Applications¶
In Velocity Lending, you will mainly be working with applications. An application is a living document that tracks and manages the process of securing funding for your customers' devices.
Easily track your applications from the home screen. You can view your applications at any time, and we’ll notify you of changes every step of the way.
Lifecycle¶
Here's what you can expect as you follow an application through its lifecycle:
- Submit your customer's information
- Receive an automated decision within 60 seconds
- Configure transfer prices for products
- Choose your customer's preferred payment plan
- Track your customer's progress
Statuses¶
As you follow the lifecycle of an application, you’ll see that there are different statuses to indicate what is happening next.
Below you'll see a diagram to help illustrate where your application is in the process.
Definitions¶
Tip
Statuses that have been marked with an asterisk (*) indicate that there is some action requiring your attention.
| Status | Description |
|---|---|
| Draft* | You've started, but haven't sent us your application yet. |
| Shared With Customer | The customer has been emailed a secure access link to complete the application. To protect the customer's sensitive information, each link will expire after a set period of time, indicated by the application. You will not be able to make changes to the application while the customer is working on it. |
| Customer Submitted* | The customer has completed their application. After you have reviewed it, you may submit it to us for processing. You can review or make additional changes as necessary. |
| Pending | Our automated process is underway. This should only take up to a minute. |
| Awaiting Documents* | We require more supporting documents to continue with our process. Please upload bank statements and any other relevant documentation to proceed. |
| Under Review | Our team is reviewing your application. A response will be provided within 24 hours during normal business hours. |
| Pre-Approved* | We have approved your application based on the details you have provided. You may proceed with the pricing steps, but you will be prompted for additional information to confirm the application's eligibility. |
| Approved* | The application has been approved based on the details provided. You are now ready to configure transfer pricing and billing details. Once finalized, the contract will be sent out for signing. |
| Awaiting Guarantors | If our automated system has identified that you don't meet our credit score requirements, additional guarantor(s) must be added to meet this requirement. |
| Awaiting Signatures | We sent the contract to the guarantors(s). After they've signed, we will countersign. |
| Completed | The contract is fully signed, and everything is good to go. Our team will be in contact if we have any remaining questions. |
| Denied | MedShift cannot approve the application for our subscription program at this time. Please contact your MedShift representative for more details. |
| Cancelled | The application process has been stopped by MedShift. If there was a contract, it has been voided. |
| Expired | The application was not completed in the given timeframe. |
Expiration¶
Some statuses may have an expiration date, indicating when it has to be taken before the process expires. This requires the application to be completed within the set timeframe. If an application expires, you will have to create a new one with the same information.
Note
A reminder email is sent automatically five days before the application expires.
