Client’s Profile
The client is a mid-sized HVAC and home services provider based in Ontario, employing roughly 100 to 200 people. The company specializes in residential heating, cooling, and home improvement projects.
Client’s Requirements/Goals
The Client turned to ABLE Platform for assistance in setting up a financing platform that would enable it to provide home improvement financing services for its customers. The reason for such a decision was declining HVAC loan approval rates, which prevented the Client’s customers from getting bank support for their expensive HVAC purchases. Other goals with a strategic business focus included:
- Increasing the conversion rate by reducing the high upfront cost barrier.
- Increasing the average order value with upsells
- Capturing more deals with clients with scarce spare cash requiring urgent HVAC repairs or innovations
- Competing more effectively with local industry leaders
This way, the Client’s decision to offer financing to customers was in part linked with understanding the broader context of third-party lending problems in HVAC sector in Canada and in part associated with the company’s readiness for expansion via sales volume increases.
Business Challenge
The main business challenge with which Canadian HVAC company turned to ABLE Platform was the high cost of dependence on third-party lenders within a credit relationship regarding field service financing options. The company lacked an integrated financing solution that would increase its close rates and order sizes without extensive investment in building such software from scratch. The main reason why HVAC companies use ABLE Platform lies in its ability to create a flexible, scalable foundation for financial product and service expansion. Thus, ABLE Platform™ enabled HVAC quoting and financing operations at HVAC company with minimal time and money investments and without operational downtime.
Implementation
The richness of features and easy customization potential of ABLE Platform™ convinced Canadian HVAC company to integrate our software into its financial operations. The implementation hinged upon the use of the following benefits offered by our solution.
Branded ‘Canadian HVAC company’ Solution
ABLE Platform software was customized into a branded digital financing form, which was launched under HVAC company name in full brand consistency.
Real-Time Credit Scoring
ABLE Platform™ enabled instant credit decisioning for HVAC companies, which is a vital competitive leverage in the fast-paced Canadian HVAC market.
Documentation & Verification
ABLE Platform™ software enabled instant loan document generation with SignNow-powered digital signature functionality. Seamless KYC and identity verification via the ZumRails, combined with e-documentation, speeds up application and approval procedures.
Automation
Our platform has automated the full set of loan-related operations, from client notifications to loan servicing and repayment tracking. CRM and accounting system integrations optimized the system further.
Data Analytics and Reporting
Credit reports and score pull integration features were enabled with the help of Equifax integration to improve in-house financing decisions over time and prevent high-risk or fraudulent loans.
Convenient UI
A feature-rich dashboard unifies the operations of managers, sales representatives, and underwriters within a single reference point and data exchange.
Solution Delivered
By means of customizing and launching a fully digital loan origination and servicing software within only 2 weeks, ABLE Platform helped HVAC company achieve the following business outcomes:
