Access to capital has created a fertile climate to grow an on-book portfolio while providing funding diversification. These unprecedented economic conditions have pushed organizations to rethink how they want to grow. In some cases, their funding sources either allow for servicing to be retained or require it. When required, funders are reassured by a qualified outsourced partnership that gives turnkey access to experienced employees and system solutions with proven lease processing practices.
Lessors who are teetering between a small portfolio managed on spreadsheets and exponential growth if they can seize upon available funding are prime candidates for outsourced servicing partnerships. On the flip side, if a business has a twenty-lease portfolio with limited growth plans, it could be a smart move to remain with an internal system. The question to ask is: ‘Will my system provide future continuity for new customers and have the capacity to keep pace with my current speed of growth.
A careful review of your staff situation should inform your decision to outsource. Is your staff ready to execute with minimal fail rates? Have you located a reliable recruitment base to fill positions at lower salaries? There has never been a better time to have qualified and well-trained people managing a portfolio and servicing customers. Outsourced servicing brings experienced skill sets to a portfolio in an indirect approach while still maintaining adequate metrics. Not only do lessors retain the benefit of immediate, qualified employees, they also skip the time and expense of hiring and training.