Starting an Application

Once you start a new application, you'll be asked for customer information like their business details and who will guarantee the deal. Accurate information is crucial for Velocity Lending to give you quick approvals.

Business¶

Enter the customer's business name and address. You can search businesses by name, National Provider Identifier (NPI), or address to auto-fill their information. (Please verify the auto-filled information is accurate.)

Include the business's Tax ID if available. This information helps us verify the business and increases your chances of approval.

Guarantors¶

Provide the guarantor's name, phone number, address, date of birth, email, and Social Security number (SSN).

You can add up to three guarantors to an application. If you have more than one guarantor, ensure you have marked the correct guarantor as the primary guarantor. You can change the primary guarantor by tapping it.

Note

We perform soft credit checks for each guarantor. Make sure their information is accurate.

If you shared the application with a customer and they provided guarantor information, you will need to review that information and submit it for us to perform the soft credit check.

Products¶

Add the products the customer is applying for. If you started this application from the calculator, any products added will be automatically included for you.

The available transfer prices for each product, as well as their shipping cost (if applicable) will be shown next to each product.

If a product is missing from the catalog, please contact our team at lending@medshift.com.

MedShift Contact¶

Choose the MedShift team member who will be responsible for assisting you with this application. If you aren't sure who to select, you can leave the default contact.

You may update your preferred contact in your user settings.

You can share an application with a customer by providing their name and email. They will receive a secure access link to complete the following application.

The above is the customer's view of the application, with any sensitive pricing and product information removed.

Once the customer has submitted their changes, you will receive an email notification.

Warning

Sharing an application will lock the application for you until the customer submits their changes, or until you revoke their access. Additionally, applications do not include sensitive information such as products and pricing.

Please ensure the information is correct before sharing, as you may be sharing potentially sensitive information.

Submit¶

Once you’re happy with the application and have given it a final review, submit it. Our automated underwriting process will review the provided information, and you will be directed to the status page.

Email Notifications¶

There are many triggers set up within Velocity Lending that send email notifications. Some email notifications are sent to Reps, while others are sent to Customers. That is why it's important to understand what actions or events are required before these emails are sent.

Emails are sent out to Reps when...

An application is approved/pre-approved.
An application is pre-approved.
After our team manually reviews and approves/denies/cancels an application.
An application is denied.
Five days before an application expires.
When the application expires.
When a Customer has submitted information to an application they have shared.
When a Customer's shared access expires because they didn't fill the application out in time.
When an application is fully signed by all parties and is completed.

Emails are sent out to Customers when...

The Rep on the application form shares the application with the Customer.

Emails are sent out by Docusign (in this order) to...

The guarantors (must be signed by each one at a time).
The MedShift's CEO
The application's Rep as well as any MedShift staff involved in the deal.

Info

The emails sent by Docusign listed above are sent in the order shown. This means a Docusign will not be sent to the MedShift CEO unless the guarantors have signed their documents and so on...