Typical Flowchart Explaining How a Vendor Finance Deal Works for a UK Supplier - From Start To Finish
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Free Download - Popular Reasons UK Businesses Choose To Finance Their New Equipment By Al Shea |
THE STEPS INVOLVED IN A FINANCE DEAL - FROM THE FINANCE QUOTATION RIGHT THROUGH TO THE SUPPLIER BEING PAID
Customer would like to buy equipment from Spplier on finance.
Supplier provides quote using lease calculator (provided by the Broker) and agrees final finance figures with Customer
Customer wishes to proceed with the deal
Supplier sendstheir Brokerthe Customer details, equipment details, and the agreed figures to formally propose
the deal for underwriting and credit acceptance by the Broker
The Brokerputs the deal into underwriting with the most appropriate funder
(should further info be required,the Broker would normallycontact the Customer directly to secure the
required information to aid with the acceptance)
The Deal is approved (or rejected) typically within 24-48 hours of being proposed by the Broker.
The final figures will be confirmed to the Supplier by the Broker (should there be any changes), and paperwork will be raised
and sent out to the Customer bythe Brokerfor signing - the Supplier should not need to raise any finance paperwork.
Customer receives lease agreement from the Broker by post or email.
Paperwork is signed and returned tothe Brokerby the Customer.
The Brokerreceives the signed paperwork from the Customer and informs the Supplier everything is in order by raising and sending
the Supplier an Invoice Request. This details which Funder the Supplier should invoice and how the invoice should be laid out.
The Supplier thencommences work on the Customer order.
The Supplier raises their invoice and sends it direct tothe Broker
(not normallythe funder they are invoicing) to keep on file with the signed Customer paperwork
until installationhas beencompleted by the Supplier.
The Supplier confirms tothe Brokerthat installation at the Customers officeis complete.
The Broker thensends off all paperwork & invoice to the Funder for processing and payout.
Funder receives the paperwork & invoice, conducts a phone-check with the Customer to confirm installation is complete,
and then makes payment to the Supplier via cheque or BACS immediately thereafter.
Typical Flowchart Explaining How a Vendor Finance Deal Works for a UK Supplier From Start To Finish - To learn more about this author, visit Al Shea's Website.
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