For decades, Liventus has been instrumental in helping Beacon Funding increase leasing process speed and accuracy. Through automation and business intelligence enhancements, Liventus has helped Beacon Funding create metrics to evaluate each phase in their process, from application and discovery to lease booking and underwriting. Thanks to their work with Liventus, Beacon Funding’s ability to underwrite deals has increased by 5,000% daily.

THE CHALLENGE

As Beacon Funding grew, it needed a technology partner to implement scalable platforms that could automate extensive business processes such as application processing, underwriting process, booking and integration, and repo builder.

• Rigid ERP Reporting: Out-of-the-box ERP reporting was difficult to use and not extensible; adding custom data was tedious.

• Slow and Unreliable Processes: Reports updated only once or twice daily, which slowed reaction to operational issues and reduced trust in the data.

• Cloud Migration Challenges: Moving to the cloud limited direct database access, reducing the ability to perform quick ad-hoc analysis.

THE SOLUTION

Since 2002, Liventus has led the way for all of Beacon’s technological advancements. As part of our process, Liventus has completely automated their leasing process from beginning to end.

• Streamlined Financial Document Retrieval: Liventus’ automated bank statement and tax return solutions allowed Beacon Funding to pull statements and returns directly from the relevant sources, eliminating the need for customers to provide them.

• Enhanced Applicant Evaluation: Liventus’ background check solution integrated social media search, providing Beacon Funding with a better assessment of each applicant. And, with Liventus’ communication log, Beacon Funding had all historical team communication logs at their fingertips, including all emails, call logs, notes, and other resources regarding opportunities and accounts to make decisions quickly based on multi-department input.

• Real-Time Data Optimization & Equipment History: Liventus also provided Beacon Funding with a deal optimizer that allowed salespeople to calculate their commission and overall deal profitability in real-time. The asset report helped Beacon Funding to look up equipment history by connecting automatically with 3rd parties, thus avoiding delays later in the deal.

• Efficient Application to Booking Workflow: Liventus’ solutions also included the automation of the application to the booking process, with a title builder that housed the titles for leased vehicles and tracked insurance expiration dates. This automated process allowed Beacon Funding to generate the final document from their CRM (or another tool) to prepare the deal and take all critical data from the deal and upload it right into their workflow.

• Efficient Repo Asset Management: Finally, Liventus’ repo builder allowed Beacon Funding to effectively track and manage repossessed assets through the repo process, understanding and managing the asset’s value, recovery status, expenses, original lease documentation, pictures, and legal docs. All communication on the repossession was stored in the tool, giving all team members access and visibility.

“Liventus has been the key tech partner of Beacon Funding for nearly 20 years. The automation their solutions have brought to our team meant we went from approving a few deals per day to many. Our technology has a seamless integration to internal and external systems and strict security protocols to protect data, efficiency, speed, and accuracy. Our credit and sales teams are optimized, allowing them to focus on managing and growing our business more effectively.”

Toby McDonough

President, Beacon Funding

Liventus worked closely with Beacon Funding to determine their business’ needs and the unique criteria they use to qualify applicants for financing. The custom solutions Liventus designed helped Beacon Funding improve accuracy and efficiency.

Thanks to Liventus, Beacon Funding’s ability to underwrite deals increased by 5,000% daily.