Turnkey Solution

What is a 'Turnkey Solution'

A turnkey solution is a type of system that can be easily implemented into current business processes. A turnkey solution is immediately ready to use upon implementation and is designed to fulfill a certain process such as billing, website design, training or content management.

BREAKING DOWN 'Turnkey Solution'

For example, a company looking to implement an online billing feature on its website can use third-party providers to process each transaction and handle all the technical issues surrounding this complicated process. The use of a turnkey solution in this case allows the company to avoid the headaches of programming the tool in house and the approvals associated with developing a billing system from scratch.

RELATED TERMS
  1. Turnkey Cost

    Costs and expenditures that must be covered before a product ...
  2. Turnkey Business

    A situation in which a firm's high-level management plans and ...
  3. Goods In Process

    An inventory account that is usually identified on the balance ...
  4. Batch Processing

    Processing transactions in a group or batch. No user interaction ...
  5. Bill Presentment

    The submission of a bill of exchange for payment. A bill, such ...
  6. Third-Party Claims Administrator

    This type of administrator processes claims for a third-party ...
Related Articles
  1. Personal Finance

    ‘Turnkey’ Properties: A Sensible Investment?

    Turnkey properties can make sense - for people who want a real estate investment without truly being in the real estate business.
  2. ETFs & Mutual Funds

    ETFs In A Box: Q&A With Garrett Stevens

    With issuers big and small continuously filling the development pipeline, the exchange-traded product lineup is inching closer and closer to the 1,500 mark. Innovation has always been one of ...
  3. Personal Finance

    Should You Pay Your Bills On Autopilot?

    Now that you can sign up to have your bills paid automatically online, it it a smart way to make your life more efficient? A look at the pros and cons.
  4. Investing

    Enterprise Resource Planning System: A How To

    An ERP system won’t transform poor management into good management, but the real-time business analytics can help make good management even better.
  5. Financial Advisor

    The 5 Best CRM Services for Financial Advisors

    CRM solutions have become an invaluable tool for advisors as competition from robo-advisors heats up. Here are some of the best.
  6. Personal Finance

    Procrastinator's Guide To Bill Payment

    Avoid punishing late fees and keep your credit score intact with these 10 tips.
  7. Professionals

    Financial Analyst Training & Designation Programs

    Time to upgrade your financial skills? These designations are flexible and adaptable to the changing marketplace.
  8. Markets

    Bill of Exchange

    A bill of exchange is a document used in international trade to pay for goods or services. It is signed by the person promising to pay, and given to the person entitled to receive the money. ...
  9. Personal Finance

    10 Unfamiliar Ways to Help Pay Down Medical Bills

    Mounting medical bills can be frightening. But these out-of-the-box solutions can help you avoid ruining your credit rating when you don't pay them.
  10. Investing

    Automating Your Bill Payments

    Automation can be a painless (and free) way to remove the stress of bill scheduling from your life - if you do it right.
RELATED FAQS
  1. Who uses bills of exchange?

    Find out who uses bills of exchange, why they are important in international trade and what happens when a bill is traded ... Read Answer >>
  2. How does securitization play a role in the implementation of PACE financing?

  3. Why do commercial bills have higher yields than T-bills?

    The reason that commercial bills have higher yields than T-bills is due to the varying credit quality of each bill type. ... Read Answer >>
  4. What is the difference between a bill of exchange and a bill of lading?

    Understand what a bill of exchange and a bill of lading are and the different purposes they each serve as documents used ... Read Answer >>
  5. How do I implement a Forex Signal System into a forex trading strategy?

    Learn how traders use different types of forex signal systems such as trend-based or range-based to create or supplement ... Read Answer >>
  6. What's the average salary of a bill collector?

    Start a new career in bill collections, and you may have job security with the potential growth that is expected in this ... Read Answer >>
Hot Definitions
  1. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  2. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  3. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  4. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  5. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
  6. Enterprise Value (EV)

    A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is ...
Trading Center