The renewals queue and renewal files

A renewal is the cheapest deal a shop funds: the merchant knows you, the lender knows the merchant, and the paperwork is lighter. It is also the deal a competitor steals if you are late. The processor's job is to have the renewal file ready the moment the merchant is eligible.

• RenewalA renewal is a new advance to a merchant who has paid down an existing one. It pays off the remaining balance, and eligibility usually starts at 40 to 60% paid in.
• Paid-in percentagePaid-in percentage is how much of an advance's payback a merchant has remitted so far. Funders use it to decide when a merchant can renew.

• Open Funded, then Renewals. Three lists: Eligible now, Eligible within 30 days and Later.
• Each row shows the merchant, lender, funded amount and date, the rep, a paid bar against the renewal threshold, and the payoff balance.
• The threshold comes from the funded deal, then the lender, then your organization default (50% unless changed).
• Dates in the 30-day and later lists are projected from each merchant's actual payment pace. No pace yet means no payments have been recorded.
• Eligibility is checked every night from recorded payments, so it is only as current as the remittances your team enters.

1. 1Each week, read Eligible within 30 days and tell the reps which merchants are coming up.
2. 2When a merchant is eligible, the rep or a manager clicks Start renewal and sets the Requested amount (it defaults to the current advance). Processors can see this page but cannot start renewals, because starting one creates a deal.
3. 3Open the new deal (type Renewal, stage App In - Collecting Docs). Its timeline shows the payoff balance of the advance being renewed.
4. 4On Documents & stips, request fresh statements and month-to-date transactions; many lenders need only these and a new application for a renewal.
5. 5On the merchant's Positions, make sure the current advance is listed (source Funded by us) with Pay off with the new advance switched on, plus any other positions.
6. 6Enter the new months in the statement analysis, then submit, starting with the lender that funded the original advance.

• A merchant who is paying slower than expected shows a later projected date. Check the funded deal's status before calling: a merchant behind on payments is not a renewal candidate.
• Only one renewal deal can be started per funded advance. If one exists, open it from the funded deal rather than creating another.