Requirements
Pawnee Leasing Corporation, a leading equipment leasing company, came to eOriginal wanting to automate their processes: allow Pawnee’s brokers to seamlessly originate and execute contracts within minutes; Securely store their post-signature original documents; and mitigate their risk throughout the entire lifecycle of their financial assets.
The team at Pawnee Leasing Corporation was utilizing AppTrak, a lease contract submission tracking tool based on a platform developed by Vision Commerce that allows brokers the ability to generate their contracts as PDFs and forward them to their customers by printing and mailing via FedEx. When changes occurred to the leasing contract, whether due to negotiations or errors within the document, the process would have to be repeated; resulting in unnecessary expenses for both the broker and lessee, as well as a delay in funding.
Once the documents were originated and executed, the financial asset documents were bundled together then transported to and stored within a secured warehouse, requiring a significant amount of secured physical storage space, as well as facility costs.
Pawnee Leasing was in need of an advanced end-to-end digital transaction management solution that accelerated time to funding for faster speed to revenue, lowered costs, decreased document errors, and provided better customer and broker experiences.
Solution
Through a joint solution, Pawnee Leasing successfully implemented DocuSign’s signing capabilities and eOriginal’s eAsset® Management Services to complete its digital solution supporting the origination and lifecycle management of lease contracts nationwide. Brokers can generate the necessary contract documents through a DocuSign integrated version of AppTrak, present them for review to the customer, and enable the customer to sign the documents electronically.
During the post-signature life of the contracts, the financial assets are electronically vaulted in a secure location with easy access to the Audit Trail and the Authoritative Copy of the original documents. eOriginal’s solution provides Pawnee Leasing Corporation with the ability to find, audit, pool, collateralize, securitize or transfer original contracts 100% electronically.
The powerful combination of DocuSign and eOriginal allows Pawnee to manage chattel, loan documents and any negotiable instrument or critical assets 100 percent electronically.
Results
The team at Pawnee Leasing Corporation was quick to adopt the digital transaction management solution. More importantly, so was the company’s financial institution, Royal Bank of Canada. The company faced little-to-no legal hurdles in securing acceptance for electronic chattel paper and the digital management of their financial assets.
The joint end-to-end digital solution has provided Pawnee Leasing Corporation with the following benefits:
- Reduced costs and time by eliminating printing, scanning, faxing and mailing paper contracts.
- Reduced costs and physical storage space requirements by utilizing eOriginal’s eVaulting capabilities.
- Increased risk management using eOriginal’s eAsset® Management Services, which provides a secure path to manage Electronic Original ® documents throughout their lifecycle, ensuring the ability to pledge, sell, and securitize eAssets.
- Elimination of contract errors and the costs associated to address them, such as documents that were not completely signed by customers.
- Improved customer experience with the convenience of DocuSigning anytime, anywhere, on any device, while empowering digital asset management.
- Easy accessibility and archiving of financial assets, with all documents at the fingertips of brokers.
Pawnee Leasing Corporation has begun rolling out a digital transformation globally for all of their business processes across departments and will continue to strive for a 100% paperless office.
Pawnee Leasing Corporation is a small-ticket equipment leasing company specializing in providing business equipment leases up to $75,000 for “B+” credit profiles, $35,000 for Start-Up and C credit profiles, and up to $50,000 for Software Only. Founded in 1982, they originate all of their leases through an independent network of lease brokers and conduct business in all of the lower 48 states of the U.S. They are active members and leaders in several industry trade associations including the National Association of Equipment Leasing Brokers (NAELB), National Equipment Finance Association (NEFA), and the Equipment Leasing and Finance Association (ELFA).