Every major industry has its own massive equipment leasing market, from small business technology to healthcare equipment to industrial farm equipment. Combined, these markets will grow to $1.53 trillion globally in 2022.
Like many other transactions, equipment leasing is ripe for digital transformation. By transitioning to digital leasing and financing, online processes will become more efficient, and allow customers to get access to the equipment they need faster, generating more revenue for leasing companies.
4 tips for improving the equipment leasing process
For a business in need of equipment, the leasing process can often be cumbersome and inefficient. With paperwork that needs to be signed, notarized, faxed and mailed back and forth, completing the equipment lease can cost days or even weeks. For equipment leasing and financing companies, a paper-driven leasing process introduces the potential for errors, adds unnecessary costs and can draw out the entire process.
There are several digital improvements that can be implemented to improve the leasing process.
- Online applications: Cut down on the turnaround time for signing forms by utilizing digital applications for equipment leasing.
- Online notarization: Use an online notarization platform like Notarize to have documents from power of attorney to lease agreements to bills of sale easily signed and notarized 24/7.
- Digitized documents: Contracts that are created online can easily be corrected, signed, stored, and searched.
- Digital document management: For all completed agreements, having a document management system to store documents securely while allowing for easy searching and updating can improve operations in the long term.
6 benefits of digital equipment leasing and financing
One of the biggest benefits to digital transformation is operational efficiency. By moving the equipment leasing and financing process online, the entire transaction can be done quicker than a disjointed digital experience where some parts of the process are done online and some in person, or where the entire transaction has to be done in-person. The top benefits of digitally leasing equipment include:
- Less paperwork: Companies with a digital leasing process in place don’t have to process stacks of paper applications, can automatically interact with necessary third parties, and easily create a repeatable contract from an online template. All of these activities can be done without paper, printing, faxing or mailing.
- Saves time: Online equipment leasing not only reduces time spent on administrative tasks, it also saves time for lessees. They are able to complete the process quicker and easier, which can improve the chances of repeat and referral business for equipment leasing companies.
- Fewer errors: Online contracts from an approved template and digital approval processes can be more accurate than paper processes subject to human error. Additionally, errors can easily be edited online without the need for printing new documents. Or in the case of missed signatures, you can just resend documents electronically rather than making people appear again in person.
- Higher security: Online contracts can be stored in a secure database, and sensitive data can be encrypted rather than filed in a cabinet in an office.
- Easy access: Digital documents are much easier to search for if an agreement needs to be accessed after the initial contract process.
- Higher ROI: Cumbersome processes, such as notarization, are much easier to accomplish online. Utilizing eSignatures, online notarization and online applications all contribute to a higher likelihood that an applicant completes their leasing and financing agreements. Additionally, the time and money saved from fully-digital transactions can make the investment in digital tools well worth it.
How Notarize helps digitize equipment leasing and financing
With so many benefits to digital leasing, it’s no wonder that more and more equipment companies are embracing digitization at record numbers. Looking for an easy way to digitize your leasing process? The Notarize platform provides an easy solution to digitizing the signatures and notarizations required in equipment leasing and financing transactions. Schedule a demo to learn more about how Notarize can help you leverage the benefits of digital leasing.