Training & Handbook · 2017. 2. 13. · Advisor Program Handbook 6 ONDECK ADVANTAGE: • Origination fee cut in half on first renewal loan • Access to your business credit score

FUNDING ADVISOR PROGRAM

Training & Handbook

On Deck Capital Australia Pty Ltd ABN 28 603 753 215 Confidential & Proprietary | OnDeck Copyright 2017

Get started with your dedicated Account Manager

Advisor Program Handbook 2

I. OnDeck Funding Advisor Program

Account Manager Support & ResourcesFunding Advisor Program Dos and Don’tsLead Ownership Rules

II. OnDeck Loan Process

About OnDeck LoansPre-Screening MerchantsRestricted IndustriesSubmitting ApplicationsTrust ApplicationsFunding Your ClientsRenewals

III. Communication

Communication & Sales Points

TABLE OF CONTENTS

We look forward to connecting your clients to business financing, and want to make sure you have a positive and successful experience with us. The Funding Advisor Program Handbook will help you get started on the right foot – it includes info on our loan process, tips on submitting leads, sample communications to your clients, and more.Questions? Reach out to your dedicated Account Manager.

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3 Advisor Program Handbook

SUCCESS TIPMake use of your Account Manager for any questions you may have throughout the OnDeck loan process. Setting monthly goals with him/her and taking the time to understand our loan process and underwriting criteria is important to ensuring your success.

ACCOUNT MANAGER SUPPORT & RESOURCES

As part of the OnDeck Funding Advisor Program, we want to ensure you have the support you need to successfully fund clients. Your dedicated Account Manager can help answer any questions you may have.

WHO IS YOUR ACCOUNT MANAGERYour Account Manager’s contact information is in the Partner Portal. To log in, click here.

ACCOUNT MANAGER BENEFITSYour Account Manager wants to see you succeed. He/she will help with:

DEDICATED RESOURCES:

TRAINING:• Personal, tailored guidance on generating the best possible leads

• Finding customers that make sense for OnDeck

• Selling the OnDeck product effectively and successfully

SUPPORT:• How to compete with other Lenders

• Timely updates on new OnDeck products and services

• Submitting and monitoring your deal flow through your Partner Portal

ONLINE RESOURCEEducational Materials

Code of Conduct

PARTNER PORTALSubmit Deals

Track Deal Status

MONTHLY NEWSLETTERSIndustry Articles

Educational Content

Advisor Program

All Active Funding Advisors Receive a Dedicated Account Manager – Not Just a Phone Number.


SUCCESS TIPTo maintain a healthy status within the Funding Advisor Program, it’s important to adhere to these guidelines. If you have any questions, please contact your Account Manager.

Advisor Program

FUNDING ADVISOR PROGRAM DOS & DON’TS

DO work closely with your Account Manager.Your Account Manager will help you improve your business and experience with OnDeck.

DO submit your applications with complete statements.This will increase your efficiency and create a better experience for your clients.

DO continue funding your top customers with OnDeck.The healthier your clients, the better their – and your – experience with OnDeck will be.

DO provide your clients with superior customer service.Customer service is a top priority at OnDeck, and we expect you to live up to our standards

DO give us the first look on your applications.Your clients will receive the best service from OnDeck.

As an OnDeck Funding Advisor, you are an extension of the OnDeck brand. It is important to us that you are providing your customers with the right information about our products and services – and thus, bringing in the most promising applicants and maximising your earning potential. To help you rank among our top echelon of Funding Advisors, keep these Funding Advisor Program Dos and Don’ts at an arm’s reach. They are designed to streamline your application submissions and keep you on track for success.

DON’T participate in actions that may cause a loan to default.Such actions include forging documents and stacking.

DON’T add additional fees on top of OnDeck commission. You will be paid commission on the deal.

DON’T alter our documentation.All our T&Cs have been designed to protect the borrower.

DON’T represent yourself or your business as OnDeck.Clarify with your clients that you are working with OnDeck as a Funding Advisor.

DON’T knowingly stack an OnDeck loan.Clients taking on additional financing are disqualified from an OnDeck renewal.

10 Basic Guidelines To Keep You On Track.

BEST PRACTICES PROHIBITED PRACTICES


SUCCESS TIPFollow these guidelines to maintain ownership over all of your leads and clients. If you have concerns about missing any of them, discuss with your Account Manager.

LEAD OWNERSHIP RULES

Occasionally, multiple Funding Advisors may come into contact with the same business owner. We have implemented lead ownership rules to help you maximise your earning potential.

NEW APPLICATIONS:Once an application is submitted you have 5 DAYS EXCLUSIVE OWNERSHIP to complete the application for underwriting. An application submission is on a first come, first serve basis. If the application is declined, then that application is PROTECTED FOR 15 DAYS, during which the client will be blocked from applying directly with OnDeck or through another broker.

APPROVALS:Your clients’ approvals are active and PROTECTED FOR 30 DAYS so you will need to work to close the approved deal within this time.

EXCLUSIVE RIGHTS:You maintain ownership of a client for UP TO 90 DAYS after the client pays off their loan. You can utilitise the OnDeck Partner Portal to manage your renewal portfolio.

ACTIVE FUNDING ADVISOR STATUS:If your paid down clients don’t renew WITHIN 90 DAYS, they become unrestricted and opened-up to any partner. You can still work with our renewals team though to renew your client.

Advisor Program

5BUSINESS

DAYS

30CALENDAR

DAYS

90CALENDAR

DAYS

90CALENDAR

DAYS

How Client Exclusivity Works

Please refer to your Funding Advisor Agreement for more details on “Lead Ownership Rules”


ONDECK ADVANTAGE:• Origination fee cut in half on first renewal loan

• Access to your business credit score via our free and easy-to-use online tool, KNOW YOUR SCORE

SUCCESS TIPReiterate to your clients that OnDeck loans are faster than other lenders. If they are hesitant about our pricing, here are helpful talking points:• Interest expenses may be tax deductible• Security over business assets not required• Minimal documentation compared to other lenders

Loan Process

ABOUT ONDECK FINANCING

OnDeck offers Term Loans.

COMMON USES OF ONDECK FINANCING?

Purchasing stock Marketing and advertising

Buying or replacing equipment Managing business expenses

Hiring additional employees

SALES POINTS:• Simple application process and quick credit decisions

only requesting bank statements

• Obtain funds as fast as same day

• Transparent terms and no hidden fees or charges

• Dedicated customer service from OnDeck specialists: Mon - Fri, 9am - 6pm AEST

Facility expansion, renovation

Product Overview

Term LoanAUSTRALIA

Grow and invest in your business

Up to $150,000

6-24 months

2.5% on first loan, 1.25% on renewal loans

Weekly direct debit, daily optional

$1.09 - $1.28*

* Our rates vary depending on the term length and risk profile.

Use Case

Amount

Term

Origination Fee

Payment

Buy Rate


SUCCESS TIPYour chances of successfully funding a loan will increase if your clients exceed our minimum requirements and are more closely in line with our average customer profile.

PRE-SCREENING CLIENTS

Pre-screening your clients is important to increasing the probability of an OnDeck approval.

MINIMUM REQUIREMENTS:• 1+ year in business• $100,000+ annual revenue• $1,000+ average bank balance• 550+ Veda Score of business owner

TO GROW:

1. “My business is growing fast and I need more... stock, equipment, employees, new location etc”

2. “I’m entering my busy season and I need to... stock up on inventory/hire staff” 3. “I am planning a large marketing campaign” 4. “I need to buy/replace equipment”

TO MANAGE CASH FLOW:

1. “I’m still waiting for my customer to pay my invoice so cash flow is tight”2. “I’m in my low season and cash flow is tight…”3. “My equipment unexpectedly broke down and I need to buy/replace equipment” 4. “I have a chance to stock up on inventory”

TYPICAL CUSTOMER PROFILE:• 6 years in business• $750,000 in annual revenue • Regular deposit activity• 700+ Veda Score of business owner

OUR TOP 5 INDUSTRIES:

*See next page for restricted industries that we cannot work with

CUES THAT A CLIENT NEEDS FUNDING...

Loan Process

Are Your Clients Eligible For An OnDeck Loan?

RESTAURANTS, BARS & CAFES

AUTO REPAIR &

MAINTENANCE

RETAILERS & WHOLESALERS

PROFESSIONAL, SCIENTIFIC & TECHNICAL SERVICES

TRADIES & CONTRACTORS


SUCCESS TIPOur restricted industries change often. For a complete and updated list of our restricted industries — or if you are unsure about the industry of one of your clients — talk to your Account Manager or visit the Partner Portal.

RESTRICTED INDUSTRIES

FINANCIAL SERVICES AND INVESTMENTSBanks, Credit Unions, Mortgage Lenders Non-Bank Finance CompaniesMoney Services BusinessesBail BondingFactoring & Purchase Order FinancingFinancial Transaction ProcessingCredit Protection, Restoration, RepairCollection Agencies & Debt BuyersDebt and Tax Reduction ServicesInvestment Opportunities and AdviceSecurities & Commodities Dealers/BrokersInsurance Related Activities or ServicesReal Estate Brokers or AgenciesProperty ManagersAppraisers & Real Estate ConsultantsLessors of Real EstateTax Preparation Services

SELLERSPawn Shops/ConsignmentDiscount Travel Clubs /SubscriptionsFlea MarketsMail Order Coin SalesPrecious Metal SalesMagazine Subscriptions

VEHICLE & POWER EQUIPMENT SALES Automobile Dealers - New & UsedRV & Trailer Dealers - New & UsedBoat Dealers - New & UsedManufactured/Mobile

SERVICES/ADMINISTRATIVE OUTSOURCINGContracted Management ServicesPayroll CompaniesCall Centers & Answering ServicesMailing & Fulfillment HousesAttorneysTitle Companies/Escrow Agents NotariesStenography & Court ReportersBrokeragePersonal Trainers

TRAVEL & TRANSPORTATIONMarinasTravel Agencies & Tour OperatorsMuseums, Zoos, Historical Sites

MISCELLANEOUSMiningEnergy Generation & DistributionBuilding & Utility ConstructionPrintingVehicle ManufacturingFuneral ServicesVideo RentalFarmingBlood & Organ BanksReligious OrganisationGovernment & Non-ProfitsOnline AuctionsAdult Entertainment/Materials Lotteries/Raffles/Gaming/GamblingDrug Paraphernalia & DispensariesHoroscope / Fortune TellingGuns & Ammunition Sales or Manufacturing

Loan Process

OnDeck’s Summary List of Most Common Restricted Industries:


SUCCESS TIPTo receive the fastest possible approvals and thus earn commissions sooner,submit your applications in full.

SUBMITTING APPLICATIONS

After pre-screening your clients and determining their industry eligibility, it’s time to submit an application.

APPLICATION NEEDS:1. We must have an ABN/ACN.2. Physical address of the business and home address of the applicants.3. Business and home phone numbers. Keep in mind incorrect numbers may result in auto-declines.4. Three months of bank statements.5. Client Privacy Authorisation.6. Don’t forget to hit SUBMIT.Trusts may require additional documentation.

Loan Process

* This is a representative view of the application. Log into Partner Portal to see complete application.

For New Customers


TRUST APPLICATIONS

1. Change Business Type to Trust.2. Exact Legal Company Name will be Trustee Company Name.3. Enter ACN for Trustee Company, enter ABN for the Trust.4. Three months of bank statements and a certified original copy of the trust deed.

Loan Process

For Trusts


SCAN AND UPLOAD DOCUMENTS TO

THE PARTNER PORTAL

EMAIL SCANNED DOCUMENTS TO YOUR ACCOUNT MANAGER

FAX DOCUMENTS TO 1800 410 867

HOW TO SUBMIT CLOSING DOCUMENTSYou can submit the necessary closing documents in one of three ways:

FUNDING YOUR CLIENTS

Once an application is approved, you will receive a Loan Agreement Package that details the closing process and final steps to funding your clients.

LOAN AGREEMENT PACKAGE & CLOSING DOCUMENTS

After your client is approved for a loan, we will send you a Loan Agreement Package. This includes a summary of your client’s loan details as well as a list of what OnDeck needs to remit funds.

The information we need to close a loan varies from customer to customer – it all depends on the specific application/approval in question. Here is a look at what you can expect:

• Signed Loan Agreement is needed for all customers

• Other documents may include: - Copy of valid ID of business owner- Business lease/utility bill to verify business address- Home lease/utility bill to verify home address

SUCCESS TIPFor the fastest processing, upload scanned versions of your closing documents to the Partner Portal.

Loan Process

The Closing Process


RENEWALS

Active Funding Advisors receive full commissions on renewals. So how does the renewals process work?

• Clients are eligible to apply for a renewal when they are approximately 50% paid down.• Funding Advisors receive full commissions on net funded amount.• As a general rule, a client can have no more than three missed payments and may not have taken on additional short term unsecured financing (i.e. no stacking).

• You can initiate a renewal in the Partner Portal.

SUCCESS TIPMaintain contact with your clients for the duration of their loan, and let them know when they are eligible for a renewal. Remember, you have exclusive rights to a client’s renewal for 90 calendar days once their original loan is fully paid off.

Loan Process

90

When Are Your Clients Eligible To Renew?


SUCCESS TIPStay in touch with your clients, even when you don’t need anything from them. Maintaining a constant line of communication will build trust and increase your chances of renewing.

Communications

COMMUNICATION & SALES POINTS

Communicating effectively to your clients is an essential part of your success as an OnDeck Funding Advisor. Here are some helpful talking points to keep you on the right track:

PRODUCT:• “OnDeck offers term loans to small businesses nationwide.”

• “OnDeck is faster and requires less paperwork than other lenders.”

TERMS:• “If you are approved for an OnDeck loan, the terms will be anywhere from

6 – 24 months.”

PAYMENT:• “OnDeck offers transparent pricing and fixed weekly or daily payments.”

• “This allows you to manage your business’ cash flow without large deductions each month.”

APPLICATION:• “The OnDeck application only takes ten minutes, and approvals can be turned

around in as little as one day.”

SUPPORT:• “OnDeck has customer service agents and loan specialists available five days

a week in case you have questions or if I’m unavailable. They can be reached at 1800 903 257.”

Articulate & Differentiate OnDeck

Get in touch with us:[email protected] | 1800 903 257 | www.ondeck.com.au/partnerFUNDING ADVISOR PROGRAM

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Documents

Training & Handbook · 2017. 2. 13. · Advisor Program Handbook 6 ONDECK ADVANTAGE: • Origination fee cut in half on first renewal loan • Access to your business credit score