Why it matters
A broker's book does not end at funding. Renewals come from merchants who are paying well, clawbacks come from merchants who stop, and both depend on knowing which is which. Ferrylend keeps a funded record for every advance you place, with its payback, what has been remitted and a servicing status.
Coming soon: servicing and syndication.
The CRM tracks performance that the lender reports to you. It does not collect payments: ACH collections and syndication (participation) tracking for shops that also fund are on the roadmap.
Where funded deals come from
A funded deal is created when a manager or owner marks the deal funded from its Funded tab: the lender, funded date, amount, factor, payment, frequency and position, plus the commission. That one step creates the funded record and the expected commissions and moves the deal to Funded. See marking a deal funded.
The Funded list
- 1Click Funded in the sidebar. The Funded deals tab is the list; Renewals is next to it.
- 2Read the tiles: Active advances, Outstanding (balance still to be remitted), Renewal eligible and Behind or NSF (which also counts deals in default, collections, legal, written off or cancelled).
- 3Filter by Status, Renewals (Eligible now, Not yet eligible, Renewal started), Lenders or Reps, or search by merchant or lender.
- 4Click a row to open the funded deal: performance, commissions, remittances, tasks and activity in one place.
Servicing statuses
| Status | Use it when | Set by |
|---|---|---|
| Performing | Payments are arriving as agreed. | Default at funding |
| Behind | Payments are late or short but the merchant is engaged. | You |
| NSF returns | The newest recorded payment bounced. | The CRM, when a returned payment is recorded on a performing or behind deal |
| Modified | The lender agreed to a lower payment or new schedule. | You |
| Default, Collections, Legal | The merchant stopped paying and the lender is pursuing it. | You, or the lender's remittance report |
| Settled, Written off | The lender closed it for less than the payback. | You |
| Paid off | The payback has been fully remitted. | The CRM, when the balance reaches zero |
| Renewed, Cancelled | Replaced by a renewal, or unwound. | You |
A status in a lender's imported remittance report wins over the one on file. A status you set by hand stays until a payment, an import or you change it.
Change a status
- 1Open the funded deal and click Set status.
- 2In Servicing status, pick the Status.
- 3For Default, Collections, Legal, Written off or Cancelled, set Went bad on: the date decides whether the lender's clawback window applies.
- 4Add a Note (what the lender told you) and click Save. The change goes on the funded deal's activity.
Get Went bad on right. If it falls inside the lender's clawback window, the funded deal and the Commissions overview show a clawback exposure warning with the amount at risk.
Who can do what
- Owners and managers record remittances, change statuses and import remittance reports.
- Agents see the funded deals on their own deals (all of them if your organization lets agents see everything) and can start renewals.
- Processors and read-only users can view funded deals.
Try it in the app
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Related lessons
- Funded deals, commissions and reportsPayback, percent paid and paceHow the CRM works out remitted, percent paid, balance, pace and the payoff date from the payments you record or import, with a worked example.
- Funded deals, commissions and reportsCommissions: expected, received and clawed backHow expected commissions and splits are created at funding, how to mark them received or short-paid, dispute them, and record a clawback.
- Sales rep playbookWhen the deal funds: marking it funded and your commissionHow a deal goes from signed contracts to Funded, who marks it funded and records the commission, and where you see what you have earned.
- Merchant cash advance 101The MCA deal lifecycle, from lead to renewalThe stages of a merchant cash advance from first contact to renewal: what happens at each, who owns it, how long it usually takes and where deals stall.
- Help centerFunded deals and commissionsMark a deal funded, track expected commissions and splits, record what the lender pays you, and handle clawbacks.