ThinkSmart Announces Agreement With Silanis

29 Mar ThinkSmart Announces Agreement With Silanis

ThinkSmart Chooses Silanis E-Signatures To Develop Next Phase Of Retail Strategy

ThinkSmart Limited (ASX:TSM), a leading Australian and international computer and office equipment financing company, has chosen Silanis Technology Inc to grow its online global customer base and further enhance customer service in-store by moving to paperless signature processing.

ThinkSmart currently provides customers in Australia and the UK with automated online rental finance applications, processing and approval systems, including credit approval and anti-fraud safeguards.

Silanis will work with ThinkSmart to move to paperless application processing in its online and in-store operations around the globe. This will enable ThinkSmart to further enhance customer service and operational efficiency by eliminating the time-delays, costs, errors and downstream processing risks associated with hand signing documents.

“Maintaining a 100% electronic processing will also allow ThinkSmart to expand its distribution reach with existing retail partners, in addition to creating new relationship opportunities with participants in the online retail space,” said ThinkSmart Executive Chairman & CEO Ned Montarello.

ThinkSmart deployed its patented “QuickSmart” online application portal in early 2009, followed by activation in the UK in October 2010. QuickSmart was recently awarded an Australian Innovation Patent.

“Our QuickSmart retailer portal is delivering significant and sustainable cost reductions and processing efficiencies,” said Mr Montarello.

“In 2010 our Australian business volumes increased 45%, and one of the key drivers of that growth was QuickSmart. At the same time, we achieved a 17% reduction in the cost of doing business,” he said.

The electronic-signature capability is targeted to be in place by December and will strongly position the company for continued growth for the next 5-to-10 years, said Mr Montarello.

“We’ve cut the time it takes for in-store purchase approval to a few minutes through our web-based portal, and our move to electronic signature capability will further improve the process,” he said. “It will strengthen our competitive advantage in the markets in which we choose to operate.”

In 2010, 32% of ThinkSmart’s Australian business was initiated online. ThinkSmart has a presence in more than 600 retail stores in Australia through agreements with JB Hi-Fi, Dick Smith and Officeworks.

In the UK, ThinkSmart has integrated its web portal with the Eclipse point of sale system owned and operated by its electrical retail partner, Dixons Retail Plc, the UK’s largest consumer electrical retailer.

ThinkSmart has been operating in the UK for 8 years and has a long-standing partnership with Dixons.

In November 2010, ThinkSmart expanded its relationship with Dixons to offer rental finance to Consumers alongside its established business-to-business proposition for small business owners.

“Initial results have been encouraging, indicating a strong increase in volumes in the UK for full year 2011,” said Mr Montarello.

A similar move in to consumer in Australia over 5 years ago has seen consumer volumes increase at a compound annual growth rate of around 50%,  and this segment of the market now accounts for more than 70% of new business volumes in Australia.

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About ThinkSmart:  ThinkSmart is a leading international financial services company in the delivery of point of sale finance