Prospa teams with DocuSign to leverage the finance experience
Prospa is a multi-award winning and high-growth venture that aims to change the way small business owners experience finance. The online lender has one unwavering mission: to keep small businesses moving.
“We provide quick and readily available cash flow products and solutions that enable small businesses to grow,” explains Alison Binskin, Head of Business Enablement. She has been with the business for nearly seven years.
Alison’s job involves fostering effective company-wide changes that drive customer value and support efficient processes. “I achieve this by adopting fit for purpose tools,” she adds.
A signature is simply one click away
Prospa’s speciality is to provide small enterprises with a streamlined and seamless approach to accessing cash flow. It has the capability to assist these small businesses because of its strong partnership with service providers that want to help and support the small business sector.
“For every small business owner, time is money. They cannot wait days, let alone weeks, to access working capital. Our partnership with DocuSign assures our customers that they can seamlessly access same-day funding, whenever and wherever,” Alison says.
Due to DocuSign’s scalable, purpose-built integrations for Salesforce, Prospa can provide small business owners with around $300,000 within 24-hours simply by completing a 10-minute application.
DocuSign eSignature for Salesforce sends agreements for signing, captures information, tracks, and stores without leaving Salesforce.
Salesforce also connects Prospa’s apps and configuration tools, allowing the company to host its online process.
“I remember having conversations with customers over six years ago about electronic signatures. There was maybe a 30% take-up rate,” Alison says. “Now 100% of customers are executing their documents electronically.”
Alison further adds that relying on this standard and secure form of contract execution helps enhance the application to settlement conversation rates. It also enables the same day deposit of funds into the customer’s account, delivering a frictionless flow for all customers. Additionally, DocuSign helps to onboard new Prospa customers, refinance existing customers, and adjust current contracts when mid-term situations arise, such as COVID-19 restructures or repricing.
All cross-functional teams rely on DocuSign, including financial control, banking, legal, and procurement. The software’s ability to provide a view of the entire audit trail means that the agreement process can be seen and tracked at any time.
Funding in 24hrs
DocuSign has also helped strengthen Prospa’s customer conversion. Alison explains that previously, finding the time to print, sign and return contributed to the risk of customers disengaging and dropping off.
Advising the customer of the good news, the funds can be in their account this afternoon allows Prospa to honour the promise of a smooth process and fast access to capital.
“We are seeing a 70% conversion rate of new business and an 82% conversion rate for repeat customers,” she notes.
“The tech solutions are there. They are specialists and are constantly evolving their solution. Businesses should partner with someone that has an ongoing product development roadmap.
“And, as a business owner, you need to be agile and innovative because customers and the market will not wait for you,” Alison says.
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