We’re highlighting two ASPIRE modules today because they are so popular with our customers. They’re extremely beneficial for processing contracts and tracking fees. And if you’re not using these yet, then you’re missing out on some of ASPIRE’s best functionality. So let’s take a look at what ASPIRE can do with two of our most popular modules: Bank Funding and Accounts Payable.
Quick Summary of ASPIRE’s Benefits
We know that equipment finance transactions are no longer linear. Contract changes and upgrades can happen at any point. Customers expect more personalized experiences, and they want to be able to originate and finalize deals on the move. Disruptions and advancements in servicing technology help make this possible. So that’s why LTi’s focus is always on technology innovation and quality software solutions.
ASPIRE is our lease & loan management solution serving equipment finance companies across United States, Canada, and the UK. It’s a single-platform environment that allows you to get an all-encompassing view of your business at any time. Therefore, you gain full visibility from origination to portfolio management and termination. ASPIRE optimizes your workflow for maximum data accuracy, so you can process transactions more efficiently.
You get better credit risk management, enhanced targeted marketing efforts, and more accurate data entry. These are all things that lead to improved service levels and increase customer loyalty. And when you add LTi’s cloud-hosting capabilities, it means you can service your clients wherever they are.
Contact us today to learn more about how ASPIRE can benefit your growing business.
Two of Our Top ASPIRE Modules
What makes ASPIRE so powerful in helping you grow your business is its highly configurable architecture. ASPIRE allows you to conduct your business in a way that makes the most sense for you. As a result, there’s no need to completely upend your operations to adopt a new platform. Our modules allow you to configure ASPIRE to fit the way you work best.
So let’s take a look at these two ASPIRE modules and see how they can benefit you:
ASPIRE Bank Funding Module
The ASPIRE Bank Funding module allows users to track and process multiple funding submissions. And you can do this for a single contract record or on a tranche. Once approved, you can process and account for a contract sale, assignment, or even a participation. Select specific rental payments for sale, retain specific servicing/invoicing responsibilities, and post mid-stream funding reversals.
ASPIRE’s Bank Funding module provides syndications that allow you to buy, sell, and repurchase securitizations from other lenders. Assign multiple contracts to a tranche and track principal and interest expenses. Service, track, and forward funds to multiple lenders on a single contract. You can also forward funds to a lender at different intervals than the customer repayment schedule.
In addition, ASPIRE’s Bank Funding module includes the ability to:
- Assign attributes at the lender level
- Shop multiple lenders on a single contract
- Assign multiple contracts to a tranche for tracking and processing purposes
- Tag contracts as held for sale and segment balances in a general ledger for specialized reporting
ASPIRE Accounts Payable Module
ASPIRE’s Accounts Payable module lets you easily generate equipment purchase orders, track vendor invoices, and associate them to vendor funding. All vendor invoice detail can be quickly converted to a payables interface for check cutting. As an integrated feature, you can do this all with the click of a button. Better still, you can do it one screen.
The Accounts Payable module lets you keep track of vendor, dealer, or partner fees and charges using unique invoice numbers. Monitor invoice amounts and dates in order to track interim interest based on funding. Integrate with Microsoft dynamics and easily adapt to other payable systems. And you can set up controls allowing only certain individuals to be able to approve vendor payments.
Additionally, ASPIRE’s Accounts Payable module includes the ability to:
- Speed up asset acquisition timelines
- Pinpoint hard-to-find unfunded invoices
- Generate orders and track invoices more easily
- Associate funding requests to single or multiple supplier invoices
In conclusion, ASPIRE from LTi gives you the full benefits of a true end-to-end equipment financing platform. Take advantage of all our industry-leading modules and integrations to give you the best chance to succeed. And we’re only scratching the surface of what you can do with these two ASPIRE modules. If you’re not benefitting from these yet, what are you waiting for?
Visit LTi Technology Solutions online for more information. Then, click the button on the right side of your screen to request a demo. Talk to our Sales team today and find out what ASPIRE can do for you. It’s time for you to take the lead and stay ahead of your competition.