Tweet
Hey all,
How long does it take you to get the signed application along with 4 months bank statements from a merchant? On average... A day? Two days? Don't you hate it when you've been calling a guy for about a week and he then he finally sends you his entire stack... Bells and whistles go off in your head; "this guy just sent his file everywhere!"
You went from potentially less competition to being certain you'll be competing with 874 other guys...
Here's how EVERY broker can use Financial Services Technology to blunt the impact of this maddening cycle.
At Buynance we baked the whole thing into the site but you can just start with a simple Decision Logic account and this system. Also, when it's time for renewal, set your reminder in your CRM. When it's time for renewal, you have what you need for final underwriting again as you can pop into Decision Logic and click the "refresh" button.
Also, if you wanted to get fancy schmancy, you can download the data in CSV format and use simple filter in Excel to view; daily debits, negative days, NSFs, etc. You'll get a quicker view of the file and will be able to place it with precision.
Going into 2016... you must spare yourselves from the paper pushing. It's simply too competitive for that. Don't take my word for it, do the math.
How long does it take you to get the signed application along with 4 months bank statements from a merchant? On average... A day? Two days? Don't you hate it when you've been calling a guy for about a week and he then he finally sends you his entire stack... Bells and whistles go off in your head; "this guy just sent his file everywhere!"
You went from potentially less competition to being certain you'll be competing with 874 other guys...
Here's how EVERY broker can use Financial Services Technology to blunt the impact of this maddening cycle.
- Get yourself a Decision Logic account.
- Add your logo for pro appearance.
- While on phone with merchant, simply send them a request to pull banking on the spot via text message. (We saw higher conversions from SMS messages vs. e-mails).
- Let him know to fill out your application. You can start working on it while on the phone with the guy using an editable PDF, reducing the amount of stuff he has to fill out, increasing likelihood of you getting the app back faster.
- When he completes banking you'll get a notification.
- Download the PDF file as funders happily take Decision Logic statements.
- If he submits app that same day, you've just save both of yourselves time and money.
At Buynance we baked the whole thing into the site but you can just start with a simple Decision Logic account and this system. Also, when it's time for renewal, set your reminder in your CRM. When it's time for renewal, you have what you need for final underwriting again as you can pop into Decision Logic and click the "refresh" button.
Also, if you wanted to get fancy schmancy, you can download the data in CSV format and use simple filter in Excel to view; daily debits, negative days, NSFs, etc. You'll get a quicker view of the file and will be able to place it with precision.
Going into 2016... you must spare yourselves from the paper pushing. It's simply too competitive for that. Don't take my word for it, do the math.
Comment