Funding Process(US) From PrimaryTradeline.Com

by Harsh Vardhan Posted on

At PrimaryTradeline we have experience working with partners of every shape and size, from Mom and Pop 1-2-man operations as well as larger, VC- funded fintech’s that have multiple teams throughout the country that refer business to us (Lendio and Nav are 2 great examples).
When it comes to the client funding process I want to break it down by the 3 main phases a client will experience with LenCred.
Call Center/Lead Submission
1. There are a few different ways that clients can be referred to PrimaryTradeline and there are no restrictions as to which ones you can use or not use
a. API or Webhook

i. This is typically ideal for partners who don’t have a lot of interaction with their clients, but who instead utilize landing pages and online lead cultivation to obtain potential candidates. If this is something where you would like our help with creating unique landing pages for PrimaryTradeline leads or you have a dedicated section on your website for partners, we are happy to provide language there for you as well
b. Live Transfer
i. This is by far and away from the lead submission process that will yield that highest conversion. With our live transfer platform, we create unique phone numbers for your team to dial that will automatically ring on every one of our Call Center Reps phones thus creating an environment where there are a clean handoff and introduction for the client that helps with rapport building, trust, and comfort that there is a strong communication stream in place.
ii. A lot of the time it helps the reps on your end because they can then listen in on the discussion, hear how we speak to the product, and this has helped other partners in the past to shave down the learning curve thus leading to higher conversions in every phase of the program.
c. Email Submittal
i. We have a dedicated email address that routes to the entire partner relations team as well as a few leadership members in other departments to ensure there is always someone to get these over to our call centre when sent in.
ii. This option is great for the startup phase of us working together while API’s are done, live transfer numbers are created etc. but isn’t the most viable option for speed and high-quality customer service
2. Once a lead is obtained on our end the process to get qualified is simple and designed to make the clients life as easy as possible. To be clear qualified simply means that their credit is in a strong enough position to qualify to speak with an advisor, but they’re still maybe work required to improve the credit.
a. The call centre representatives will speak with the client starting with confirming the relationship with us and using that to build rapport with the client to make them feel comfortable that there is strong communication between our companies
b. Once the client agrees to the one-time charge of $19.95 to do a soft pull on their credit we can qualify them to speak with an advisor within seconds. This fee is immediately refunded if the prospect does not credit qualify.
c. If advisors are available at that time we will attempt to immediately live transfer the client to speak with an advisor and if they aren’t we will schedule the client for the same day consult or at the longest within the next 24 hours 9 times out of 10.

Advisor Discussion/Consultation
1. Once the advisor obtains the client they will utilize a credit summary/PrimaryTradeline Custom Evaluation to analyze the current state of the client’s credit and determine if they have “Startable Credit” (credit that can qualify to submit applications) or if work needs to be done before application submission. Credit improvement that we assist with is listed below
Application submission/ Start

1. Once a client’s credit is ready to proceed to obtain the funding they will go through the following process
a. Their advisor will schedule a compliance call to verify all the personal and business information they submitted on their client profile form (CPF) and make sure they understand what they agreed to contractually.
b. This call takes place with their dedicated funding analyst who will “hold their hand” for the next 17 days during the funding program.
c. Average application plans range from 6-8 on the low end and 12-15 on the high end. The plan type is dependent upon how much funding they need if they can qualify for business financing, and a few other factors.

d. Applications are submitted either online or sent directly to a “Lender Representative” (Pre-Existing Lender Relationship) for underwriting.
e. Once applications are submitted the funding analyst works with them daily to yield the highest approval results, help with lender communication questions, and support the client throughout the “funding lifecycle”
2. After all, applications are verified as approved or denied the client will then have coaching scheduled with their financing advisor to review Phase 1 performance. Below is what takes place on a coaching call
. The client is provided with a client handbook the moment they complete disclosures that were written by our C.E.O.
i. Contents of the client handbook are as follows
1. Credit Card Management
2. Getting the Most from you New Lines of Credit
3. Cash Strategies
4. Common FICO/ Inquiry and Credit Score Impact
5. Useful Tools for Small Business Owners
6. FAQ’s

b. During the coaching call, the advisor will review round 1 performance, plan for any potential phase 2+ funding the client may need and answer any questions about best practices and usage.

Author

Harsh Vardhan

Adventurer•Blogger• Foodie• Gadget Freak•Contact -admin@mrsocialkeeda.com

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