‘Waterfall application’ is one of those terms that conjures in the unfamiliar mind a million fascinating possibilities. Is it an app designed for rating waterfalls and tracking their seasonal flow? Is it a digital form to be filled out by nature enthusiasts to designate a downward-spilling portion of their favorite, unknown local stream as a real, official waterfall, at long last? It is neither of those things, of course, but it is, in its own way, every bit as interesting for the technologically inclined, or simply for retail business owners who run a consumer finance program that they are ready to take up a notch.
In the simplest terms, a waterfall application is a specially-designed tool or process meant to improve the process of submitting applications to lenders. Traditional waterfall applications work by sending applications one by one to lenders, beginning with the best fitting – or prime – lender and working their way down the list. It’s ultimately a pretty simple solution for improving a consumer finance program, albeit one that may not completely revolutionize the way you do business.
But what’s the next level? What’s beyond your standard waterfall applications? That’s where we turn to look at FormPiper.
How FormPiper Stands Apart
FormPiper is more than just a waterfall application – it’s a consumer finance automation solution that streamlines the finance application process, makes reporting a breeze, and delivers a superior experience to retail business owners with convenient self-managed or managed services.
But how can you really be sure that FormPiper is really a better choice than the waterfall applications that are out there? Well, don’t take our word for it; just ask FormPiper customer Angel Siqueiros, Operations Manager at Household Furniture in El Paso, Texas.
"When it comes to your product, it's different," says Angel. "That's the number one thing, it's not like what [other retailers] are probably familiar with. You can't really compare them to any other waterfall per se, because it doesn't operate like a waterfall. It really puts it in your hands how you want to use it, and it just takes all the work out of it. But at the same time, it gives you more control that other waterfalls don't give you, while still providing reporting and the other options that you have available. And obviously the integration portions that you guys are working on, on top of that. So it's not comparing apples to apples with other providers, but it's providing a far superior service."
Well said, Angel!
To add to that evaluation, here’s what Rudy Campos had to say about how FormPiper helped his Rudy Camposhis Laredo, Texas-based business Mattress Clearance Warehouse.
"Our experience now with FormPiper is GREAT!" says Rudy. "We are able to get new customers approved FASTER and our volume is GROWING and now saving PAYROLL due to not needing more labor to do the application process! One time asking customers for personal info and DONE!”
So there you have it. If you just want a waterfall application, there are plenty of options out there – but if you want a true consumer finance automation solution that will help you net more revenue and have more happy customers, you want FormPiper.