Picture this: You presented your customer a convenient monthly payment on your total solution, and now they are ready to move forward. What’s next? It is time to present the lease agreement for review and signature.
Often, when a legal document is presented for signature, it can often feel overwhelming – words and unfamiliar terminology cover the page and the entire experience may feel lackluster or dare we say it – slimy. We do not want the above scenario to be your customer’s reality.
So what does that process look like when working with GreatAmerica? Today, we'll walk you through the next steps and describe in detail, what your customer can expect when you decide to offer financing through GreatAmerica.
It was Lease at First Sight
GreatAmerica makes it apparent that the standard lease agreement is just that, a lease. With “Lease Agreement” clearly displayed across the top of the page, your customer gets a quick understanding of exactly how this solution implementation will go:
- Make X monthly payments for X years, then
- Continue into month-to-month renewal payments, or
- Get set up with a brand-new solution X years from now.
By keeping it simple and in plain language, GreatAmerica makes it easy to understand our leases for both you and your customers.
RELATED: How is GreatAmerica Different from other Leasing Companies?
Upon review of the terms and conditions, there are a couple of items that commonly come up in conversation:
The One-Time Origination Fee
Setting up a lease agreement, also referred to as a contract, is a process that involves many functions within your GreatAmerica team. To offset the administrative costs upfront, we charge a one-time origination fee. This charge is disclosed within the terms and conditions, so it should not come as a surprise for your customer. Nevertheless, it is important to communicate this to your customers and also reemphasize that this is not a recurring fee – it will be billed once on your customer’s first invoice.
The Insurance Coverage Requirement
Property loss insurance coverage on the equipment being financed is important. Within the first month following contract commencement, your customer will receive a letter outlining the cost of insurance that GreatAmerica would obtain on the equipment if the customer doesn’t provide proof of their own insurance on the equipment, which explains that the customer would need to reimburse GreatAmerica for such cost. The letter your customer receives will outline how the customer can provide proof of insurance and avoid the reimbursement cost.
The Deal is Signed. What’s Next?
Once the lease agreement is signed, you have the green light to install the solution. This timeline is entirely up to you and your customer, but GreatAmerica is on deck and ready to fund you once we have confirmation installation is complete.
WATCH: Getting Paid at GreatAmerica
Your customer can expect a phone call from a GreatAmerica representative who will obtain verbal confirmation that everything is working as outlined so we can start the contract. This phone call could take as little as 30 seconds; our goal is to keep things moving as efficiently as possible.
Your customer will receive their first invoice by mail roughly 30 days following commencement. Note: email invoicing is an option, in which case the invoice would be emailed 25 days in advance of the payment due date. As highlighted earlier, the first invoice will display the one-time origination fee. Late fees can also apply if payment is received after the due date. More information regarding late fees is easily accessible through the lease agreement and your GreatAmerica team is always available to answer any questions your customers may have.
The First Payment
Your customer has a couple of options when making their monthly payment. They can send a check to the PO Box outlined on the remittance portion of the invoice or set up Automated Clearing House (ACH) which allows for their monthly payment to be made automatically. Paying via ACH is a secure way to ensure monthly payments are made on time, every time. To get set up, we simply need a form filled out and executed by an authorized signer at any point during the contract term. We work directly with your customer to get this set up.
Scenario: Your customer has a question regarding the invoice. Perhaps the mailing address needs changed, or they would like to receive both a hard copy of the invoice and an email copy.
On every invoice, a customer support phone number is included – this number will take your customer to a live GreatAmerica team member ready to answer any questions and provide immediate assistance.
Related: Cross-Functional Teams Play a Critical Role in Your Success
With a lease agreement containing transparent terms and conditions, personable customer service that is just one phone call away, and you as the solution provider, your customer is in good hands. Working with GreatAmerica should be convenient for the customer and an efficient and advantageous tool for you. So, what are you waiting for? Contact us today if you’re ready to get started.
WATCH: How To Get Started with GreatAmerica
If you’re struggling to identify how or when to introduce financing into your sales process, check out this blog for coaching from a tenured member of the industry. Or if you already use financing, but are thinking about switching financing companies, find out if we’d be a good fit for you. If you're an MSP or UC/AV Provider, click here. If you’re in the Office Imaging space, click here.
Get in Touch
GreatAmerica excels at simplifying business—whether through streamlined billing solutions, efficient sales tools, readily available team members, time-saving integrations, or simply by delivering on our promises. Curious about how we can enhance your customers’ experience while offering financing? Reach out to us by clicking the button below and let's start exploring the possibilities.
