The ability to efficiently evaluate and price risk-based decisions is critical to building a successful asset-based lending business; putting the right product in front of the right customer at the right time is essential. At the same time, being able to intelligently manage and mitigate the risk in your portfolio helps to protect your business long term
Embrace the challenges facing automotive and equipment lenders
Secured Interests
When registering a lien in accordance with the Personal Property Security Act (PPSA), it’s imperative to register the correct legal name to ensure your interest in the equipment and/or vehicle is secured
Speed
Speed of approval is key to retaining a customer’s interest. Without an expedited approval process, your potential customer has time to see what the competition has to offer
Innovation
With the rise of technology, innovation is key to remaining relevant. By incorporating digital verification solutions into your everyday processes you’re ensuring you know your customer, reduce paper waste, and provide a frictionless consumer experience
How ESC Corporate Services can help you transform
Speed of approval
Things move quickly in the equipment and auto financing world, and getting a fast approval for your customer can be the difference between completing the sale, or losing to the competition. ESC Corporate Services digital KYC solutions get data into your system faster, helping to shorten the wait time for approval, and decreasing the chance of losing your potential customer.
Register the legal name correctly the first time
Registering a name correctly is a key component in securing your interest in a vehicle or piece of equipment. Initial registration disbursements can add up quickly on their own, but factor in the unexpected costs to amend an incorrectly spelled name and this could drastically affect your bottom line. This, of course, is in addition to the risk of losing your security interest altogether due to an unperfected lien. ESC Corporate Services digital onboarding solutions minimize the risk and cost associated with registering unverified information.
Detect and avoid fraud
ESC Corporate Services KYC solutions help you to detect and avoid fraud by comparing the information provided by your customer against multiple authoritative data sources and government registries
Enhanced customer due diligence (CDD)
When lending money you want to be sure you know who you’re doing business with. ESC Corporate Services solutions provide the necessary components to enhance, and streamline your due diligence process while securely storing the information in a digital format for future reference.
