Vendors and Stores (loan for a purchase)
Why You Need Vendor/Store Functionality
Loans on goods of all kinds are a popular and demanded branch of the banking activity which can be perfectly addressed with TurnKey Lender platform.
Each client can define a list of vendors (retailers) and shops (stores) that can use their banking products and create specific vendor/shop users that can create loan applications in a manner similar to back-office users.
Once all the settings have been performed:
Customers can apply for a loan for goods bought from a specific vendor / in a specific store
Employees of the vendor / of a specific vendor’s store added in the user list can create, manage (within the given permissions), and monitor loan applications for their customers
Vendor/Store Loan Application Flow
Customer, Vendor or Store user creates an application for a specific loan product
Vendor or Store users can send the application for approval
Subject to the disbursement type of the credit product, an approved loan can be disbursed to the customer or to the vendor. In case of a virtual disbursement the funds are not actually disbursed, the customer is provided with the goods and pays them off to the Lender. Lender provides the funds to the vendor beyond TurnKey Lender application.
Required Steps
In order to use the functionality, it is necessary to:
Create at least one credit product that matches the vendor, in particular, define the necessary disbursement settings.
Add the Vendor entity to the system and define its settings
see https://turnkey-lender.atlassian.net/wiki/spaces/TLKB/pages/3231875096Add at least one Store entity for each Vendor and define its settings
see https://turnkey-lender.atlassian.net/wiki/spaces/TLKB/pages/3232038933Define basic settings of Vendor/Store functionality in the application
see https://turnkey-lender.atlassian.net/wiki/spaces/TLKB/pages/3230990414
At this point, it is possible to select a specific vendor and store where the loan shall be used.
The selection can be done by a customer when applying for a loan
seeThe selection can be done by Lender’s Back-office user when creating or editing the loan application
seeExport functionality allows generating and uploading reports on the loans requested and issued for different vendors and stores.
For Vendor representatives to be able to create and monitor applications, at least one vendor/store user must be created. (see the set of documents on )