It really reduces the amount of work for our internal team, leasing agents, and vendors as well
Baltimore, MD (PRWEB) August 20, 2007 - August 20, 2007 -
In a bold leap forward, leasing company Madison Capital, LLC has adopted a cutting edge fully paperless transaction model within their leasing business. This technology gives Madison and its clients advantages when completing their lease documentation. Already utilizing an automated lease origination system to generate PDF documents, Madison Capital has added electronic signature and vaulting capabilities via the Web-based on demand eLeasing solution offered by eOriginal, Inc. The eOriginal® technology allows all parties to a lease to sign their documents electronically, and then protects the digital originals via advanced electronic vaulting. This keeps the entire lease paperless from beginning to end, replacing the need to print and sign on paper while maintaining security, legality and negotiability throughout the entire process. Because it is Web-based, the eOriginal technology integrated easily into Madison's existing system. In less than three weeks, Madison Capital was able to eliminate the final hurdles to offering a fully electronic lease, allowing their customers, vendors, and internal staff a more streamlined and efficient business experience.
"Madison Capital has always been a state-of-the-art company relying on cutting edge technology," stated Allan Levine, Madison's COO and co-founder. "We found that if we're not, we can't process transactions fast enough. We firmly believe, at some point in time, almost everything is going to be paperless. It is important to us to get in on that technology and process now and stay ahead of the competition."
Previously, transactions that were originated electronically, once approved, had to be printed for signature, returned by express mail, reviewed for accuracy and in many cases, returned to the lessee for missing signatures, incorrect title/entity or other errors, slowing down the transaction. Using eOriginal's technology, electronic transactions stay digital; the original lease documents are uploaded into Madison Capital's secure portal using the new electronic signature technology, then the lessee receives an invitation to log in and sign electronically. Once complete, an email notification is sent to all the parties and the documents are processed by Madison Capital for funding. They are executed electronically by Madison, vaulted, and managed until the lease terminates. The eLeases are either held or sold on the secondary market, with access controlled by the authorized administrators at Madison Capital. This Web-based process decreases paperwork snafus and eliminates missing signatures thus speeding up the funding, productivity, and organizational efficiencies. With eLeasing in place, there is now a process for customers needing the flexibility of reviewing and signing documents at a time and from a location convenient for them.
"It really reduces the amount of work for our internal team, leasing agents, and vendors as well," explains Nancy Pistorio, Madison's Executive Vice President. "And, that is especially true near the end of the month. Last month, we had a broker who spent all day driving docs to me so he could get paid. With our new system, all he has to do is check his email to see the docs are signed with an eSignature and we can pay him immediately. What took two days will now take him about 15 minutes."
Removing the paper from the process is key to Madison Capital's ability to provide superior service to all involved, including their internal teams. The benefits to customers include an expedited application and approval process, and now, an advanced delivery process. This paperless process will allow a customer to take delivery of their equipment perhaps days or weeks sooner than with a paper-based process. For brokers and leasing agents, the days of overnight shipping or driving documents to and from the finance company are eliminated - especially during those critical days at month end - resulting in faster payment and booked sales. As a vendor, equipment is moved through the process at a faster rate, allowing for more deals more quickly. For Madison's internal processing teams, electronic signatures are a great way to free resources and add new business. "With eLeasing, I can do more remotely without being tied to my office," says Pistorio. "I can visit a new prospect, then go out to my car and sign off on paperwork from my laptop. Getting tied to your office to do a lot of paperwork doesn't build your business. eLeasing allows my sales reps and our executives to operate remotely and still get our paperwork done in a timely manner."
The business process gains are also measurable. According to Levine, "I think it will speed up transactions overall, front to back, twenty to thirty percent." Levine expects paperless to be the process of choice for most of his clients. There are always clients who, for whatever reason, opt not to use a paperless process. For example, some still do not have email, or choose not to use it. So for those folks, the old business practice of signing and shipping back paper documents will still be available.
eOriginal, Inc.'s advanced electronic signature and vaulting solutions enable equipment leasing and finance companies to eliminate paper while legally protecting their assets as eContracts documents are held and transitioned throughout their lifecycle. eOriginal, Inc. has partnered with DocuSign, Inc., offering their combined technology and processes to create legally binding electronic signatures and electronic finance documents that are tamper-evident, auditable and legally enforceable. eOriginal technology provides compliance for managing electronic signatures and transferable records under E-Sign, UETA and UCC Revised Article 9-105. eOriginal technology protects nearly $10 Billion in secured electronic assets and has managed more than 500,000 electronic finance documents without a single error or legal challenge. For more information, visit us at http://www.eoriginal.com or call us at 410-895-7699.
Madison Capital, LLC was preceded by two companies. Harbor Equipment Leasing began in Baltimore in 1983, to provide direct equipment lease financing to businesses locally and throughout the Mid Atlantic region. Fox-Valley Leasing began over 30 years ago and provided vehicle leasing services to commercial clients, both large and small. Over the years, each company grew and extended their geographic territory to eventually conduct business throughout the U.S. and Canada. In August of 1997, the companies joined to form Madison Capital, LLC. We have over 50 years of combined experience. Our focus is on outstanding service, quick response, and knowledgeable support. We are a direct funding source for most types of equipment and all makes of vehicles. We have brokerage capability and experience for equipment transactions up to $10,000,000. For more information, visit http://www.madisoncapital.com, or call us at 800-733-5529.