For CIT, the challenge begins with understanding the goals of their channel clients and aligning their services to help them achieve success. Nick Small, CIT\u2019s Managing Director of Equipment<\/p>\n
![\"Nick](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Nick-Small-150x150.jpg\")
Nick Small<\/p><\/div>\n
Finance, points out that they average more than 15 years with their marquee manufacturer relationships and he credits this longevity to goal alignment, mutual trust, service and flexibility.<\/p>\n
\u201cLeasing, like any industry, has to adapt to the market situation presented by changing client needs and the competitive situation,\u201d he states. \u201cThe leasing companies who are best at delivering the highest value to dealers through product fit and service should continue to win.\u201d<\/p>\n
The uptick in mergers and acquisitions presents unique challenge for both dealers and finance companies. Small says that CIT\u2019s FlexAbility, which aims to provide clients with unlimited flexibility to structure what they sell, how they bill, and who they partner with, to be uniquely tailored for this challenge.<\/p>\n
\u201cOften in such cases of expansion, we see the channel acquiring other companies to expand their offering, but are challenged to merge the sales function into a single, cohesive offering systematically,\u201d explains Small. \u201cFlexAbility addresses that challenge.\u201d<\/p>\n
Small believes that it\u2019s critical for CIT to be innovative in the channel\u2019s core areas as well as the adjacent spaces to positively impact the dealers\u2019 potential needs. To address this, they have invested extensively in invoicing capabilities that allow dealers to provide accurate billing for the more complex solutions-oriented sales.<\/p>\n
\u201cOur FlexAbility offering gives dealers the ability to create nearly any kind of sales structure \u2013 fixed and variable charges, rate escalations, one-time charges \u2013 to differentiate themselves in the market and customize the sale to precisely how their clients want to purchase. Then, client invoices are highly customizable on both content and appearance to align with customer requirements.\u201d<\/p>\n
DLL Financial Services<\/strong><\/p>\n For Bob Hunter, Senior Vice President of Sales, Office Technology at DLL, keeping up with the demands of the market is a critical element to retaining a relationship.<\/p>\n Bob Hunter<\/p><\/div>\n \u201cIt is extremely important for finance partners to continue to meet the evolving needs of both dealers and their customers,\u201d he states. \u201cAs customers continue to demand more sophisticated products and services, it is our responsibility to provide the right financial solutions because it adds to the positive end user experience and enhances our partners\u2019 brand.\u201d<\/p>\n Hunter states that DLL is committed to providing a complete digital product suite to help dealers create better efficiencies and foster competitive differentiation. He cites Express Finance, a mobile app that serves as a comprehensive sales tool, as an example of helping dealers be more efficient.<\/p>\n \u201cExpress Finance is our secure, end-to-end mobile finance solution that enables dealers to quote, model scenarios, create contracts, obtain signatures and close sales anywhere, anytime,\u201d he explains.<\/p>\n Another DLL digital solution is their CRM portfolio integration which ensures dealers have real-time access to all of the important information associated with a customer\u2019s lease. DLL sends the dealer the age of the lease, delinquency reports (if applicable), the number of remaining payments, the total amount of each payment, as well as buyout figures for both the dealer and the customer.<\/p>\n Other DLL offerings include DLL Express Connect, which provides DLL partners with direct system-to-system connectivity. It also automates pass-through maintenance and meter billing as well as cash application. Additionally, they\u2019ve partnered with ECi to develop a next generation cloud solution that eliminates the need for flat file transfers.<\/p>\n Hunter says that their electronic signature solution powered by DocuSign helps the sales force close deals more quickly and eliminates a lot of the back and forth, reducing the order to cash conversion cycle and giving dealers more time to focus on servicing their customers and growing their business.<\/p>\n Additionally, DLL supports several of the leading technology providers and has significant experience in BTA adjacent products, such as 3D printing, digital display, storage, networking and software. EverBank Commercial Finance<\/strong><\/p>\n EverBank\u2019s VP of Originations, Fred Carollo, believes that staying relevant in today\u2019s market requires a shift in focus from traditional hard assets to the newer technology solutions, products and services. He points out, however, that at EverBank they are careful to evaluate the product demand and review opportunities based on risk and opportunity.<\/p>\n Fred Carollo<\/p><\/div>\n \u201cWe take an old school approach to build deep relationships and understand our customer needs and develop relevant products to enhance their business,\u201d he maintains. \u201cHaving a collaborative and mutually beneficial mindset, there are many elements or moments that we interact and we need to be willing to see the big picture and the day to day.\u201d<\/p>\n EverBank is focused on delivering as complete an offering as dealers require, but Carollo warns that it can be risky to offer services outside of one\u2019s core knowledge.<\/p>\n \u201cIf an offering goes past financing or servicing of a solution, it runs the risk of increased contract and liability concerns for a lessor,\u201d he says. \u201cThis is an area to tread lightly and intelligently, as all industries considering adjacencies in their business plan.\u201d<\/p>\n EverBank is not ignoring the current market trends though. Carollo adds that they will soon be introducing new product niches to include total solutions while continuing to improve their internal efficiencies to be faster, more consistent and to provide the best customer experience possible.<\/p>\n \u201cWe\u2019ve enhanced our mobile transactions and portfolio management solutions to help dealers close more transactions while in front of customers,\u201d he says. \u201cWe are expanding our profit enhancing product mix to further create revenue streams for our customers.\u201d<\/p>\n Ultimately, states Carollo, EverBank values the long term relationship over the individual transaction and operates with that mindset at all levels of their organization.<\/p>\n \u201cWe truly view our vendors as our customers,\u201d he says.<\/p>\n GreatAmerica Financial Services Corporation<\/strong><\/p>\n As the dealer channel has evolved into being a more complete technology solutions provider, GreatAmercia Financial has adapted right alongside it. Senior VP\/General Manager of the Office Equipment Group, Jennie Fisher, says that their go-to-market strategy is to be more than just a financing company to their dealers. They currently provide a host of programs and other innovative offerings that support dealers beyond traditional equipment sales.<\/p>\n \u201cOur philosophy is that if there are things we can invest in to help our dealers evolve, and it makes sense to do it, we do it,\u201d states Fisher.<\/p>\n Jennie Fisher<\/p><\/div>\n Some of the non-traditional offerings from GreatAmerica include S-L GAMIT Peer Groups and access to industry consultants and trainers such as Paul Dippell of Service Leadership, and Alex Rogers from Chartec, who help dealers make a more successful transition to managed IT.\u00a0 Fisher explains that they are uniquely positioned to provide these types of programs.<\/p>\n \u201cOur independence allows us a level of flexibility and creativity that may not be possible in other leasing company environments,\u201d she says.<\/p>\n Additionally, GreatAmerica has developed more traditional programs to meet current dealer needs for newer products and solutions. These include financing programs to help dealers sell IT equipment, software and services as well as add and upgrade over the life of the contract. They have also made changes to their MPS offerings to account for renewed activity in the market.<\/p>\n \u201cMany tried doing MPS years ago, but didn\u2019t find the success and margins they were after, and are now taking another run at it,\u201d says Fisher. \u201cWe\u2019ve even added contemporary enhancements to our managed print services programs as MPS has evolved.\u201d<\/p>\n U.S. Bank Office Equipment Vendor Services<\/strong><\/p>\n For decades, U.S. Bank has looked to increase their dealers\u2019 profitability and help them achieve a competitive advantage. Senior Vice President and General Manager, Phil Buysse, says that to continue to accomplish this, it is critical that they remain in sync with the changes in the channel.<\/p>\n Phil Buysee<\/p><\/div>\n \u201cThis is the key to a finance partnership that goes beyond traditional financing and fosters mutual growth and success,\u201d he says.<\/p>\n Many of the challenges that finance companies face in this evolving market relate to systems integration. Buysse says that they are currently investing to support both the front end origination as well as the back-end support, including account management and maintenance.<\/p>\n \u201cThis also includes interfacing with the dealer\u2019s systems and allowing the dealer to access their leasing data through other partner systems, whether that is a CRM, ERP or another system,\u201d he explains.<\/p>\n Buysse states that U.S. Bank works with dealers to support a variety of needs demanded by their customers. These include invoicing features, on-line accessibility, detailed reporting and many other capabilities to improve the efficiencies of their customers. This is done by an extensive network of experienced regional sales managers who frequently engage with clients on the emerging trends and changes in the industry.<\/p>\n \u201cThis may include discussion on third-party research, industry articles or manufacturer messaging,\u201d he says. \u201cOur ability to provide services that meet the changing needs of the dealer starts with our ability to listen.\u201d<\/p>\n Wells Fargo Equipment Finance<\/strong><\/p>\n Wells Fargo\u2019s Equipment Finance Sales Leader, Glen Clark, thinks that the current level of disruption taking place within the office equipment industry demands partnership focused on forward thinking. The alternative, he cautions, could be disastrous.<\/p>\n Glen Clark<\/p><\/div>\n \u201cProfitability can be wiped out quickly if there is unexpected change,\u201d he says. \u201cWorking together to identify opportunities and solve problems with an eye on long term profitable growth is critical.<\/p>\n We all need to be mindful of our customers and continue finding ways to add value to our relationships.\u201d<\/p>\n For Wells Fargo, this means being more than just a source of financing to the dealer community. In addition to offering a number of services like cash flow and sales training modules, they are exploring ways to introduce outside alliances that have the ability to provide products or services that address the challenges dealers face.<\/p>\n \u201cThe key word here is relationship,\u201d says Clark. \u201cA very important element to fostering a mutually profitable relationship lies in the overall strength and stability of the leasing company.\u201d<\/p>\n Rob Parker<\/p><\/div>\n Rob Parker, Equipment Finance Sales Leader, Wells Fargo, states that dealers are in business to provide equipment and support to their customers to facilitate document management, but the offerings are growing in sophistication.<\/p>\n \u201cAt one time that simply meant a copier and a filing cabinet,\u201d he says. \u201cToday it means multiple layers of electronic storage, and work flows to move documents through organizations to facilitate access and protect data.\u201d<\/p>\n Wells Fargo has developed a services model to meet these new challenges. Parker describes it as focused on three parts: programs, technology and knowledge.<\/p>\n \u201cOur programs and products are crucial to supporting dealer relationships,\u201d he states. \u201cWe must continue to find ways to help with the changing landscape of the industry. Advances in technology, data and the speed in which we are expected to work with dealers will continue to evolve. We want to integrate with customers from a technology standpoint and increase system capabilities to drive speed and ease of use.\u201d<\/p>\n Parker also cites Wells Fargo\u2019s recent acquisition of GE Capital\u2019s vendor business as an example of their investment in the industry and the desire to bring technology to their dealers.<\/p>\n","protected":false},"excerpt":{"rendered":" It\u2019s no secret that the document imaging industry is evolving rapidly. Once driven solely by hardware sales, service and supplies, the recurring revenue model is becoming increasingly solutions-based. For decades, finance companies have been integral partners with dealerships. But as the offerings of the dealers evolve into software, managed solutions and even non-traditional hardware, what are the finance companies doing to ensure their offerings are keeping pace with the dealers\u2019 requirements? We spoke to some of the leading finance companies in the industry to learn how they are adapting their strategies to address these changes and how their new offerings will help dealerships be more successful and ensure a lasting relationship. CIT Equipment Finance For CIT, the challenge begins with understanding the goals of their channel clients and aligning their services to help them achieve success. Nick Small, CIT\u2019s Managing Director of Equipment Finance, points out that they average more than 15 years with their marquee manufacturer relationships and he credits this longevity to goal alignment, mutual trust, service and flexibility. \u201cLeasing, like any industry, has to adapt to the market situation presented by changing client needs and the competitive situation,\u201d he states. \u201cThe leasing companies who are best at delivering the highest value to dealers through product fit and service should continue to win.\u201d The uptick in mergers and acquisitions presents unique challenge for both dealers and finance companies. Small says that CIT\u2019s FlexAbility, which aims to provide clients with unlimited flexibility to structure what they sell, how they bill, and who they partner with, to be uniquely tailored for this challenge. \u201cOften in such cases of expansion, we see the channel acquiring other companies to expand their offering, but are challenged to merge the sales function into a single, cohesive offering systematically,\u201d explains Small. \u201cFlexAbility addresses that challenge.\u201d Small believes that it\u2019s critical for CIT to be innovative in the channel\u2019s core areas as well as the adjacent spaces to positively impact the dealers\u2019 potential needs. To address this, they have invested extensively in invoicing capabilities that allow dealers to provide accurate billing for the more complex solutions-oriented sales. \u201cOur FlexAbility offering gives dealers the ability to create nearly any kind of sales structure \u2013 fixed and variable charges, rate escalations, one-time charges \u2013 to differentiate themselves in the market and customize the sale to precisely how their clients want to purchase. Then, client invoices are highly customizable on both content and appearance to align with customer requirements.\u201d DLL Financial Services For Bob Hunter, Senior Vice President of Sales, Office Technology at DLL, keeping up with the demands of the market is a critical element to retaining a relationship. \u201cIt is extremely important for finance partners to continue to meet the evolving needs of both dealers and their customers,\u201d he states. \u201cAs customers continue to demand more sophisticated products and services, it is our responsibility to provide the right financial solutions because it adds to the positive end user experience and enhances our partners\u2019 brand.\u201d Hunter states that DLL is committed to providing a complete digital product suite to help dealers create better efficiencies and foster competitive differentiation. He cites Express Finance, a mobile app that serves as a comprehensive sales tool, as an example of helping dealers be more efficient. \u201cExpress Finance is our secure, end-to-end mobile finance solution that enables dealers to quote, model scenarios, create contracts, obtain signatures and close sales anywhere, anytime,\u201d he explains. Another DLL digital solution is their CRM portfolio integration which ensures dealers have real-time access to all of the important information associated with a customer\u2019s lease. DLL sends the dealer the age of the lease, delinquency reports (if applicable), the number of remaining payments, the total amount of each payment, as well as buyout figures for both the dealer and the customer. Other DLL offerings include DLL Express Connect, which provides DLL partners with direct system-to-system connectivity. It also automates pass-through maintenance and meter billing as well as cash application. Additionally, they\u2019ve partnered with ECi to develop a next generation cloud solution that eliminates the need for flat file transfers. Hunter says that their electronic signature solution powered by DocuSign helps the sales force close deals more quickly and eliminates a lot of the back and forth, reducing the order to cash conversion cycle and giving dealers more time to focus on servicing their customers and growing their business. Additionally, DLL supports several of the leading technology providers and has significant experience in BTA adjacent products, such as 3D printing, digital display, storage, networking and software. \u201cAlthough this may be a new asset class for BTA dealers, we view it as part of our core offering,\u201d says Hunter. EverBank Commercial Finance EverBank\u2019s VP of Originations, Fred Carollo, believes that staying relevant in today\u2019s market requires a shift in focus from traditional hard assets to the newer technology solutions, products and services. He points out, however, that at EverBank they are careful to evaluate the product demand and review opportunities based on risk and opportunity. \u201cWe take an old school approach to build deep relationships and understand our customer needs and develop relevant products to enhance their business,\u201d he maintains. \u201cHaving a collaborative and mutually beneficial mindset, there are many elements or moments that we interact and we need to be willing to see the big picture and the day to day.\u201d EverBank is focused on delivering as complete an offering as dealers require, but Carollo warns that it can be risky to offer services outside of one\u2019s core knowledge. \u201cIf an offering goes past financing or servicing of a solution, it runs the risk of increased contract and liability concerns for a lessor,\u201d he says. \u201cThis is an area to tread lightly and intelligently, as all industries considering adjacencies in their business plan.\u201d EverBank is not ignoring the current market trends though. Carollo adds that they will soon be introducing new product niches to include total solutions while continuing to improve their internal efficiencies to be faster, more consistent and […]<\/p>\n","protected":false},"author":127,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1641],"tags":[2660,2656],"_links":{"self":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/18329"}],"collection":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/127"}],"replies":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=18329"}],"version-history":[{"count":5,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/18329\/revisions"}],"predecessor-version":[{"id":18473,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/18329\/revisions\/18473"}],"wp:attachment":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=18329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=18329"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=18329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bob](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Bob-Hunter-150x150.jpg\")
\n\u201cAlthough this may be a new asset class for BTA dealers, we view it as part of our core offering,\u201d says Hunter.<\/p>\n![\"Fred](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Carollo-Fred-150x150.jpg\")
![\"Jennie](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Jennie-Fisher-150x150.jpg\")
![\"Phil](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Phil-Buysee-150x150.jpg\")
![\"Glen](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Glen-Clark-150x150.jpg\")
![\"Rob](\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2016\/05\/Rob-Parker-150x150.jpg\")