APPROVE Reference


The following reference materials help provide definition to certian terms and processes used within APPROVE.



Common Terms

Term Definition
APPROVE Customer Used when referencing a company and/or organization that is a paying customer of APPROVE
APPROVE User Used when referencing the individual users within the APPROVE Customer
Your Customer Used when referencing the customers and/or prospects of the APPROVE Customer that will be applying for financing
"Lender" Companies that provide equipment financing
"Term" In the financing industry, this refers to the monthly rate ($199/mo) and the length of payments (48 months) associated with a financing offer
"Docs" In the financing industry, this refers to the documents your customer will sign to complete the financing agreement with a lender
"Lease" The most common type of equipment financing is a capital lease. These are typically structured where the last payment transfers ownership to your customer or there is often a $1 buyout at the end
"Funded" In the financing industry, this refers to a completed financing agreement in which the supplier gets paid and the customer begins making payments



Lending Process

Through our documentation we will be refering to various stages within the lending process. Below is a high-level overview of all the lending process stages used in APPROVE.

Stage Description
Started When your customers starts to fill out a financing application
Completed When your customers completes a financing application
Authorized When your customer authorizes changes made by an APPROVE User to a completed application
Submitted When a completed application is submitted to our network of lenders
Claimed When an application is claimed by one or more lenders
Approved When an application has been approved by a lender
Declined When an application has been declined by a lender
Term Selected When your customer selects a specific term offer from a lender
Docs Signed When your customer signs the needed documents to complete their financing agreement
Funded When the lender pays you for the equipment



Transactional Email Notifications

APPROVE generates various transactional emails to both APPROVE Users as well as Your Customers throughout the process. Below is an overview of these email notifications:

Quoting Process Emails

These emails are unique to the digital quoting platform:

Action Description APPROVE User Your Customer
Quote Send Email sent to your customer to provide access to a digital quote ✔️
Quote Viewed Email sent to APPROVE User notifiying them Your Customer viewed a quote ✔️
Purchase Now Selected Email sent to APPROVE User when Your Customer chooses the "Purchase Now" feature on a digital quote ✔️

Financing Process Emails

These emails cover the financing process:

Action Description APPROVE User Your Customer
Application Started When Your Customer starts and does not complete a finance application, emails are sent to both the Your Customer providing a link to complete as well as the APPROVE User notifying them of the incomplete application ✔️ ✔️
Application Requires Submission By default, completed finance applications generated via the web integration are queued for review prior to lender network submission. This email notifies the APPROVE User there is a completed application to review and submit ✔️
Application Authorization If an APPROVE User makes substantial changes to the equipment and/or price on a completed application, the APPROVE user can send this email to Your Customer to authorize those changes before submitting ✔️
Application Submitted to Lenders Once a completed application is submitted to the lender network, confirmation emails are sent to Your Customer. APPROVE Users will also recieve a confirmation email if they did not submit the application themselves ✔️ ✔️
Application Claimed by Lender This email notifies the APPROVE User of which lenders claimed an application ✔️
Application Declined by Lender This email notifies the APPROVE User of which lenders declined an application ✔️
Application Approved by Lender Once an application is approved by a lender emails are sent to Your Customer as well as the APPROVE Users ✔️ ✔️
Customer Selected Term Once your customer selects a term confirmation emails are sent to Your Customer as well as the APPROVE Users ✔️ ✔️
Customer Has Documents to Review If lenders upload documents to review and/or sign, notifications are sent to Your Customer as well as the APPROVE Users ✔️ ✔️
Financing Funded Once the lender has completed the transaction and funded the deal, a final deal confirmation email is sent to Your Customer as well as the APPROVE user ✔️ ✔️

System Emails

These are general system emails:

Action Description APPROVE User Your Customer
Invite User Sent to new APPROVE Users from the invite user feature in settings. This email provides the ability for the new APPROVE User to login and set-up their user account. ✔️