e-Signatures are Coming – The Benefits to You and Your Client
Welcome to the Selfco Update. In this bulletin we inform you of:
1. Our new e-Signatures becoming available shortly for signing of docs
2. The new Selfco Broker Portal that bring major benefits to you
3. A reminder that we now pay for valuations on Private Sales
4. Some recent “outside of the box” deals we have settled
5. Are you using our app yet?
6. We’ve moved
We are commencing testing of the new Selfco e-signature process. This initiative will allow clients to execute their loan contracts via an online e-signing ceremony and remove some of the regular hurdles that our Compliance Team encounter, such as:
- Documents signed incorrectly or signatures missed
- Signatures do not match the drivers’ licence
- Illegible contracts due to image degradation
The e-signature process will make it faster and easier for Selfco Brokers to move transactions through the process from Doc Request to Settlement, by ensuring contracts are executed correctly ‘first time, every time’. Combined with two factor authentication and a comprehensive audit trail we look forward to launching this process to our valued Brokers in the very near future. We will soon be looking to partner with some select relationships to pilot e-signatures with Selfco. Please talk to your BDM if you would like to be part of this exciting development.
The broker portal is being built in conjunction with Selfco’s software partner, Soft4 Leasing, which will see a custom web solution tailored to the needs of our Brokers.
• Want to price up a deal for your client? Work through the quote screens and generate a branded quotation to send through for your customer’s okay.
• Customer wants to proceed? Minimise rekeying by progressing the quote into an application, complete an e-Privacy, add transaction specifics, upload supporting docs and submit for assessment.
• How is that deal tracking? Follow your pipeline via real time updates or touch base with Selfco via the integrated messaging system.
• Timeframes are tight and client needs to sign docs before flying out of the country that afternoon? Check the accredited supplier database before generating documents and issuing to the customer by creating an e-signing ceremony yourself.
• Customer is doing their tax and needs some paperwork for their accountant? Generate an amortisation schedule or a customer statement for the contract via the Broker Portal or access the Doc Bin to send their accountant a copy of the signed contract.
• Customer wants to change their payment details? Issue an e-Direct Debit Request form for the customer to complete electronically and return direct to Selfco via an e-signing ceremony.
The goal is to give our brokers control – things that would have to be requested of Selfco will be available for our Brokers, providing a superior experience for your Customer.
Selfco pays the Private Sale valuation fee*
*Selfco will refund up to $440 of valuation fees at settlement on private sale transactions
The private sale valuation fee refund has been extremely well received and has been a great balance between customer out of pockets and managing risk. We have negotiated a fee matrix and SLA with Pickles (Customers retain the option to use alternative Valuers). The Valuer’s costs remain the responsibility of the instructing party, Selfco will refund the fee (up to $440 incl GST) on settlement of the transaction.
• Easy engagement process
• Best pricing negotiated
• Service Level Agreements negotiated
• Selfco acceptable valuer
Talk to your BDM for further detail on the Selfco private sale valuation refund policy.
Recently completed transactions:
As an equipment finance specialist lender, Selfco is able to assist with a wide range of client profiles and asset types. In addition to more ‘vanilla’ transactions Selfco is able to assist with those ‘outside of the box’ deals that the majors do not have appetite for.
2004 CNC machine purchased via private sale by composite cladding business.
$65K in business software for established nursery and landscaping business.
Used meat injector and tenderiser for an established food manufacturer. Settled $23K over 3 years under P2 product.
New Firbimatic dry cleaning machine to expand existing drycleaning operation. Settled $60K under NP2 product.
Do you have clients that:
• want to purchase assets via private sale?
• want to buy older assets?
• want to acquire unusual or low value equipment?
• Are non-property owners?
Talk to your Selfco BDM about those scenarios that the major lenders won’t do – we may have a solution.
Don’t forget about the Selfco mobile app…
The Selfco Mobile App is available to accredited Selfco brokers on both iOS and Android platforms, offering convenient real time functionality including:
• Quick quote
• Application lodgement
• Document capture
• Repayment calculator
Convenient access from your mobile device (or desktop using the Selfco website), combined with Selfco Leasing’s fast turnarounds means that you can quickly and easily obtain finance approval for your customer.
Selfco has recently moved offices, all of about 30 metres!
You may have noticed that our office address has recently changed, from Suite 109 to Suite 106 at Macarthur Point in Norwest. We found that our previous offices were becoming a little tight and have since taken on additional space to support our growth. Feel free to stop in if you are in the area, we would love to show you around!