1. How much are you willing to pay?
As its name suggests,
It can also integrate data from other areas of your business without any additional work. A
For the most part, you can expect to pay on a per-transaction, per-month basis or one-time cost depending on the model. You may also come across providers that charge a flat monthly fee but require larger packages or extra fees for support & maintenance. Pricing can range from $1 per transaction per month to hundreds of dollars per month, depending on your business’ unique needs.
Don’t have a budget for LMS software? Or maybe you’re not sure that LMS software is right for your business, but would like to see what it has offer? One option is to schedule a demo of a few LMS Solutions in the market or try a free trial if offered by any of the vendors.
LMS can make your life as a lender much easier, while also helping your agents and managers get the job done in a more efficient and streamlined way.
1. You need a robust Contact management.
At its core, contact management part of the LMS is all about keeping information from various sources organized. If you’re looking for a better way to store and manage customer information, LMS is the best solution for your business. It acts as an entire database for all types of insights on customers, including contact information,
2. You’re looking for an automated way to boost sales.
LMS doesn’t just keep your contacts organized – it also offers a bevy of tools to help you boost sales and execute more effective marketing campaigns. These include:
Lead Generation. Find new customers by automatically taking-in leads from various sources like social media, website visitors, lead providers, inbound calls, newsletter sign-ups and more.
Email Marketing. Automatically build email lists, launch email marketing campaigns and measure performance.
3. You’re looking for an automated way to funnel your leads
A robust LMS doesn’t allow you to work on leads, thereby wasting your precious time. It integrates a configurable under-writing engine that does the first level of filtering your quality leads.
Under-writing. Qualify and filter leads automatically with pre-defined set of rules or criteria (Under-writing), so that, you only have to spend of quality leads when they are sent to Credit Bureaus for Scoring.
Scoring. From a lenders perspective, just qualifying leads is not enough to accept the leads because every lead is associated with a certain cost. The leads need to be scored for various criteria before they are accepted. There are various Credit Bureaus in the market that allows the leads to be scored and sometimes, the leads should pass through multiple Bureaus’ Verifications before they are accepted. A good LMS should allow such integrations of multiple Credit Bureaus to score leads and sometimes with an option to define order in which they should pass through each Credit Bureaus
Verification. Now that, we have the quality leads that need to be verified. Only at this point that, your Agents start calling the leads and go through various verification steps of
E-sign. Any lead that passes this verification is ready for approval upon the customer signing the Electronic
5. You’re looking to automate payment processing
Payment Processing. Once the
Return Processing. Receiving returns from the bank or payment processors and updating them in the LMS can be quite a tedious task. The returned transaction must be charged with an NSF Fee or a Late Fee, which has to be notified to the customer. The LMS you choose should have the ability to automatically process this information.
Collection. Collections are a part of any lending portfolio. Non-performing
Ready to invest in
1. Is it built for your market and
2. How easy is it to use? Can I easily train employees?
3. How customizable is the software?
4. What features are available to help me with sales, marketing and other aspects of my business?
5. How easy is it to integrate with third-party providers I already use?
6. What limitations are there to using the software?
7. What engagement models and costing options available? Are there any setup or additional fees? What if I need to expand my portfolio?
8. What type of security features does it have to protect my business’s and customers’ data? What happens if there is an outage? How is my data backed up in the cloud, and can I access it immediately?
9. If I need help, what type of customer service do you offer? Can I reach you any time, or is there a long turnaround period?