Direct Capital Cuts Transaction Time with ClickFundSM
PORTSMOUTH, N.H. (June 8, 2010) - Direct Capital Corp., a leading nationwide provider of commercial
lending services, has launched ClickFund, a new electronic documentation system that enables its customers to securely execute
lease, loan, and working capital transactions electronically. The system, the first of its kind in the equipment leasing industry,
is drastically reducing turnaround time for business customers and delivering meaningful cost savings for the company.
"We have launched the most streamlined, convenient lending process available to businesses today," said James Broom, Chief
Executive Officer for Direct Capital. "This was a major undertaking that significantly improves the efficiency and experience for
businesses when they need to access capital. Equally as important, we have also enhanced our industry leading competency in fraud
detection."
According to Broom, the initiative has reduced the customer documentation processing time from five days to five hours on average.
"It’s a win-win for all parties,” he said. “We are completing transactions with remarkable speed while reducing costs involved
with express delivery services and expensive errors, and we are also greatly reducing our impact on the environment."
The new process has also been very well received by Direct Capital’s vendor partners, according to Shawn Arnone, Vice President of
Business Development for Direct Capital. "We have a large base of vendors/dealers who offer financing to their customers using our
services," said Arnone. "You can imagine how pleased they are to receive a purchase order the same day they submit an application
to us. We are even providing same day payments in some cases. This is a game-changing efficiency in the vendor sales cycle."
According to Broom, the initiative was built through a partnership with electronic solutions provider eOriginal. "Our vendor
selection hinged on the capability to deliver robust eSignature technology and management together with a trusted repository,"
he said. "eOriginal has a long and successful history providing the capability to transfer and securitize electronic loan
transactions. eOriginal is one of the best technology partners we have ever worked with." Broom also noted that Direct Capital
has successfully implemented the process with its secondary market financing sources.
"Partnering with Direct Capital on such a dramatic and successful business process transformation has given both companies the
opportunity to showcase our strengths in the finance market," said Steve Bisbee, CEO of eOriginal. "We realized the depth of
the Direct Capital commitment when we saw their due diligence in confirming legal, audit and secondary market requirements and
their requirement to incorporate only the best practices.
About Direct Capital
Established in 1993, Direct Capital is the 8th largest independent equipment leasing and finance company in the United States, according to Monitor.
The company provides specialty finance solutions, including capital equipment leasing, commercial loans, and merchant cash advances. Direct Capital is headquartered
in Portsmouth, NH with offices in New York, New Jersey, California, and New London, NH.
About eOriginal
eOriginal provides advanced electronic signature, vaulting and electronic transaction solutions that are tamper–sealed, auditable
and legally enforceable through either a SaaS or as an on premise software model. eOriginal SmartSign® enables compliance with
the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure, verifiable execution, delivery
and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers,
including top–tier financial institutions, have processed over 20 million electronic signatures without a single system error
or legal challenge