Contract Servicing
LeaseWave handles service-based contracts where, in addition to leasing and financing
of equipment, customers are offered service contracts for the ongoing maintenance
and usage of the asset and other related services. Service contracts can be structured
agreements that are billed out along with (blended or separated) the lease/finance
payment. An administrative component can also be included. The service contract
typically covers insurance, preventative maintenance and other usage-based maintenance
on the asset and can be rendered by a third-party vendor. As comprehensive loan
and lease tracking software, the collection, accounting and payment of the third-party
vendor portion are handled by LeaseWave.
Cost-per-image
- Set up any number of meters per asset for cost-per-image (copy) billing and management
- Combine like kind meters across assets that belong to one customer into schedules
- Set up billing information for each schedule
- Define base usage and charges
- Define an unlimited number of overage tiers (above base use)
- Define asset level or schedule level thresholds for determining billing
- Separately invoice out rental and servicing billings, or combine them on the same invoice
Vendor participation and management
- Collect on behalf of vendors and remit payments to each participating vendor
- Private label the billing on behalf of vendors, if desired
- Include administrative fee components for the vendor and lessor – blend or separate
- Account for all billing appropriately with A/P set up for amounts due to vendors
Third party (force-placed) insurance
- Set up blanket and/or asset/contract specific insurance for each customer
- Determine coverage requirements based on credit exposure on customer
- System can be configured to determine insurance coverage needed
- Authorized users can override system determined coverage
- Maintain both liability as well as casualty certificate information
- Track any number of certificates for each customer with any number of insurance
agents
- Set up automated reminders (email, letters) for customers and users for expiry
- Attach scanned images of actual certificates
- Integrate with other specialized lease tracking software for insurance management
Financed or forced place insurance
- Set up automatic insurance coverage for customers, underwritten by insurance carrier
- Accommodate insurance carrier provided tables for determining insurance coverage
- If lessor-provided insurance, use same table structure to determine coverage
- Bill customer for insurance related fees separate or together with contract payments
- Bill for insurance premium, finance and administrative fees components
- Break down administrative fees between vendor and lessor
- Account for each component separately, but blend as desired on invoice
- Automatically generate requisite entries on posting of receipts
- Allow for termination of insurance by customer
- Automate reversal entries on termination
- Set up any rules-driven refund to customer
- Integrate with insurance carrier electronically
- Generate files to provide electronic information on new contracts and terminations
- Get input file from insurance carrier to set up billing information
