How Long Does it Take to Run All of Your Lenders and What's the True Opportunity Cost?

In the business world, time is money. Every minute you spend doing something besides serving your customers, chasing leads, improving your business, and selling your products or services reduces your efficiency and slows you on your way to achieving your business goals. That's true for all kinds of time wasters, and it's especially notable when it comes to running lenders for consumer financing. 

That kind of cost is an opportunity cost, a cost that represents what you could have been doing instead. Think about your average day at your business. Consider all the tasks you have to take care of and how busy you are on a daily basis. With everything on your plate, any increase in efficiency is a big deal and something worth pursuing. But before we get to the solution, let's explore the problem and the factors involved.

 

The Opportunity Cost of the Usual Process

Imagine a customer walks into your store. They shop for a while, decide to make a purchase, and then decide they are interested in consumer financing. At that point, you have their complete interest. They are engaged and you are close to completing a sale and gaining one more satisfied customer.

Then you have to run all of your lenders. That process drags on and on, whether you are doing it on behalf of your customer or they are doing it for themselves. 

If you or your staff end up doing it, that represents a major time sink that takes away from the operation of your business. Just imagine what you and your team could be doing instead:

  • Assisting other customers, so you can make more sales.
  • Training staff members to provide even better customer service.
  • Improving the appearance of the store and restocking inventory.
  • Following up with leads, an essential part of the sales process.

The outcome isn't much better if your customer ends up doing it themselves. Instead of focusing on the exciting aspects of their purchase and the great customer service they've received, they are stuck at a kiosk or on a tablet applying to their preferred lenders. This is a tedious, arduous process and one that could ruin a customer's entire shopping experience.

 

The FormPiper Solution

Let's say you run five lenders on average for each customer who applies for consumer financing. That could take around 20 minutes for your staff member to complete. So, if they run 10 applications a week, that could eat up more than three hours of their valuable time. 

FormPiper erases that problem by enabling you to run all lenders every time with a single click. You won't have to worry about duplicating application data across multiple lenders, which is an annoying process that can become even more painful if you make a mistake. Instead, you'll transmit the application data to all lenders in a single easy step. 

What's more, your customers will be able to complete an application at their leisure before they ever arrive in the store, putting in their application from their preferred device, while enjoying the same high level of convenience as you and your team. Your customers will feel more comfortable and secure, and your team will love the convenience of being able to run all of your lenders at once, without having to input the same application repeatedly. 

Recognizing the cost that the usual process of running lenders creates for your business, it's easy to see why FormPiper is such a great choice. It allows you and your staff to stay focused on pursuing leads and serving your customers, and it keeps your customers focused on their purchase and not on the tedium of the application process. 

Don't let the opportunity costs of the usual consumer financing process hold you or your customers back. FormPiper is the automated consumer finance solution you've been waiting for, and it can change the way you do business.

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