E-Contracting for retail finance agreements
An Interview With Shane Kimberlin
co-owner of Sunco Tanning
- QTell us a bit about what Sunco does.
Sunco specializes in tanning beds. We provide everything from the beds themselves to tanning bulbs, lotions, and all the accessories and parts. In the last 24 years, we’ve sold over 25,000 tanning beds across the U.S. and have become the most recognized name in the tanning bed industry.
- QWhy did Sunco start using e-signatures?
Tanning beds are a luxury item. You need to close the sale as quickly as possible before the customer changes his or her mind. The problem was that it was taking us two days to process credit applications because we had to mail out paper documents for customers to sign and return. By keeping the process electronic with electronic signatures, we knew we could strike while the iron was hot and close the deal on the spot.
- QHow long does it take to close deals using e-signatures?
The credit application now takes 20 minutes to process and complete instead of two days. Not only are we closing deals faster, we’re making it easier for customers to do business with us and we’re getting product out to customers sooner, which makes them happy.
- QWhat has customer adoption been like?
We sell roughly 1,500 tanning beds each year. Ninety percent of those deals are now being signed electronically. The ten percent of customers who are still signing paper documents are those who don’t have an email address or are taking a loan with a co-applicant. Needless to say, we’re happy with the adoption rate of e-signatures.
- QSo customers were eager to use e-signature?
They were once they knew what e-signatures were. To drive awareness, we worked with sales to design a script that described how e-signature worked and reassured customers that the process was just as secure as pen and paper. We explained how e-signatures work alongside other security measures like authenticating the customer using their driver’s license and a voided check.
- QWhat other benefits are you seeing with e-signatures?
The cost to process our contracts and loans has gone down. We’ve practically eliminated all costs associated with paper, printing and air mail.
- QWhy did you choose e-SignLive from Silanis?
It had all of the features we were looking for at the right price. And because it’s a software-as-a-service, we knew we would be up and running quickly.