Currently, there is high competition regarding the performance of different companies. Each company is thriving to operate better and more efficiently than others. The upcoming technological innovations are helping companies work efficiently and deliver excellent results.
E-contract is one of the leading innovations worldwide. This channel primarily makes paper-based contracts digital.
eContracting involves two or more parties forming digital legal documents through electronic means like emails. The participants build trust by attaching their digital signatures to these documents.
eContracting makes the process easier, fast, and more accessible. eContracting can benefit your dealership in many ways, including:
In traditional contracting, you must have a lawyer; meet your fellow participants to explain the terms and conditions. The entire contract is formed in a written form, making the procedure lengthy and tedious. eContracting makes the process hassle-free.
You can fill in all the information and sign the documents digitally without meeting physically or involving lawyers. No traveling is involved; you conveniently do all the procedures electronically.
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The traditional contracting process needs both participants to meet physically to discuss and sign the agreement. The process consumes a lot of time. E-contract does not require parties to meet physically. EContracting has in-built chat features that allow parties to discuss and create contracts digitally within minutes.
After the final agreement, participants digitally attach personal signatures and send a copy to each other. This digital process helps to save time.
In paper-based contracts, you need a lot of materials like paper, ink, printer, and electricity. Alongside these materials, you also need labor, making the process more expensive.
eContracting only needs a digital device, eliminating other tools required in the traditional system. You do not have to travel to your lender to make agreements. You carry the entire process electronically, saving expenses.
Ease in managing documents
Using a file to store and manage many agreement documents can be tiring and difficult, especially when you want to retrieve specific data. You also need physical storage and management.
You can also easily misplace or lose some documents. E-contracting makes it easy to store documents safely in one place. It is also easy to retrieve a document when stored digitally.
In the traditional system, parties must be physically present at the time of signing, or you are required to ship the documents to the other party. This process can lead to misplacement of documents, alteration of terms and conditions, or misuse of signatures.
eContracting avoids such kinds of fraud. No one can make any changes to the documents without the other party’s consent. The signatures are also electronic, making it impossible for alteration.
When re-typing or re-entering data while working on multiple agreements, it is easy to make errors. Integrating with other dealership systems boosts the accuracy of eContracting platforms by eliminating or minimizing the need for data re-entry.
Before you submit the contacts, the eContracting solutions help to verify data entry and missing signatures, improving the accuracy of the documents.
Suppose you want to be funded by a lender, eContracting speeds up the entire process. In the manual method, you must send your documents to the lender, and the process may take days to transit. The lender also takes a lot of time matching the records, which may arrive at different times or packages.
With eContracting, the lenders access all the documents digitally and immediately, allowing the provider to quickly approve data and fund your company.
The traditional contracting system faces many financial risks. eContracting minimizes these threats by involving eSignature and eVault repository that meets the legal requirements that manage the entire digital environment.
A platform also creates confidence and transparency for lenders and investors as diligence is enhanced through the trusted digital process.
Improves sales metrics
Customer satisfaction is an essential factor for dealers and lenders in any business. The financial paperwork process can be slow and frustrating, driving customers away.
More inconveniences can occur when your lender rejects your deal due to paperwork errors, forcing customers to re-sign contracts. eContracting eliminates these problems, improving customer satisfaction, brand value, and partner retention.
eContracting is hassle-free, operationally efficient, accurate, fraud-free, fast workflow, convenient, reduces expenses and time, and promotes customer satisfaction. An effective working environment helps expand your daily transactions, improving your entire business.