The following reference materials help provide definition to certian terms and processes used within APPROVE.
| Term | Definition |
|---|---|
| APPROVE Customer | Used when referencing a company and/or organization that is a paying customer of APPROVE |
| APPROVE User | Used when referencing the individual users within the APPROVE Customer |
| Your Customer | Used when referencing the customers and/or prospects of the APPROVE Customer that will be applying for financing |
| "Lender" | Companies that provide equipment financing |
| "Term" | In the financing industry, this refers to the monthly rate ($199/mo) and the length of payments (48 months) associated with a financing offer |
| "Docs" | In the financing industry, this refers to the documents your customer will sign to complete the financing agreement with a lender |
| "Lease" | The most common type of equipment financing is a capital lease. These are typically structured where the last payment transfers ownership to your customer or there is often a $1 buyout at the end |
| "Funded" | In the financing industry, this refers to a completed financing agreement in which the supplier gets paid and the customer begins making payments |
Through our documentation we will be refering to various stages within the lending process. Below is a high-level overview of all the lending process stages used in APPROVE.
| Stage | Description |
|---|---|
| Started | When your customers starts to fill out a financing application |
| Completed | When your customers completes a financing application |
| Authorized | When your customer authorizes changes made by an APPROVE User to a completed application |
| Submitted | When a completed application is submitted to our network of lenders |
| Claimed | When an application is claimed by one or more lenders |
| Approved | When an application has been approved by a lender |
| Declined | When an application has been declined by a lender |
| Term Selected | When your customer selects a specific term offer from a lender |
| Docs Signed | When your customer signs the needed documents to complete their financing agreement |
| Funded | When the lender pays you for the equipment |
APPROVE generates various transactional emails to both APPROVE Users as well as Your Customers throughout the process. Below is an overview of these email notifications:
These emails are unique to the digital quoting platform:
| Action | Description | APPROVE User | Your Customer |
|---|---|---|---|
| Quote Send | Email sent to your customer to provide access to a digital quote | ✔️ | |
| Quote Viewed | Email sent to APPROVE User notifiying them Your Customer viewed a quote | ✔️ | |
| Purchase Now Selected | Email sent to APPROVE User when Your Customer chooses the "Purchase Now" feature on a digital quote | ✔️ |
These emails cover the financing process:
| Action | Description | APPROVE User | Your Customer |
|---|---|---|---|
| Application Started | When Your Customer starts and does not complete a finance application, emails are sent to both the Your Customer providing a link to complete as well as the APPROVE User notifying them of the incomplete application | ✔️ | ✔️ |
| Application Requires Submission | By default, completed finance applications generated via the web integration are queued for review prior to lender network submission. This email notifies the APPROVE User there is a completed application to review and submit | ✔️ | |
| Application Authorization | If an APPROVE User makes substantial changes to the equipment and/or price on a completed application, the APPROVE user can send this email to Your Customer to authorize those changes before submitting | ✔️ | |
| Application Submitted to Lenders | Once a completed application is submitted to the lender network, confirmation emails are sent to Your Customer. APPROVE Users will also recieve a confirmation email if they did not submit the application themselves | ✔️ | ✔️ |
| Application Claimed by Lender | This email notifies the APPROVE User of which lenders claimed an application | ✔️ | |
| Application Declined by Lender | This email notifies the APPROVE User of which lenders declined an application | ✔️ | |
| Application Approved by Lender | Once an application is approved by a lender emails are sent to Your Customer as well as the APPROVE Users | ✔️ | ✔️ |
| Customer Selected Term | Once your customer selects a term confirmation emails are sent to Your Customer as well as the APPROVE Users | ✔️ | ✔️ |
| Customer Has Documents to Review | If lenders upload documents to review and/or sign, notifications are sent to Your Customer as well as the APPROVE Users | ✔️ | ✔️ |
| Financing Funded | Once the lender has completed the transaction and funded the deal, a final deal confirmation email is sent to Your Customer as well as the APPROVE user | ✔️ | ✔️ |
These are general system emails:
| Action | Description | APPROVE User | Your Customer |
|---|---|---|---|
| Invite User | Sent to new APPROVE Users from the invite user feature in settings. This email provides the ability for the new APPROVE User to login and set-up their user account. | ✔️ |