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ACCREDITED BROKER PROGRAM
Training & Handbook
Get started with your dedicated Business Development Manager
On Deck Capital Australia Pty Ltd ABN 28 603 753 215Confidential & Proprietary | OnDeck Copyright 2018
TABLE OF CONTENTS
I. OnDeck Accredited Broker Program
3 Business Development Manager Support & Resources
4 Accredited Broker Program Dos and Don’ts
5 Lead Ownership Rules
II. OnDeck Loan Process
6 About OnDeck Loans
7 Pre-Screening Clients
8 Submitting Applications
9 Trust Applications
10 Funding Your Clients
11 Renewals
III. Communication
12 Communication & Sales Points
We look forward to connecting your clients to business financing, and want to make sure
you have a positive and successful experience with us. The Accredited Broker Program
Handbook will help you get started on the right foot – it includes info on our loan process,
tips on submitting leads, sample communications to your clients, and more.
Questions? Reach out to your dedicated Business Development Manager.
2 Accredited Broker Program Handbook
SUCCESS TIPMake use of your Business Development Manager for any questions you may
have throughout the OnDeck loan process. Setting monthly goals with him/her
and taking the time to understand our loan process and underwriting criteria is
important to ensuring your success.
Accredited Broker Program
BUSINESS DEVELOPMENT MANAGER SUPPORT & RESOURCES
All Brokers Receive a Dedicated Business Development Manager – Not Just a Phone Number.
As part of the OnDeck Accredited Broker Program, we want to ensure you have the
support you need to successfully fund clients. Your dedicated Business Development
Manager can help answer any questions you may have.
WHO IS YOUR BUSINESS DEVELOPMENT MANAGERYour Business Development Manager’s contact information is in the Partner Portal.
To log in, click here.
BUSINESS DEVELOPMENT MANAGER BENEFITSYour Business Development Manager wants to see you succeed. He/she will help with:
TRAINING:• Personal, tailored guidance
on generating the best possible leads
• Finding customers that make sense for OnDeck
• Selling the OnDeck product effectively and successfully
PARTNER PORTALSubmit Deals
Track Deal Status
ONLINE RESOURCEEducational Materials
Code of Conduct
MONTHLY NEWSLETTERSIndustry Articles
Educational Content
SUPPORT:• How to compete with other Lenders
• Timely updates on new OnDeck products and service
• Submitting and monitoring your deal flow through your Partner Portal
DEDICATED RESOURCES:
Accredited Broker Program Handbook 3
SUCCESS TIPTo maintain a healthy status within the Accredited Broker Program, it’s
important to adhere to these guidelines. If you have any questions, please
contact your Business Development Manager.
Accredited Broker Program
ACCREDITED BROKER PROGRAM DOS & DON’TS
10 Basic Guidelines To Keep You On Track.
As an OnDeck Accredited Broker, you are an extension of the OnDeck brand. It is important
to us that you are providing your customers with the right information about our products
and services – and thus, bringing in the most promising applicants and maximising your
earning potential. To help you rank among our top echelon of Accredited Brokers, keep
these Accredited Broker Program Dos and Don’ts at an arm’s reach. They are designed to
streamline your application submissions and keep you on track for success.
DO work closely with your Business Development Manager.Your Business Development Manager
will help you improve your business
and experience with OnDeck.
DO submit your applications with complete statements.This will increase your efficiency
and create a better experience
for your clients.
DO continue funding your top customers with OnDeck.The healthier your clients, the
better their – and your – experience
with OnDeck will be.
DO provide your clients with superior customer service.Customer service is a top priority
at OnDeck, and we expect you to
live up to our standards.
DO give us the first look on your applications.Your clients will receive the
best service from OnDeck.
DON’T participate in actions that may cause a loan to default.
Such actions include forging
documents and stacking.
DON’T add additional fees on top of OnDeck commission.
You will be paid commission on
the deal.
DON’T alter our documentation.
All our T&Cs have been designed
to protect the borrower.
DON’T represent yourself or your business as OnDeck.
Clarify with your clients that you are
working with OnDeck as a Broker.
DON’T knowingly stack an OnDeck loan.
Clients taking on additional unsecured
business loans are disqualified from
an OnDeck loan renewal.
BEST PRACTICES PROHIBITED PRACTICES
4 Accredited Broker Program Handbook
Accredited Broker Program
LEAD OWNERSHIP RULES
How Client Exclusivity Works
Occasionally, multiple Brokers may come into contact with the same business owner.
We have implemented lead ownership rules to help you maximise your earning potential.
SUCCESS TIPFollow these guidelines to maintain ownership over all of your leads and clients.
If you have concerns about missing any of them, discuss with your Business
Development Manager.
NEW APPLICATIONS:
Once an application is submitted you have 5 DAYS EXCLUSIVE
OWNERSHIP to complete the application for underwriting. An
application submission is on a first come, first serve basis. If the
application is declined, then that application is PROTECTED
FOR 15 DAYS, during which the client will be blocked from
applying directly with OnDeck or through another broker.
APPROVALS:
Your clients’ approvals are active and PROTECTED FOR 30 DAYS
so you will need to work to close the approved deal within this time.
EXCLUSIVE RIGHTS:
You maintain ownership of a client for UP TO 90 DAYS after
the client pays off their loan. You can utilitise the OnDeck
Partner Portal to manage your renewal portfolio.
ACTIVE BROKER STATUS:
If your paid down clients don’t renew WITHIN 90 DAYS, they
become unrestricted and opened-up to any broker. You can
still work with our renewals team though to renew your client.
5BUSINESS
DAYS
30CALENDAR
DAYS
90CALENDAR
DAYS
90CALENDAR
DAYS
Accredited Broker Program Handbook 5
Accredited Broker Program
ABOUT ONDECK LOANS
Product Overview
OnDeck offers Term Loans.
Term Loan
AUSTRALIA
Use Case Grow and invest in your business
Amount $10,000 - $250,000
Term 6-24 months
Origination Fee 2.5% on first loan, 1.25% on renewal loans
Payment Weekly direct debit, daily optional
Buy Rate $1.15 - $1.28*
*Our rates vary depending on the term length and risk profile.
SUCCESS TIPReiterate to your clients that OnDeck loans are faster than other lenders. If they
are hesitant about our pricing, here are helpful talking points:
• Interest expenses may be tax deductible
• Security over business assets not required
• Minimal documentation compared to other lenders
Purchasing stock Marketing and advertising
Buying or replacing equipment Managing business expenses
Hiring additional employees Facility expansion, renovation
SALES POINTS:• Simple 1 page application and fast credit
decisions, with as little as 3 months recent bank statements for loans up to $150K
• Additional information required for loans $150K-$250K e.g. 6 months bank statements, 2 years of financial data, ATO Portal and rent verification
• Obtain funds as fast as 1 business day
• Transparent terms and no hidden fees or charges
• In market support from a dedicated local BDM
• Dedicated customer service from an Australian-based OnDeck Loan Specialists team: Mon - Fri, 9am - 6pm AEST
ONDECK DIFFERENCE:• On Deck Capital, Inc. listed on the NYSE: ODK, and launched in
the USA in 2007, expanding into Canada and Australia in 2015
• Globally, the OnDeck Group is trusted by over 80,000 small businesses and funded over $8 billion across USA, Canada and Australia*
• OnDeck partners with MYOB, the accounting platform trusted by over 1.2 million Australian small business owners
• Genuinely satisfied customers:
- 80 Net Promoter Score
- 9.5 Trustpilot Rating
• An OnDeck Broker will always own the customer relationship
• Origination fee cut in half on first renewal loan
• Access to your business credit score via our free and easy-to-use online tool, KNOW YOUR SCORE
• Affiliate member of CAFBA, MFAA and FBAA
COMMON USES OF ONDECK FINANCING?
6 Accredited Broker Program Handbook
* Information relates to the operations of OnDeck Group, including On Deck Capital, Inc. and its subsidiaries.
Loan Process
PRE-SCREENING CLIENTS
Are Your Clients Eligible For An OnDeck Loan?
Pre-screening your clients is important to increasing the probability of an OnDeck approval.
SUCCESS TIPYour chances of successfully funding a loan will increase if your clients exceed
our minimum requirements and are more closely in line with our average
customer profile.
MINIMUM REQUIREMENTS:• 1+ year in business
• $100,000+ annual revenue
• $1,000+ average bank balance
• 500 Equifax Score of business owner
OUR TOP 5 INDUSTRIES:
TYPICAL CUSTOMER PROFILE:• 6 years in business
• $700,000 in annual revenue
• Regular deposit activity
• 700 Equifax Score of business owner
RESTAURANTS, BARS & CAFES
AUTO REPAIR &
MAINTENANCE
RETAILERS & WHOLESALERS
PROFESSIONAL, SCIENTIFIC & TECHNICAL SERVICES
TRADIES & CONTRACTORS
*Restricted industries that we are unable to work with include: Gambling Venues, Non-Profit Organisations, Property Development and Agriculture. Our restricted industries change often. For a complete and updated list of our restricted industries – or if you are unsure about the industry of one of your clients – talk to your Business Development Manager.
CLUES THAT A CLIENT NEEDS FUNDING...
TO GROW:1. “My business is growing fast and I need more... stock, equipment, employees, new location etc”
2. “I’m entering my busy season and I need to... stock up on inventory/hire staff”
3. “I am planning a large marketing campaign”
4. “I need to buy/replace equipment”
TO MANAGE CASH FLOW:1. “I’m still waiting for my customer to pay my invoice so cash flow is tight”
2. “I’m in my low season and cash flow is tight…”
3. “My equipment unexpectedly broke down and I need to buy/replace equipment”
4. “I have a chance to stock up on inventory”
Accredited Broker Program Handbook 7
Loan Process
SUBMITTING APPLICATIONS
For New Customers
After pre-screening your clients and determining their industry eligibility, it’s time to submit
an application.
APPLICATION NEEDS:
1. We must have an ABN/ACN.
2. Physical address of the business and home address of the applicants.
3. Business and home phone numbers. Keep in mind incorrect numbers may result in
auto-declines.
4. Three months recent bank statements.
5. Client Privacy Authorisation.
6. Don’t forget to hit SUBMIT.
Trusts may require additional documentation.
SUCCESS TIPTo receive the fastest possible approvals and thus earn commissions sooner,
submit your applications in full.
8 Accredited Broker Program Handbook
* This is a representative view of the application.
Log into Partner Portal to see complete application.
Loan Process
TRUST APPLICATIONS
For Trusts
1. Change Business Type to Trust.
2. Exact Legal Company Name will be Trustee Company Name.
3. Enter ACN for Trustee Company, enter ABN for the Trust.
4. Three months recent bank statements and a certified original copy of the trust deed.
Accredited Broker Program Handbook 9
Loan Process
FUNDING YOUR CLIENTS
The Closing Process
Once an application is approved, you will receive a Loan Agreement Package that details
the closing process and final steps to funding your clients.
LOAN AGREEMENT PACKAGE & CLOSING DOCUMENTS
After your client is approved for a loan, we will send you a Loan Agreement Package.
This includes a summary of your client’s loan details as well as a list of what OnDeck
needs to remit funds.
The information we need to close a loan varies from customer to customer – it all depends
on the specific application/approval in question. Here is a look at what you can expect:
• Signed Loan Agreement is needed for all customers
• Other documents may include:
- Copy of valid ID of business owner
- Business lease/utility bill to verify business address
- Home lease/utility bill to verify home address
10 Accredited Broker Program Handbook
SUCCESS TIPFor the fastest processing, upload scanned versions of your closing documents
to the Partner Portal.
HOW TO SUBMIT CLOSING DOCUMENTSYou can submit the necessary closing documents in one of three ways:
SCAN AND UPLOAD DOCUMENTS TO
THE PARTNER PORTAL
EMAIL SCANNED DOCUMENTS TO YOUR ACCOUNT MANAGER
FAX DOCUMENTS TO 1800 410 867
Loan Process
RENEWALS
When Are Your Clients Eligible To Renew?
Brokers receive commissions on renewals. So how does the renewals process work?
• Clients are eligible to apply for a renewal when they are approximately 50% paid down.
• Brokers receive commissions on net funded amount.
• As a general rule, a client can have no more than three missed payments and may not
have taken on additional short term unsecured financing (i.e. no stacking).
SUCCESS TIPMaintain contact with your clients for the duration of their loan, and let them
know when they are eligible for a renewal. Remember, you have exclusive rights
to a client’s renewal for 90 calendar days once their original loan is fully paid off.
90
Accredited Broker Program Handbook 11
Communications
COMMUNICATION & SALES POINTS
Articulate & Differentiate OnDeck
Communicating effectively to your clients is an essential part of your success as an OnDeck
Accredited Broker. Here are some helpful talking points to keep you on the right track:
PRODUCT:
• “OnDeck offers term loans to small businesses nationwide.”
• “OnDeck is faster and requires less paperwork than other lenders.”
TERMS:
• “If you are approved for an OnDeck loan, the terms will be anywhere
from 6 – 24 months.
PAYMENT:
• “OnDeck offers transparent pricing and fixed weekly or daily payments.”
• “This allows you to manage your business’ cash flow without large
deductions each month.”
APPLICATION:
• “The OnDeck application only takes ten minutes (1 page), and
approvals can be turned around in as little as one day.”
SUPPORT:
• “OnDeck has Australian-based customer service agents and loan
specialists available five days a week in case you have questions or if
I’m unavailable. They can be reached at 1800 903 257.”
12 Accredited Broker Program Handbook
SUCCESS TIPStay in touch with your clients, even when you don’t need anything from them.
Maintaining a constant line of communication will build trust and increase your
chances of renewing.
on top of it
ACCREDITED BROKER PROGRAM
Get in touch with us:
broker@ondeck.com.au | 1800 903 257 | www.ondeck.com.au/broker
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