What to Expect When You Switch to eContracting
When a dealership is planning to introduce new technology, the initial worry is often, “Will it be a hassle to set up?”
Unlike some technologies, eContracting setup is “one and done.” There’s minimal setup and easy integrations with common CRM and DMS providers help streamline the workflow. The daily hassle of paper contracts is much more of an obstacle for dealerships than the speedy learning curve required by eContracting platforms.
For a truly hassle-free experience, here are some questions to ask when you’re selecting an eContracting solution for your dealership:
What devices can I use for eContracting?
It’s important to know what hardware is necessary for the eContracting functionality you plan to use. Some providers require proprietary devices for contract review and signing—or otherwise limit your technology options for using their solution. Choosing a flexible, hardware-agnostic solution will allow you to work with devices you already use every day. You’ll save time and money by keeping your dealership from being tied to single-purpose hardware with costly maintenance contracts.
What happens when my lenders change or update their forms?
With paper contracts, there are licensing and programming fees. eContracting has the potential to eliminate those fees as the latest approved forms from lenders are included at no charge. With no paper programs, you can avoid paper licensing and always have access to accurate and up-to-date lender forms and requirements.
How much will it affect my workflow?
Workflows for paper processes are filled with everyday hassles. For each deal you have to print, collate and get signatures on paper form after paper form. Then you package them all up and overnight them to lenders who frequently send the forms back for corrections. When that happens, you end up shipping the paperwork to the lender again, and finally, you need numerous file cabinets to securely store all of your copies.
eContracting offers a streamlined workflow that is easy to learn and use. The benefits are immediate, with file cabinets full of paperwork replaced by digital deal jackets that include every document needed to complete a deal. Some eContracting platforms even support digital submission of aftermarket contracts to lenders and providers.
You’ll also find that integration with other dealership software systems means less data re-entry, which helps prevent the introduction of errors. That means eContracting helps dealerships submit accurate contracts quickly and easily. Digital checklists keep you up to date with lender requirements so you can submit complete funding packages with confidence.
After initial setup, eContracting can move dealerships to a much more streamlined process so they can leave many of their current paper contracting hassles behind them.
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