You have probably heard the saying work smarter, not harder, before. In today's fast-paced business world, it feels like everything is more demanding and less forgiving than ever. Businesses need to be more productive while optimizing their time and resources as much as possible. Leasing services take up a lot of time, energy, and resources. In this article, we are showing you how to optimize these processes with our software.
First, let us get into context and see how leasing works: When a temporary transfer of assets, such as real estate, equipment for personal/business use, or vehicles, from one person or business to another occurs, we are talking about leasing. The lessor delivers its asset to the lessee under a lease contract, and regular lease payments, also called rentals or installments, are made by the lessee in return.
The global leasing industry reported a slight decline in new business volumes in 2020 following a decade of continuous growth. The 1.8% decline is less than forecast as the COVID-19 pandemic transformed global economies and put equipment investment on hold, according to the 2022 Global Leasing Report by Solifi.
Despite the pandemic's effects, the global leasing market is expected to grow from $1.35 trillion in 2021 to $1.53 trillion this year, and it is expected to reach $2.4 trillion by 2026. In the same report, they found that construction companies and a wide variety of industries are exploring leasing over purchases due to the impact of COVID-19 on a company's economic activities.
SaaS for leasing automation
A SaaS (software as a service) can be used by companies in the business of leasing products. The ready-made software can help streamline and optimize the leasing process by automating many manual processes without needing to hire your developers. Instead, you have an external software provider with a subscription-based model to work efficiently. These are some of the functions of lease automation software:
- Lease approval process: Decision-making processes are usually the most crucial ones, and because of that, they are often manual and very time-consuming. The software can help automate forms, make the approval process simpler, reduce manually made errors, and help standardize and streamline it.
- The lease tracking process: Frequently, it is not easy to have a clear overview to track leasing processes and stages of them, and there are systems with low-quality UX, so it is not easy to understand what happens. This manual process can also take a bunch of time and resources. The lease automation software can help automate it by providing a system to record and track lease documents, payments, interest, etc.
- Lease payment process: The fintech solution can help automate this process by providing seamless integrations with payment options accounting software, as well as providing automated reminders and accounting software, etc.
FTM's Leasing Management System: Why Should You Choose it?
We strive to help your business save time and money by improving operations and reducing risk. Your leasing processes are now automated, tracked, and streamlined using our Leasing Management System. Our no-code platform allows leasing companies to work more conveniently and efficiently, giving companies more time to focus on other relevant tasks.
Fintech Market platform provides a refined experience for leasing companies. You can choose the needed features to build your ideal product - nothing less, nothing more:
- Risk evaluation and mitigation.
- Customizable leasing product.
- Loan launching.
- Car leasing.
- Client servicing.
- Payment solutions.
- Thrid-Party Integrations.
- Tracking and analyzing key data.
- Configure refund options.
- Debt management.
We offer a complete and customizable product ready to be implemented and executed according to your needs. If you want to dive more into each feature, we encourage you to contact us and explore the benefits of digital leasing: https://fintech-market.com/contact.