MCA Suite’s existing clients are familiar with the concept of Deals and Deal Statuses. A Deal in MCA Suite is a collection of information about the merchant’s business and owner seeking a cash advance through a broker or funder. Currently, MCA Suite clients can manually set and label Deal Statuses based on their operations.
In addition to Deal Statuses, MCA Suite has implemented system-based statuses which are not controllable by the end users. The system-based statuses are called “Stages.” As the merchant cash advance Deal progresses through MCA Suite, MCA Suite will define each “Stage” of the deal.
Below are the stages we have introduced:
1. New – when a new Deal has been created in the system. Users can also apply a Deal Status to signify where specifically the deal is in their operations. From a systems standpoint, MCA Suite will consider a Deal as “New” until it moves to the next stage.
2. Active – A Deal automatically becomes “Active” when two or more deal notes are added to the Deal. For brokers, a deal is active when submissions exist.
3. Funded – MCA Suite defines a Deal as “Funded” when Deal Tracking is turned on, i.e. when a user clicks the “Track Deal” button for a Deal. Brokers have the option to select various Submission Offers, which automatically turns on Deal Tracking for a Deal (selecting an offer is equal to funding a deal). So for Brokers, a Deal will also enter the “Funded” stage once a Submission Offer is selected.
4. Paid – A stage where the funded Deal has an amount outstanding less than or equal to zero. This means the Deal was successfully repaid by the merchant.
5. Declined – A stage manually initiated by a user. This stage will be used primarily by brokers when a lead goes cold. To set a Deal to the “Declined” Stage, simply click on the “Decline” button on the Deal Summary page.
6. Defaulted – Another manually set stage. This stage should be set when the user determines that the merchant can no longer pay back the loan and that it is no longer possible to collect against the amount outstanding for that deal. Users can go to the Deal Tracking page and click on the “default” button to push the Deal to the Default stage.
Users can filter or search for Deals by stage on the Deal Search page. There will be new stage filters above the old filters for easy and quick access to Deals by stage-type. Like old filters, you clear stage filters by clicking the “Reset” button.
To enable Deal Stages, please contact us for further instructions. Activating Deal Stages will require updates to existing deals and minor backend configuration changes.