Camberley, UK – 01 October 2008 -- smartfundit.com, the equipment leasing and IT finance marketplace, introduces a brand new service that forms part of its recently launched smartsellit.com partner programme targeted at technology businesses that sell or resell hardware, software or services. The company’s new DealRescue service is designed to assist sales representatives in closing transactions they would typically consider ‘lost’ due to their customers’ budget or own internal time constraints.
With month or quarter end coming up, sales representatives working for technology vendors and their channel partners often hit similar barriers: prospects and customers take longer than expected to reach a decision or worse still, are inclined to put investment plans on hold entirely, in order to preserve their own financial agility in an uncertain economic climate. The usual response to this are last minute discounts or other timely incentives, in order to re-align the customers decision with the forecasting period of the vendor. While this method can net short-term results, it is likely to adversely affect long-term revenues.
Another reason for not closing a deal in time for month or quarter end, are the general inefficiencies of dealing with finance at point of sale manually. As vendors near the closing stages of a given fiscal period, their administrative resources are stretched in an attempt to process large volumes of transactions quickly. Ensuring that all available transactions are processed has forced vendors to set cut-off dates early on, to allow their administrative staff to work effectively. However, these cut-off dates can become an insurmountable obstacle for sales representatives in closing business where they have reached agreement with their customer after the deadline, but with several days to go in the month or quarter.
The idea for the new DealRescue service originates from the work smartfundit is doing for a number of technology vendors. One such company is Steam Software: As a company, Steam had used finance to shorten sales cycles and enable customers to start using their solution straight away. When the existing finance provider was unable to fund a particularly challenging deal for one of their customers, Wayne Chopping, Steam Software’s MD, decided to get in touch with smartfundit.com. He comments: “I felt that I had to do all the work for our previous funders, yet they still failed to come up with a solution to a tricky deal. I decided to get in touch with smartfundit. Their professionalism and the extra mile they went for us convinced me to go with them and they got the deal closed.”
The new smartfundit DealRescue service can help overcome all of these barriers: the inability of the vendor to offer OR the inability of the customer to source a competitive finance package quickly, as well as the short-term lack of budgets. In order to address the inefficiencies of processing transactions manually and thereby artificially restricting the number of deals by the number of people employed, the DealRescue service offered by smartfundit.com leverages the power of the Internet. Sales representatives and their colleagues from the admin department can source flexible payment options on behalf of their customers online in minutes, and reach a decision in principle with the chosen funder the same day. The speed of the online decision-making process allows for larger numbers of transactions to be processed in less time.
In addition, by giving the customer an option to pay monthly or quarterly over the useful life of the equipment typically reduces the need to discount and often results in longer overall contract durations. The option to pay in regular instalments can be increased in attractiveness by including an option to pay for investments quarterly in arrears. This way, a customer can decide to go ahead with their investments as planned this year, but will not need to part with any cash until three months later. Many vendors utilise this approach in order to bridge the initial time it takes for a new service or software solution to be implemented, offering greater ROI to the customer.
The smartfundit.com marketplace for IT financing solutions is the one stop shop for any business that sells or resells technology, hardware or software as well as intangible assets such as services (training, maintenance, consultancy). It provides sales representatives and their admin colleagues with access to over 8000 finance product combinations.
NOTES TO EDITORS:
The smartfundit.com platform delivers equipment leasing and technology finance in real time over the internet. Its innovative technology and unrivalled market coverage enable users to search through 8000 product combinations from a network of global providers, delivering finance on demand™. The sophisticated decision engine matches the user’s investment requirements with the available software leasing or asset finance option from leading funders and technology leasing specialists. Modeled on web 2.0-type user experiences, this makes the most appropriate finance terms available 24/7 for CFOs, Finance Directors and technology vendor sales teams. The company is privately held and is based in Camberley, UK and San Francisco, USA.
For further information on smartfundit.com or to arrange an interview, please contact our PR department:
Phone: +44 (0) 845 686 0510
Fax: +44 (0) 845 686 0509
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