Table of contents:
Summary
- Credibly’s Online Checkout reduces friction for small business owners in their final steps of the funding process and helps them get their financing faster, on their schedule.
- Automation of final funding steps replaces the need to schedule a call and allows small business owners to complete the process independently.
- Continuous optimization of automated processes expands access, empowering more small business owners to secure financing with a better experience.
- Online Checkout adds security measures through biometric verification without increasing time or sacrificing due diligence.
The Previous Process: Multiple Steps for Financing
Credibly’s mission has always been rooted in providing small business owners with the most efficient and accessible path to securing business financing. From day one, our team has envisioned a funding process that is seamless and stress-free.
Traditionally, after a merchant is approved for financing and selects an offer, they were required to schedule a call with our funding team to verify their business information and review the contract. While necessary, this step could prolong funding times for busy business owners who struggle to find time in their schedules.
At the same time, having a final call had some benefits, allowing Credibly to conduct final due diligence and review any outstanding documentation while also giving business owners a chance to review their contract details and ask questions.
Recognizing the need for improvement, we recreated the final funding process so that it could be self-guided. By reworking this process, we’ve ensured that business owners can complete the financing process when they want, saving valuable time and allowing them to focus on what matters most: growing their businesses.
Creating Credibly Online Checkout
Paving a Smoother Path to Funding for Every File
For many deals, Online Checkout provides a great solution. However, some more complex deals can require additional review, preventing them from utilizing Online Checkout. For example, if the business has a need for a larger financing amount, they may need to submit tax documents. While additional documentation and review is a necessary part of the underwriting process, we wanted to make sure they could still get their funding as fast and as conveniently as possible.
In an effort to increase the number of merchants eligible for this experience we created additional paths to Online Checkout. FastTrack is another streamlined approach where deals with minimal, easy-to-verify stipulations can be expedited for review, allowing these businesses to progress to Online Checkout after only a short wait.
Finally, to offer the best experience to files with multiple and more complex stipulations, we created Instant Interview. While these files undergo the Classic review process to start, Instant Interview repurposes automation techniques to replace the funding phone call that typically verifies merchant information and walks merchants through their contract details. This pathway takes elements from the Online Checkout process and adapts them to offer merchants who don’t qualify for the full Online Checkout experience, convenience and speed in the final steps of funding.
Even for complex deals, Credibly is constantly innovating to make the funding process simpler and more convenient, providing a smoother experience for all business owners.
Performance Highlights: Real Results
Online Checkout has led to improvements in both conversions and the speed from approval to funding. Once someone begins Online Checkout, they can complete the process in just minutes, which has improved conversion.
In addition, replacing the funding call with an automated process has reduced the cost of operations and has allowed underwriters to focus on the more complex files.
Future-Focused Optimization
Online Checkout, in addition to the automation efforts in Credibly’s underwriting processes, paves the path toward achieving fully automated offers and the best customer experience.
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