much time do you currently devote to managing your consumer finance program?
- ◾ Do you have robust reporting in place for your consumer program, generating actionable insights to help you improve your program’s performance?
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Your answers to these questions will help you determine a few things. One, they will help you better understand if your consumer finance program is a boon or a hindrance to your business. Two, they will help you figure out how much of a time-sink your finance program currently is for you and your staff. Three, they will help you understand whether your consumer finance program is driving results for your bottom line.
Those determinations, in turn, will act as a road map as you decide whether you need a managed or self-managed consumer finance automation solution. You can’t go wrong working with a trusted company like FormPiper that helps businesses of all kinds make the most of their consumer finance programs, but you do have options when it comes to the solution you choose. Here is what those options look like.
The Self-Managed Financing Option
Self-managed services are a great choice for businesses that want to keep the financing process in-house. If you and your staff have the bandwidth, the know-how, and the motivation to handle the financing process, FormPiper’s self-managed option is an excellent choice.
You’ll enjoy all the primary benefits of FormPiper, which completely streamlines your consumer finance process by eliminating duplicate data entry during the application process, providing in-depth yet easy-to-use reporting accessed through one convenient dashboard, protecting customer data through robust security and compliance standards, and giving access to an expansive lending network, with the option to add more lenders upon request, among many other benefits, while working with customers directly to complete applications and contracts.
The self-managed services option is a great choice for a company that wants to take a more hands-on approach, while still making the consumer finance process easier and more convenient for their team and customers alike.
The Managed Financing Option
With managed financing from FormPiper, customer financing will become simpler and more convenient than ever. The FormPiper team will handle the entire financing process on behalf of your business, from application to funding. This option is a great choice for businesses who want to enjoy all of the benefits of FormPiper outlined above, while freeing up time for them and their staff to focus on other components of the business.
With managed financing services from FormPiper, you can relax and let FormPiper take over when it comes to your financing process, freeing up time to devote your efforts to what matters most to you. Put your financing program in FormPiper’s hands, and let us take care of the rest.
The Right Choice
Whether you choose managed or self-managed services from FormPiper, you can rest assured that you’ve made the right choice. FormPiper has already helped customers in a wide range of different industries transform their consumer finance programs for the better and take financing from an afterthought to a major revenue booster. Explore all that FormPiper can do for your business by scheduling a demo today!
