Are you thinking to shift to the latest LOS for asset-based finance factoring? If yes, then you should consider various things. Whether you wish to track ABL loan or start an asset-based finance factoring, the best loan origination software can make everything super easy. But just like any other professional software, the number of LOS providers are not less. That is why we have given some tips to help you choose the most appropriate provider for your business. Here are the tips:
Ask If The Software Cloud-based
Your LOS needs to be cloud-based. Hundreds of organizations have already moved to the cloud, and now it’s time for you to do the same. The cloud-based LOS and credit union software offer lenders various operational and financial benefits. Here are some of them:
- Reduce Capital Expenses: There is no need for you to invest in any new infrastructure and hardware to support the latest LOS. Because the software does not require them as it works online and with just a few clicks, you can perform various functions.
- Easy Access: You can access your data from any device you wish. Whether you are in the US or Europe, you can fill the application or do any other process from any corner of the world.
- Easy Integration: It offers compatible lending services like serving as a commercial loan underwriter to improve the efficiency of the lending practices.
- Low Operation Expenses: Cloud-based loan origination system providers like Decipher Credit facilitate low operational costs, as you don’t have to fill various forms. Filling one form is enough, as the software will automatically distribute your information on the needed spaces/forms/files.
- Frequent Software Updates: You can take advantage of the latest technology and functional improvements. With each update, the lending orientation process becomes more comfortable.
Ask About The Device Accessibility
As said above, a LOS hosted in the cloud is accessible via the web. And everyone these days has a smartphone with an internet browser in it. This system expands the lending services using a web browser and internet connection of your device. It will help grow your business and make your services available worldwide to different clients. The thing to keep in mind is whether it’s possible to install the software on your smartphone or not. Ask your provider about it before making any deal.
Technical Support Is Necessary
If the software gets a bug or any technical error that you cannot solve, what will you do then? Obviously, the first expected thing that you’ll do is to call the provider. You’ll tell them your problem and expect an instant solution, too. If they are not available, you have to wait for them, which is not a good deal. Technical errors are understandable but the unavailability of the technical team is not acceptable. So, make sure whatever provider you choose, they should promise you 24/7 support.
So, these were some tips for choosing the best loan origination software for asset-based finance factoring. We hope you find this blog helpful. Share this blog with others and let them know about these tips.