E-Contracting for Retail Finance Using eSignLive E-Signatures a Proven Success at Sunco Tanning
– Before e-signatures, it was not as easy to “strike while the iron was hot,” shared Shane Kimberlin, co-owner of Sunco Tanning. In a luxury item industry like tanning beds and accessories, being able to quickly close a sale while the interest from the consumer was strong made all the difference to the company’s success. It was then that Sunco sought a solution that would allow the company to offer consumer credit through its own financing company on the spot. When Sunco chose Silanis’ cloud e-signing service e-SignLive™, it had one goal in mind: ease of use. The process they designed was simple – the applicant fills out a credit application online via Sunco’s website, Sunco contacts the applicant, draws up the five-page contract and emails it through e-SignLive for signature. The applicant then e-signs and a copy of the contract is sent to both the applicant and Sunco for its records. The whole process takes less than 20 minutes and requires no software integration or IT help while securely storing the documents for the length of the contract, up to 54 months. “It used to take at least a couple of days on either end for us to get a contract signed on paper,” said Kimberlin. “Since introduced, Sunco customers have been able to get a loan instantly, and complete the purchase faster, which makes them happy.” Using e-signatures, Sunco was also able to lower the cost of processing contracts thanks to a reduced need to mail contracts for signing. The only challenge to adopting this technology initially was a lack of consumer awareness of electronic signatures. Sunco worked with its sales representatives to design a script that provided the education customers needed. It included information on how e-signatures worked and how the click-to-sign process could replace a wet signature while working alongside security measures like authentication through a drivers’ license and void check. Now, five years later, Sunco now enjoys a 90 percent e-signature adoption rate among its customers, with the remaining 10 percent only opting to take the process to paper should they not have an email address or if they share an email address with a loan co-applicant. The company is able to close business quickly, reducing the bottom line and keeping the customer happy. “It really speaks to e-SignLive’s flexibility when a small company like Sunco is able to use the same e-signature service trusted by North America’s biggest banks, insurers and government organizations,” said Silanis CEO and co-founder Tommy Petrogiannis. “Online e-commerce tools like electronic signatures are truly a great equalizer and help businesses of all sizes to compete head to head,” continued Petrogiannis. About Sunco Tanning Sunco, INC. has been in the tanning industry for over 24 years and sold and support over 25,000 nationwide. The company specializes in tanning beds, tanning bulbs, lotions, accessories and parts, and has long represented the Wolff Tanning beds, the most recognized and trusted name in the tanning bed industry. Learn more at www.suncotanning.com. About Silanis Technology Silanis is the most widely used e-signature solution in the world, responsible for processing more than 600 million documents annually. Founded in 1992, Silanis’ solutions e-Sign Enterprise and e-SignLive enable thousands of organizations, including five of the top 10 North American banks, eight of the top 15 insurance companies and the entire US Army to accelerate business transactions, improve customer experience and reduce costs while improving compliance with legal and regulatory requirements. Silanis provides the most flexible deployment options with its on-premise, cloud and SaaS e-signature solutions, eliminating manual, paper-based processing and enabling e-commerce and e-government transactions to be electronically executed from start to finish. Learn more at www.silanis.com.