One of the key aspects of managing a consumer finance program is making adjustments as needed. In many cases, offering consumer financing can be a headache, especially if you're trying to do everything yourself. Managed Services from FormPiper make it simple and convenient for you to boost revenue with a finance program while maintaining your focus on the daily needs of your business. And FormPiper's robust single store reporting enables you to dive deep into the essential reporting about that program's performance and resolve any issues on a store-level basis to keep that revenue flowing.
But what about multi-store operations? How do you break out that kind of in-depth reporting across a network of stores, and, most importantly, what is the real benefit of doing so? Let's dive right in.
How FormPiper's Multi-Store Reporting Works
FormPiper gathers Key Performance Indicators (KPIs) for your consumer finance program into one convenient dashboard. It breaks this information out into two scorecards; one for your employees, and one for your lender lineup. These include:
Lenders
- Applications run by lender.
- How many deals each lender approved.
- Which deals generated what revenue.
- Blended merchant rate.
- A side-by-side comparison of applications and percentage of deals and revenue.
Employees
- Total number of applications.
- Approved applications.
- Approval percentage.
- Number of closed and funded deals by employee.
- Employee close percentage.
- Total revenue broken down by employee.
You won't have to guess which lenders and employees are performing well for you and which ones need improvement. Instead of making blanket policy changes, you'll be able to address the specific lenders and team members who are holding back your revenue and make adjustments to your lender lineup or deliver employee training as necessary.
Put Multi-Store Reporting to Work for You
Having a birds-eye view of an operation can be helpful when looking at the big picture, but it can also be a disadvantage when you need to examine things a little more closely. FormPiper's multi-store reporting functionality helps you understand how your consumer finance program is performing across a number of locations from a top-down perspective, sure, but it also lets you review performance all the way down to the individual level.
Let's say you have 10 stores in a particular region. You'll be able to see those locations side-by-side and compare their performance, including an employee scorecard across locations. Our dashboard let's you sub-divide locations by group depending on your particular needs, so you can examine performance within that specific group, rather than comparing companywide. If you have one store in a particular region running 100 applications a month, and another running 20, you know which store to target first for remedial training.
But the reporting goes even deeper than that. You'll be able to drill down to an employee level at locations within that region to see who the high performers are and which employees need additional training. Our employee scorecard delivers precise reporting that helps you move the dial on revenue by targeting training to the people who need it, rather than taking your best salespeople off the floor for a training that probably won't benefit them. You'll be able to communicate specific information to your managers so they know who to train, which will ultimately save your organization time and money.
In the same way, you'll be able to adjust your lender lineups on a location-by-location basis, if, for example, you notice some lenders performing better in certain areas than others. It's the best way to ensure you are getting the most revenue possible from your finance program.
Getting the Most Out of Your Reporting
All consumer finance programs generate data; the only question is whether that data is captured and reported in a helpful, effective way. You can have all the data in the world available, but if it isn't compiled, sorted, and presented to you in a useful way, it's ultimately worthless. And with so much else to take care of when it comes to running your business, it's always better to turn to a partner who understands exactly what you need to see when it comes to reporting.
Ultimately, your consumer finance program is just another lever for increasing revenue. FormPiper's smooth, smart delivery of reports via our simple dashboard makes it easy for you to identify the key issues holding back revenue across all of your locations. With this reporting at your disposal, you'll be able to close more deals, keep money from walking out the door, improve your employees' sales performance, and ensure your lender lineup performs for you. It all adds up to greater revenue, and a better experience for you, your employees, and your customers. That's the FormPiper difference.
