Madison Capital LLC, a long-established mid-size leasing and finance company, was looking to completely streamline its business process. Utilizing an online lease origination system, Madison had begun the transition from all-paper leasing to electronically generated lease documents, but continued to print leases to paper for final signature and storage purposes.
Madison selected eOriginal’s on-demand eLeasing solution providing the ability to add electronic signature and electronic vaulting to its current business process, thus eliminating the print-to-sign requirement while ensuring the continued legal integrity and negotiability of contracts. The eOriginal solution was implemented without IT involvement, additional personnel, or extraordinary up-front budget requirements. Because the eOriginal software is a hosted solution, Madison simply adjusted its internal processes to allow the documents generated by the existing system to be shared with the required signers as PDFs from a secure portal, where each signer can log on, preview documents, and apply an electronic signature to execute the documents.
Instant email notification manages the workflow process and lets Madison know when all signatures have been applied and the lease is ready to fund, which is also done electronically. Once signed, the leases are deposited into the eOriginal electronic vault, which maintains the electronic originals via controlled access managed by a Madison administrator—thus ensuring that the documents remain legally admissible, enforceable and negotiable as required by law.
Madison cut overall processing time by nearly 30 percent, errors and omissions are significantly reduced and missing signatures are virtually eliminated. Leases are finalized in one day rather than a week or more, and there are no more lost documents or errant shipments. Closing rates are up 40 percent, and brokers and vendors are being paid within minutes of closing, rather than days or even hours. Reaction from customers, vendors and other constituents who are party to the lease has been 100 percent positive.