Create New Application
Last updated
Last updated
Click on "Applications" located in the left sidebar of the application dashboard.
Click on New Application under Application dropdown. The dropdown is highlighted in red box in screenshot below.
The app will list the application process visually represented through different stages indicated by the progression bar at the top, moving from submission to underwriting, offer out, and eventually to ready to fund. See screenshot below for reference.
As illustrated in the image above the application involves:
Enter the business name, state, sales representative, funder, and ISO/Broker. Required fields are marked with an asterisk (*). Note: Specifying the state name will customize the application stages according to state requirements. California and New York have additional steps and the system adds them for you.
You can add owner by clicking on the "Add New Owner" button and filling in their details such as name, address, social security number, date of birth, email address, and phone number.
Upload necessary documents by either dragging and dropping files or clicking the "Browse" button. The required documents include bank statements, driver's license, application, tax returns, corporate documents, and a voided check.
When done entering details and uploading files required in the submission phase the required files upload list will be signified by green check (see screenshot below). Click on Next button on the upper right. The button will be highlighted in red box in screenshot below.
Clicking on Next will move the application to Underwriting stage. The information provided in submission stage is reviewed for accuracy and completeness. See screenshot below for reference.
Throughout the underwriting process there are various tabs that help organize and track the application details:
The merchant information process for creating a new application involves several steps as depicted in the images below:
Submission of Business Information
Business Legal Name: Enter the official name of the business (e.g., "LIONSGATE").
Federal Tax ID: Provide the business's tax identification number.
List of DBA’s: Add any Doing Business As (DBA) names if applicable (e.g., "TIGERSGATE").
List of Affiliated Businesses: Optionally add affiliations with other businesses.
Legal Entity Type: Select the type of legal entity (e.g., LLC).
Contact Information: Enter the business email address, phone number, fax number, and cellphone.
Physical Address: Fill in the physical address details including city, state, and zip code.
Mailing Address: Option to use the same as the physical address or provide a different one.
Business Start Date: Enter the date the business was started.
State of Incorporation: Specify the state where the business is incorporated.
Company Website: Provide the URL of the company's website if available.
Owner Information
Add Owner: Input details for each owner of the business.
Owner Details: Enter the owner's first name, middle name, last name, date of birth, address, city, state, zip code, and social security number.
Email and Phone: Provide the owner's email address and cellphone number.
Driving License: Upload a copy of the driver's license.
Multiple owners can be added by repeating the process for each owner.
Business Information
Business Name: The name of the business seeking the MCA.
Business Address: The physical address of the business, including street address, city, state, and ZIP code.
Social Security Number (SSN): The SSN of the business owner.
Email Address: The email contact for the business or business owner.
Cellphone: The cellphone number for the business or business owner.
Driving License No: The driving license number of the business owner.
About the Business
Business Description: A description of what the business does.
Business Property: Indicates whether the business property is rented or owned (Mortgage/Owned).
Payments: Payment information, potentially including the monthly payment amount.
Open Bankruptcy: Indicates if the business is currently in bankruptcy.
Landlord’s Name and Contact #: The name and contact number of the landlord if the business property is rented.
Funding Information
Amount Being Requested: The amount of money the business is requesting.
When is Capital Needed: The timeframe for when the capital is needed (immediately, 15 days, 30 days, 60 days, or 90 days).
What is Capital Being Requested For: The purpose for which the capital is being requested.
CC Monthly Volume: The credit card monthly volume.
Total Monthly Sales: The total monthly sales of the business.
Gross Annual Sales: The gross annual sales of the business.
CC Processor: The credit card processor used by the business.
Outstanding Balance: Any outstanding balance on a current business loan or merchant cash advance.
Current Business Loan/Merchant Cash Advance: Indicates whether the business currently has a loan or MCA.
Payment Bank Details:
ABA Number: The ABA routing number of the bank.
Account Number: The business’s bank account number.
Bank Name: The name of the bank where the account is held.
Representative User: The name of the representative handling the application.
Add the Merchant bank or banks through plaid. This allows direct debiting through the app.
Add manual documents or generate system documents to attach to the deal application.
Any notes can be added to the system here.
See and edit the underwriter scrub sheet. The scrub sheet is customized per SmartMCA client and will add the data from the application based on client specifications. Contact support for assistance with this.
When each step is complete, and Next is clicked to advance the application, an email notification can be generated as outlined below:
Notify relevant parties of step advancement by sending an email. The notification recipients can include the funder, merchant owner(s), representative, and ISO/Broker.
Add any additional email addresses if necessary.
Preview the email to ensure all details are correct, then submit the email.
The system will validate the submission to ensure all required fields and documents are provided.
If any required information or documents are missing, an error message will appear indicating the missing items (e.g., at least one owner, a voided check, and a driver's license are required).
The offer details are filled in here. Contract conditions, deal payments and further details can be manually adjusted here as well. This tab has many of it's own tabs and is therefore covered in it's own section .
