Dimension Funding Has Paperless Financing
A Fast & Easy Electronic Financing Process
- April 26, 2022
- 6:08 pm
- Go Green, Vendor Financing
As a business looking for a way to increase efficiency and ease of use, Dimension Funding has a paperless financing system. We offer an online financing application and process. When it comes time to sign the documents, all of the documents are digital and signed through DocuSign. This makes the process more secure and fast & easy.
Because all of the documents are digital, vendors and borrowers have quick and easy access to appropriate documents.
Obviously there are some exceptions to the “paperless” rule since every financing situation is different. But our primary financing process is entirely electronic.
Environmental and Corporate Benefits of Going Paperless
In addition to the benefit to our customers and vendor partners, there are environmental and corporate benefits to going electronic as well.
On average, each person in the US uses 500+ pounds of paper with 40% of the world’s industrial logging focused on paper production. That’s an incredible amount of paper being generated that much of which can be replaced by electronic documents.
According to the Paperless Project, the cost to maintain a filing cabinet per year is roughly around $1,500 with an average cost to file a document of $20, $125 per misfiled document, and $350 for every lost document.
Our carbon footprint is decreased because we are no longer using reams of paper, filing cabinets, etc. In addition, documents are readily accessible. No more looking for a misfiled document.
Not only does it help the planet to go electronic, but it can save companies a substantial amount of money from not wasting time creating, shuffling and attempting to find papers.
An IDC Survey showed “that information workers waste a significant amount of time each week dealing with a variety of challenges related to working with documents. This wasted time costs the organization $19,732 per information worker per year and amounts to a loss of 21.3% in the organization’s total productivity.”
While Dimension Funding went to paperless financing for the convenience of our customers and to help the environment, a great side benefit was an increase in productivity. It’s a win-win for our clients, the environment and for the productivity of our organization.