The time it takes for resellers to secure lease and hire purchase deals online has shrunk to just 20 seconds following the launch of HowApp.
According to its developer, Newport-based HH Vendor Finance, the app reduces transaction times by up to 90%.
"We developed HowApp to remove paperwork and simplify the applications and credit approvals process," commented Dan Proctor, CTO at Henry Howard Finance. "This enables resellers to fulfil customer orders without delay."
HowApp can be used on any device, meaning that sales teams can transact deals from any location. "With an average 95% acceptance rate, HowApp allows resellers to finalise a lease deal in just seven clicks and 20 seconds, revolutionising the traditionally lengthy leasing process that can take several days before the paperwork is completed," added Proctor.
As well as enabling ICT resellers to seal deals on he spot, HowApp is also designed to highlight additional sales opportunities and provide full audit trails and tools to help its users stay FCA (Financial Conduct Authority) compliant.
According to Proctor, HowApp is a prime example of how advances in technology are revolutionising the way businesses are able to access finance. "HowApp offers a quick and easy way for vendor businesses to apply for financial support, and the app ensures that staff's time is spent generating revenue rather than administering lease paperwork," he commented.
HowApp can be integrated into vendor websites and tailored to fit their branding, giving the appearance of an in-house solution. The app is designed according to vendors' unique rate cards and, where applicable, can be calibrated with credit rules specific to typical customers and equipment.
In practice, once a vendor enters the details of the lease or hire purchase an online automated underwriting decision is provided by HowApp.
"The vendor can turn the credit acceptance into a finalised lease document by uploading details of the equipment they require or choosing from their products and pricing already listed on HowApp," explained Proctor.
"Lease documents are sent directly for an electronic signature, automatically raising a purchase order."
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