How to Shop for a New Data Processor
Shopping for a new data processor can be overwhelming… so many options, and so many things to consider. How do you know if you are making the right choice? Following are 6 things to consider while you shop. Cover these, and the rest is just commentary.
Functionality. Does the new system offer real-time processing? How easy is it to use? Both of these questions speak to functionality. Many data processing companies produce software with amazing bells and whistles. Just make sure it still fits your needs with regard to access, usability, storage, and backup.
Reliability and Security. With cloud-based systems, data processing software reliability is at an all-time high, but security breaches are also becoming more common. If your proposed provider cannot offer a guarantee with regard to reliability, keep shopping. There are plenty of other providers.
Integration. How easily will your new system integrate with your current lending software? Integration is a must for a data processing switch to be solvent. This should be priority number one. If it does not integrate, disregard all of the other nice features and continue your search.
Cost. This one can be tricky. Notice we mentioned cost, and not price. You may find a product that is priced cheaper, but could actually cost you more in the long run. If certain capabilities (like forms integration) are not part of the package, then you could potentially spend more on labor down the road. Ask questions, and always ask for a discount... especially if you are a new customer!
Time Frame and Training. How long will it take the data processor to make the switch and train your staff? This is one of the rare instances in business where time literally is money. You may not be able to afford having your system down for days in order to make the switch. Make sure you clarify beforehand, then communicate with staff and customers to keep frustration at bay.
Longevity. Will this system need to be upgraded every five years? Will it be obsolete in ten? Ask about longevity to prevent unnecessary spending in the future. You want to make sure your data processor can grow with you.
To read similar articles please visit Oak Tree Business Systems, Inc. August 2016 Advantage – The Lending Olympics.
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