Processing of Leads and Applications

What you need to know:

1.CRM Portal entries that facilitate and manage the relationship between a Vendor and Borrower in the application flow process are called ‘Jobs.’ Only Individual Vendor and Administration Vendor users have access to the Ecosystem Portal.

2.There are several classifications of a ‘Job’ based on its status and progress through the sales and loan application origination pipeline.

3.‘Jobs’ holds all the details of an Eligible Purpose executed between the parties, communication, documentation and the corresponding credit application.

4.‘Jobs hold all the information and interactions between parties per our policies, procedures and assessment of eligibility criteria.

5.Vendors do not have visibility over the personal and credit information gathered from a Borrower.

6.Vendors can generate Leads in the Portal or receive new Leads from customers (Borrowers).
– Leads are considered Inactive Jobs within the administration portal and the lowest of process priority.

– Leads received by Vendors (from Borrowers) are requests for a quote or scope of work.

– Leads completed with the necessary information by Vendors are quotes or scopes.

       i. The Lead converts to an Active Job when:

           a) The Vendor assigned to the Lead is the sole Vendor;

           b) When the Vendor completes their part of the application with the required information, i.e. parameters of the Eligible Purpose and the           amount of finance and terms specified; AND

          c) when the Borrower receives these details and ‘accepts’ them.

     iii. Acceptance of a quote confirms the engagement of the Parties. The Active Job with the information completed by the Vendor is an invoice to the Borrower.

     iv. Once the Borrower applies or submits their credit application, the Lead becomes an Active Job, pending credit and eligibility approval and the Borrower’s signature accepting the Credit Contract. 

     v. A Vendor can issue their own invoice if they choose to do so and upload it to the portal when the Job becomes active.

     vi. Both Parties agree that they are bound by their own separate agreement for the supply and delivery of goods, materials and services, which we may consider an Eligible Purpose for finance. You agree that our Ecosystem is strictly a Platform that assists Parties in validifying Eligible Purposes for financing for under our policies, procedures and eligibility requirements and does not govern the relationship between parties.

7. Borrowers can request quotes that Vendors receive as Leads or contact Vendors from the Website directly.

8.Vendors agree that not all Leads (quotes or requests) are guaranteed to proceed as the Borrower’s request for a quote or scope of work may include more than one Network Vendor.

9. Vendors must create a Job in the Platform if the Borrower chooses to contact them directly through the Website rather than submit an online enquiry.        

10. Once a Borrower’s request for a quote or scope of work is matched with the Vendor, the parameters of the financing terms cannot be altered by the Borrower.  

11. When a Vendor completes their mandatory data input in a Lead and issues a quote or the scope of work, once accepted by the Borrower, the details or parameters, including credit amount and terms cannot be altered by any party while the finance application is being assessed. 

12. Parties agree that the supply or delivery of Eligible Purpose corresponding to a Job in the Portal is independent of our approval of a Credit Application. You agree to the risk of the credit being denied or the application being ineligible. 

13. Parties must refrain from executing the Job until the Credit Application corresponding to the Eligible Purpose and Job is successful.  

14. You cannot withdraw a Lead once it has been accepted. You will need to amend or generate a new or Lead. 

15. If the parameters of the Eligible Purpose or finance terms or amount of finance are amended in a Job, the application will be withdrawn, the Borrower will need to reconfirm the new terms and finance amount and resubmit their application. 

16. You must notify us immediately of discrepancies in the information in a Job or any miscalculations related to the details of the Job and finance terms. We retain the right to remove any Jobs identified as subject to errors from the Ecosystem. 

17. We can refuse, cancel or remove your request for a quote or Lead or a Job on the Ecosystem without warning.  

18. We have the sole discretion to determine when the Ecosystem is open for posting Leads and Jobs and can suspend its operation anytime.

19. Quotes or Leads must strictly adhere to the guidelines outlined in this Agreement, Supplementary Agreements and specific terms and conditions to the Vendor and Borrower. Any purported acceptance or confirmation made through means other than completing the ‘Submit,’ ‘Complete,’ or ‘Loan Offer, Pre-contractual Statement and Credit Contract’ screen for the relevant Job and corresponding Application processed through the Website or Ecosystem will be deemed invalid or ineligible unless we explicitly specify.   

20. Vendors agree that they must not attempt to coerce or pressure the Borrower to make additional purchases upon disclosing their Credit Limit.  

21. Borrowers must decide if they should include more items or broaden the Eligible Purpose with a particular Vendor. If the resulting amendments to the scope increase the value up to and including the maximum Credit Limit, the Vendor must modify the details in the Job and reissue an invoice that reflects the new price and Eligible Purpose. The Borrower must then confirm the new financing terms or amount. 

22. Parties agree that once a Borrower’s Credit Limit is determined after credit assessment, it is final. Under extenuating circumstances if there has been a change to the Borrower’s capacity to repay, a new Job must be created and undergo a new assessment and eligibility check.