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One Size Does Not Fit All

Mar 2018 by Joelle Ascher in Blog

One Size Does Not Fit All

Equipment Leasing companies are innovative, creative, and flexible. Shouldn’t their leasing software be the same?

Equipment finance or asset-based financing companies provide an alternative financing to both business and retail customers competing against and often having the edge over traditional lending sources such as larger banking institutions.

In a very competitive finance industry, equipment finance companies must provide flexible, tailored and diverse financing products to their customers in order to earn their business.  To do this successfully, they must take the time to really understand their customer’s business and financing needs so that they can configure and structure a finance solution which meets the specific requirements of that customer.  This approach is obviously more personalized and customized than the traditional lending source which often is restricted to a few industries with more generalized procedures in place.

Take a closer look at how finance companies describe their company, products and services and you will see the same adjectives used over and over, such as “Innovative”, ‘Customized”, “Tailored”, ‘Flexible”, “Creative”, “Real” etc.  The message seems clear— financing has become a custom business.

In the current 2008 post-recession era, financial innovation is still alive and well and includes many levels of financial intermediaries such as dealers, vendors, brokers, funders, securitization parties as well as new financial products to attract and facilitate external party agreements all while ensuring a tailor made loan or lease product to satisfy the customer’s needs.

With this multi-layer financial product offering and customized approach, comes a stronger demand for these very same equipment finance companies to acquire leasing software to help them manage their business more intelligently and effectively.  The software must not only be able to withstand the increased complexity, but also continue to evolve as their businesses changes.  The software must be able to offer flexibility and diversity in financing options available, provide detailed pricing, rules and financing breakdown unique to all parties, while maintaining valuable, customer credit, performance and asset details.

A leasing software solution should provide easy and effective tools to manage day-to-day servicing and tracking of the active lease portfolio.   It should also offer real-time critical feedback and analysis from the origination stage throughout the lending cycle allowing management to better assess lending risk, identify trends in customer and/or product financing needs and forecast portfolio cash flows . Through the leasing software’s enhanced functionality, the lender will be able to promote a higher level of customer service with accurate real-time data and obtain highly customized reporting to satisfy the originators and funders who are contributors to the finance product offering.

Many off-the shelf lease management software packages tend to be modeled around the traditional financing options and may not offer the flexibility and diversity  to keep up to current industry requirements and demands.

Equipment finance companies need software which can also be flexible, adaptable and be tailored to their very specific business data requirements, especially in the areas of external party involvement, customer and equipment profiles.  For example, a consumer customer will have different data requirements than a commercial customer.  The more complex and high value the asset, the more details required. The more parties involved in structuring the lease contract, the more demanding the reporting and analysis of the portfolio.

The saying ‘one size does not fit all’ is as true of your equipment financing business as it is for the software that will help you manage, transform your business, and provide valuable insight into your specific lending activities.

Bio:  Since 1993, Ryzn Enterprise Systems Inc., a software and service provider of tailored software solutions, has helped both small to large companies attain continued success with their lending business challenges.

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