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Advance Settings: Advance Statuses

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Location: Advances tab > Advance Settings

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Advance Statuses

In this article we will be creating custom Advance Statuses, mapping Advance Statuses to the Contact Statuses from your Business Loans Workflow and configuring the Advance Status Change settings.

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Adding a Custom Advance Status

Input the name of the new Advance Status, then click Save Settings. This will add your new Advance Status to the Contact Status Changes column, allowing it to be mapped to a Workflow Status and will also generate a new input box for you to add another Advance Status.

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For the purpose of demonstration and continuity from the Business Loans Workflow article, our custom Advance Statuses are displayed in the image below.

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Its important to keep in mind that it is not necessary to create an Advance Status for every single Contact Workflow Status. For example, the Lead Stage from your Workflow would not have any corresponding Advance Statuses because you aren't going to create an Advance opportunity until you have a signed application from a borrower, or an ISO/Broker has sent you a full package.

It is also important to double check that you aren't creating any unnecessary duplicate Advance Statuses, as the system already contains several Advance Statuses that have already been created for you, such as "In-Repayment", "Paid In Full", "Defaulted", etc...

 

Mapping Advance Statuses

Once mapped, anytime you change the Status of an Advance, its going to change the Status of the contact with it.

In the Selection boxes next to each Advance Status, locate and select the Workflow Status that you would like to map it to. Each Workflow Status can be selected from the drop down menu, but it may be quicker to use the Search tool.

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After mapping each Advance Status to a Contact Workflow Status, remember to click Save Settings.

Your completed Advance Status mappings should look similar to the image below.

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In our example Advance Status mappings, you will notice that we left a few Advance Statuses unmapped because we will not be using those Statuses.

 

Advance Status Changes

These settings will determine which Status you want the advance to be in when starting the advance, or when the agreement is sent out.

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  • Advance Started: If you're a Broker, you will want to map this to the "In Document Collection" Status. This is because when you have a signed application back from a borrower, once you create a new advance, the next status would be "In Document Collection" because the next thing you need to go do is start collecting documents.
    If you're a Funder, and you're funding deals and working with ISOs, you will want to map Advance Started to "New Submission".
  • Agreement Out: You will want to map this to "Merchant Reviewing Contracts". Anytime you have an agreement out to a merchant, this would put the advance status to "Merchant Reviewing Contracts".

 

Workflow

Please see the Advance Settings: Workflow article for configuring your Advance Statuses into a logical Workflow.

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