How much money do you save from your warranty reimbursements each year? Or do you skip them because you don’t think the amounts are large enough to pursue? Many companies are now using software to track their warranty reimbursements and it’s saving them plenty of money.
For example, Gulf Relay – a warehouse supply chain – increased warranty reimbursement by 782% using software designed to manage fleet maintenance.
You have to pay for repairs anyway – why not pursue reimbursement?
If you’re like most businesses, you probably have equipment under warranty, and that equipment will need to be repaired or replaced at some point. This will cost money, but when your equipment is under warranty, the cost should be covered.
However, if you’re not using software to track your warranties, it’s likely that you’re going to miss out on reimbursement opportunities.
Here’s why it’s in your best interest to use software to track warranty reimbursements rather than manual methods.
1. Warranties are hard to track manually
Imagine having five pieces of equipment under warranty at your business that you purchased at different times. Your equipment will have different coverage timeframes and details, including contact information. Tracking the details of these warranties manually would be extremely difficult. You would have to create a file that you would need to reference every time you have an issue with your equipment. When that happens, you’d have to dig to find out if it’s still under warranty along with what’s covered and locate the phone number to call.
When you use software to track your warranties, you can enter all the information into the system immediately each time you buy equipment or extend your warranty. When something goes wrong, all you’ll need to do is look it up in the system and all the information you need will be at your fingertips. You can place a call quickly and easily and get your equipment repaired or replaced promptly.
With software, you’ll know at a glance whether a necessary repair is still under warranty or not. By using software to track your warranties, you’re more likely to follow through with requesting reimbursement.
2. Software will motivate you to submit reimbursement requests
Sometimes submitting a request for a warranty reimbursement can seem like an inconvenience, especially when you’re convinced that you may have voided your warranty. For example, the details of a warranty might state that the warranty is automatically void if you try to fix the item yourself.
How would the manufacturer know? Many manufacturers place stickers over key areas that state “warranty void if removed.” However, according to the Federal Trade Commission (FTC), this practice is illegal.
You’re not required to use the manufacturer’s parts or services in order to maintain a valid warranty, despite what the manufacturer says. If you’ve been avoiding tracking your warranties because you like to perform repairs yourself, you’re missing out on saving some cash.
Start using software, track your warranties, and submit your requests. If a manufacturer tells you that you’ve voided your warranty because of a third-party part or repair, kindly and gently let them know what the FTC says about the situation. While some manufacturers might stand their ground and not reimburse you, some will because they won’t want a lawsuit.
3. Software can track your savings over time
One of the best reasons to use software to track your warranties is the ability to see how much money you’re saving. Often, when your reimbursements are small – say $300 or less – it’s hard to see how that’s adding up over time. However, with software, you can run reports to see how much you’ve saved each month, year, or any other specific time period.
Chances are, you’re saving more money than you think. It’s easy to lose sight of the total when it’s only a little bit here and there. This is especially true in the long run since over a period of years, you can save thousands of dollars just by submitting small reimbursement requests. When your savings are accessible in a software application, you can be reminded easily of how much you’re actually saving over time.
Software makes it easier to get reimbursements
You won’t save money on warranty reimbursements you don’t pursue. Whether you’re not sure it’s worth the effort or you’re attached to manual methods, consider using software to track your warranties. Once you get organized and see how much you’re saving, using software will make the most sense.
