LeaseQ announced the launch of automated “smart” notifications for all LeaseQ platform users. The integrated alerts system is the first in the equipment finance industry to track all applications in real-time through the multi-step funding process.

LeaseQ’s new integrated alerts system notifies the borrower and the seller automatically whenever there is an application status change. Users will also receive a daily breakdown of where they are in the funding process. Alerts walk them through any outstanding activities required to move the application forward to the next step. Automated notifications are available to all LeaseQ users as email alerts, with optional text alerts expected later in 2018.

“The ‘Q’ in LeaseQ stands for ‘quick equipment quotes’, and alerts are just one of the ways we’re investing in automation to speed up the financing process for our customers,” LeaseQ CEO Vernon Tirey said. “We are working to pioneer new industry solutions, implementing technology to improve communication and engagement with the ultimate goal of delivering instant funding for all types of equipment.”

Market expectations, regulatory restrictions and cost pressures are driving the need for automation in the equipment finance industry, according to the Equipment Leasing and Finance Association (ELFA).

With one free application, LeaseQ borrowers can shop for and compare rates and terms from leading lenders in seconds. A completed application triggers the first series of alerts, notifying relevant equipment sellers of the lead, and the borrower of any incomplete information. Once a borrower selects a lender, the second series of alerts guides them through requirements until their equipment loan is funded or declined.

Key features of the alerts system include:

• Real-time alerting. Alerts dispatch in real time when there is a status change or paperwork required. Users also receive a daily update with financing status and next steps.

• Highly personalized and dynamic content. Alerts address the borrower by name with unique content for where they are in the process, status of their financing and next steps.
• A fully customizable switchboard layout. Equipment sellers determine how often alerts are sent, how their sales organization is alerted and who receives the summary reports.

“We sell more equipment when the financing process is quick and seamless,” said Bart Clennon, account manager at Atlanta Fixture & Sales Company, Inc., a division of Edward Don & Company. “The LeaseQ platform gives us a real competitive advantage, because we can alert our sales reps to new leads and keep our customers informed in real time.”

In addition, LeaseQ is adding new summary business reporting. This reporting function allows equipment sellers to view the status of individual applications and the percentage of customers in each stage of the financing process.