Independent lender Henry Howard Finance has won a prestigious national award for HowApp, a new app which enables businesses to agree lease and hire purchase deals online in just 20 seconds.

HowApp beat competition from across the UK to be named Channel Product of the Year in professional services at the Comms Business awards in London.

The Langstone-based finance house developed HowApp last year to cut paperwork and simplify the applications and credit approvals process to enable vendors to fulfil customers’ orders without any delay.

The online portal cuts transactions times by up to 90 per cent.

The Comms Business Awards recognise the best companies, services and products in the comms, data, IT and mobile channel sectors. Actor and comedian Lenny Henry presented this year’s awards at the Lancaster Hotel in London.

HowApp was chosen for its speed, simplicity and effectiveness.

The app can be integrated into vendors’ websites and tailored to fit their branding so it appears to their customers like their in-house tool. It is designed around vendors’ unique rate cards and, where applicable, with credit rules specific to typical customers and equipment.

So once a vendor enters the details of the lease or hire purchase required, an online automated underwriting decision is provided by HowApp.

The vendor can turn the credit acceptance into a finalised lease document by either uploading details of equipment they require or choosing from their products and pricing already listed on HowApp.

These lease documents are sent directly to them from HowApp for an electronic signature so that a Purchase Order is automatically raised.

A short video explaining how HowApp works can be found here:

HowApp can be used on any device – laptop, tablet or smartphone – allowing the vendor’s sales team to transact deals from anywhere.

With an average 95 per cent acceptance rate, HowApp allows vendors to finalise a lease deal in just seven clicks and 20 seconds, revolutionising the traditionally lengthy leasing process that can take several days before the necessary paperwork is completed.

Mark Crook, founder and chief operating officer at Henry Howard Finance, said: “It’s fantastic to win this award and for HowApp to be recognised as the revolutionary product it is.

“The team at Henry Howard Finance has worked really hard to develop this app which has transformed leasing and hire purchase from a lengthy, sometimes frustrating process to something that can be completed in a matter of seconds.

“HowApp offers a quick and easy way for vendor businesses to apply for the financial support they need and ensures that staff’s time is spent generating revenue rather than administering lease paperwork.

“Advances in technology are revolutionising the way businesses can access finance and we’re pleased to be leading the way on this.”