So you can better understand how transactions are completed on the underwriter's side, we have outlined the four major steps involved in any lease transaction.

Credit
Credit information collected from a customer is combined with credit reports and business reports (Experian and Dun & Bradstreet), and the complete package is scored. This process has traditionally required days to complete because of inefficiency in collecting and communicating information, typically via fax. eLease completes this process, including electronic scoring, in real time.

Documentation
Most underwriters require original documents executed perfectly with deposit checks to solidify the contract. This is an area where mistakes traditionally abound and drive up the time required to complete a transaction. Miscommunication between underwriters, sales agents, and finally to the customer, conspires to making documentation more difficult than it should be. At eLease, our system documents the transaction correctly the first time, and communicates the details of the package clearly and easily to the customer via the web or FEDEX.

Purchase order
A purchase order is a written commitment from eLease to a vendor for payment of equipment on behalf of the customer. Most vendors will not release equipment until they have received a purchase order. The efficiency of your finance company directly impacts the speed with which you receive your equipment. At eLease, we take the measure of this time frame seriously because we take our commitments to both the customer and vendor seriously, ensuring a quick turnaround on all transactions.

Funding
Funding is the final stage of completing a transaction. During funding, an underwriter will review the completed package for errors in documentation and complete final fraud checks before adding a transaction to their portfolio. A call from an underwriter's agent is made to the customer to verify the receipt of the equipment and final acceptance of the lease. This protects the customer if they become unhappy with the equipment or the service they were provided. Following funding step, the vendor is paid. If the previous steps were completed correctly, funding is an after thought rather than a hurdle. This is the one of the many areas where eLease accels.

eLease takes great pride in the efficiency of its system. Peace of mind that your transaction is being handled completely and professionally by someone who is on your side; that is our goal; That is the power behind a partnership with eLease.