Family Business Funding provide funding, in the form of merchant cash advances, to small businesses seeking capital. Heron’s platform has enabled Family Business Funding to save time across all phases of their underwriting process, ultimately making faster decisions with higher conviction and sending out offers much earlier than before
Problem
With banks tightening credit policies, demand for Family Business Funding’s products has continued to grow. Competition is increasing and getting an offer out fast to top merchants is critical to building a high quality book. The company wanted to handle their growing volume and increase conversion without necessarily scaling their headcount. Before Heron, Family Business Funding had manual data entry and bank statement analysis-by-eye slowing down underwriting; exposing them to bottlenecks at times of heavy dealflow and hindering their time-to-offer
Solution
After adopting Heron for parsing & classifying email submissions + bank statement OCR/ analysis, Family Business Funding has drastically reduced time-to-offer. One full-time employee who previously spent all her time on data entry now has capacity to proactively reach out to merchants (at the time in their lifecycle where defaults typically occur) to build better relationships and improve collections. The team can now focus on making faster offers to top merchants to improve acceptance rates and further reduce delinquencies
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Addressing manual inefficiencies with smart automation and bank statement analysis
Eliminate Data Entry
Heron’s ISO application parser eliminates manual data entry and collates deal packet in one place.
Using Heron’s ISO application parser (Heron integrates with CRM) to populate email packet directly in their CRM, Family Business Funding has completely eliminated manual data entry, freeing up the time of one full-time employee to focus on building better relations with merchants.
Deal with PDF bank statements
Heron enables underwriters to put an end to time-consuming scrolling and the need to navigate between multiple tabs.
Before Heron, FBF would open each bank statement in their CRM and manually review, spending valuable time navigating between files and scrolling through statements (e.g. finding the last transaction date). Now, the data is surfaced within seconds, without the need to upload and search multiple files.
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Instant picture of revenue & MCA debt
Heron’s bank statement OCR & analysis unearths key metrics; revenue (true vs non revenue deposits), debt, month-to-date calculations.
Before Heron, underwriters at FBF would open each bank statement, get out a notepad, calculator, find the deposits, pull out all of the non-income, make a list of all the MCAs. Now, this information is synced to their CRM within two minutes of the file coming in and files that don’t fit their credit box are instantly moved to the ‘decline’ stage.
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