A technology provider has pivoted its onboarding proposition to introduce a ‘pay-as-you-go’ model for its client onboarding solution. Property searches and technology business InfoTrack have announced that its Electronic Client Onboarding Solution (eCOS) will only raise a bill once their client has completed any one of the onboarding tasks that they have been sent. InfoTrack say the change is ‘based on feedback from eCOS clients and is designed to ensure that these firms can save time and money during the client onboarding process.’
eCOS enables firms to send out client engagement letters for digital signing; complete a digital ID check; request Source of Funds information; and sign their onboarding forms. The new Payment on Use Promise changes the previous billing mechanism of paying when ordering a ‘worksplace,’ meaning refunds won’t be required for unused any ‘workspaces’ saving ‘time and hassle’ say the firm, adding it will also save money where unused workspaces go unnoticed.
Sam Jordan, COO at InfoTrack comments,
“This is a big change for us, eCOS has always charged per product when they were ordered, but some providers of these services will also load on front fees and subscriptions costs. Payment on use is specifically designed to benefit clients and meet the needs of their business model. Ultimately, it’s just about doing the right thing for our clients, which in the long run always makes good business sense because we’ll help them save time and money.”
Adam Fletcher, Business Development and IT Director at Ridley & Hall says,
“It’s great that the eCOS platform is continuing to evolve at a significant rate to meet the requirements of property lawyers and their clients. The new payment model provides additional flexibility and great value for money. The platform is working so effectively that we are in the process of rolling it out to all our practice areas.”
