We’re seeing this more often lately with vendors that we speak to about partnering with 3E Advantage to establish an asset finance partner program. When reviewing their current relationship with their incumbent, we are discovering that the partner has been performing the billing and collecting function on behalf of their finance partner. Our immediate question is, why?
Your asset finance partner is saving time and money
By passing the billing and collecting duties to you, your asset finance partner has saved themselves a substantial amount of resources. Not only do they not need the people resources to complete the billing and collecting but they also save on not requiring the investment and development of systems to meet the needs of the various billing methods required by business equipment vendors.
This ledger must be balanced though. If they are saving on resources, who picks up the slack? You of course. By passing the function to you, your business will need to maintain the people resources and systems to complete the function. When all is running smoothly, and your portfolio is small, you may consider this a minor impost. Consider the impact of a well-established portfolio of considerable size. One that includes some additional complexities around payment dates, payment plans, arrears etc. The cost to your business could quickly grow. This is not something that you and your business should be responsible for.
Partner with a asset finance payment solution specialist with best of breed billing and collecting processes
Your finance partner should be completing all the billing and collecting function for you. Partner with a specialist in asset finance payment solutions that can offer you a best of breed billing and collecting function. A partner that has invested heavily in developing bespoke automation and processes tailored to the needs of equipment and solution vendors to ensure collecting on your clients agreements is fast, efficient and secure with minimal work required by you and your team.
Partner with 3E Advantage to experience our market leading billing and collection capabilities. Speak to our team today about how we can assist your business.
Fig 1: 3E Advantage One Bill solution