Pancredit has launched an electronic signature solution designed to improve point of sale (POS) consumer credit applications.

The firm says its solution enables retailers, car dealerships and other providers of consumer credit agreements to digitise the entire credit application process, including the acceptance of the customer’s binding signature which is captured on a tablet.

It claims that when processed digitally, the turnaround time between application and approval is greatly reduced and, in many cases, can be completed in real time, at the point of sale.

Graham Donald, managing director of Pancredit, said: “Our electronic signature solution enables companies that sell goods via credit agreements to increase their efficiency and deliver a greatly enhanced buying experience to their customers.

“By processing credit applications quickly and efficiently via a tablet we can replace an archaic paper-based procedure, which could take days to complete, with an instant, digital alternative.

“Once an application has been approved, the binding agreement and Standard European Consumer Credit Information (SECCI) are presented to the customer as a PDF. The consumer is then able to sign or tick a box on the screen to confirm their acceptance. The system records the date, time and IP address of the agreement and generates automatic confirmations, which are sent to the customer, lender and vendor, making the process quick and easy for all parties.”

It can be delivered as a standalone solution which can be integrated into a provider’s existing web portal or accessed via a web service call. The solution is also fully interoperable with the company’s suite of intelligent lending software products, enabling finance companies already using Core Pancredit to quickly add this functionality to their existing systems.