Why DataCision Might Be the Perfect Fit For Your Business
You’ve been hearing a lot about DataCision, the purpose-built credit underwriting solution made specifically for dealer commercial lending. However, making a technology investment always requires careful consideration. Maybe you like the idea of streamlining your processes, but you aren’t sure which benefits would be most valuable to you.
One of the main reasons businesses like yours choose DataCision is its extensive features, which make equipment financing easy for dealers in a variety of complex industries, including construction, agriculture, lawn and garden, motorcycles, and ATVs. These are profitable wholesale financing opportunities, but managing risk and improving visibility are critical aspects of the process.
Here are a few of the most common scenarios in which DataCision could offer some significant benefits to your business:
Managing Wholesale Equipment Financing
Whether you’re financing construction or agricultural equipment, lawn and garden equipment, or motorcycles and ATVs, understanding what your customer’s business can support and finance appropriately is a complex process. DataCision streamlines it and keeps everything in view.
Secured Document Upload
Lenders may request documents from customers to assist with the credit review process, whether for onboarding, annual reviews, or interim check-ins. Dealers can securely upload the requested documents to a designated website. Once uploaded, these documents will be reviewed to verify their accuracy. This secure method eliminates the need to use unsecured channels, such as email, for obtaining critical information for underwriting.
Understanding Dealer Groups
Dealer mergers and the emergence of dealer groups in the power sport, recreation vehicle and light equipment spaces has changed the nature of underwriting. When you’re trying to make a credit recommendation, it’s beneficial to view any associated customers. It can often come into play in a decision, so it’s helpful to review them together. DataCision makes it easy to view all relationships associated with your customer. This information can be critical if there was a credit decision in the past that has been largely forgotten but potentially could impact a current decision.
Avoiding Data Entry
One great feature of DataCision is its easy import capabilities. You can easily import information from different spreading tools and financial information into DataCision for informed credit decisions. You can also build templates to make it easier and faster to set up customers with similar situations.
Furthermore, DataCision is fully integrated with Wholesale Intelligence and Audit Intelligence, giving you full visibility into your prospective customer’s financial standing.
Running Scenarios
DataCision makes it convenient to run various scenarios, by changing various data fields and making adjustments to see how different circumstances might impact your customer or prospect’s credit decision. These features also make it easier to customize the information to what the approver needs to see.
Moving Forward
The biggest benefit that DataCision offers is the ability to digitize your credit decisions. It makes it easy to view information in real time, share information, and centralize data securely . It also solves the problem of having your entire process stored in a three-ring binder or depending on one person who knows the status of your credit decisions. Sound familiar?
DataCision is just one part of the full Connected Commercial Ecosystem that DataScan provides. To learn more about how DataCision can benefit your business, and specifically your underwriting commercial credit, contact us for a demo!
About DataScan
Headquartered in Alpharetta, Georgia, DataScan is the leader in providing lenders with wholesale asset financing and inventory risk management solutions. Lenders successfully manage their businesses and reduce risk by relying on our knowledge and expertise. We continue to transform dealer commercial lending with our connected commercial ecosystem that streamlines operations for lenders.
For more information about our Connected Commercial Ecosystem, please contact us at contact@onedatascan.com