Why Brokers Need a Streamlined Application

📥 Today’s big question: Brokers, when was the last time you looked at your application with the user experience in mind?

• Can you streamline it? Make it easier? Do it in fewer pages? Ask for one less document?

🚧 Why it matters: 41% of equipment financing applications are abandoned before the customer clicks “Submit.”

🎓 The lesson: Friction is a literal deal-breaker.

Here’s the reality: Business owners start financing applications with the intent to complete them.

• Yes, but: Every additional field, confusing question, or document upload request erodes that intent.

🚒 Friction watch: According to our research partner, Sawbux Marketing, here are three application pain points brokers should be on the lookout for when designing your applications:

• Page count predicts abandonment. Applications requiring more than two screens see abandonment rates nearly double those of single-page formats. Either keep your page count low or make sure you have a clear progress bar, so applicants know they’re working toward the finish line.
• Document requirements create drop-off cliffs. Every required upload—bank statements, tax returns, financial disclosures, etc.—creates a point where customers may leave to gather documents and not return. Make it easy for applicants to move past this spot in your application and come back later so they don’t lose momentum. Also, make sure you can capture their information even if they’re missing documents, so you can follow up with them or remarket to them if they don’t complete.
• Mobile users are finicky. Applications not optimized for phones see 58% higher abandonment rates than desktop. If you have an online application, make sure you offer a version optimized for the phone!