For our ISO Partners – Why Complete, Accurate Applications Matter

Barry WolfISO PartnersLeave a Comment

Person under heap of crumpled papers with hand holding a help sign.
It all starts with the application package.

I am frequently asked “Barry, is there any way Wellen can get me a decision faster?”.    The answer to that question is “YES!” and it involves our ISO Partners helping out and delivering an accurate and complete application when submitting a deal.

Before we can check for accuracy and completeness we must be able to read the application.  That makes sense, right?  If the application is a poor-quality copy or looks like it was handwritten by a doctor there is a good chance we will not be able to read it – or even worse – that the information will be misread and entered incorrectly in our system.  Also, the application cannot contain  crossouts, whiteout or look as if someone wrote over/completed parts of the application.  Remember, the Application is the first step in a business transaction, and the process needs to have integrity all the way through.

An accurate application must have the correct Legal and DBA names of the business.  If the name on the application doesn’t match the name on the bank statement the app is inaccurate and a new one will be requested.

A complete application includes the following items:
    • Date and Signature of Application must be within the last 30 days
    • DBA and Legal Entity Name
    • Tax ID Number
    • Complete Business and Home Addresses
    • Both Business and Personal Phone Numbers
    • Owner’s SSN
    • Owner’s Date of Birth
    • Owner’s Business Email (personal will be accepted but business address is preferred)

Why is this information important and how will it speed up my deal?  I’m glad you asked!  Wellen is a data-enabled capital provider, and all application packages go through the WellenScore  scoring model, which uses several hundred data points that help us predict the viability of the opportunity.  Among those items that matter are the email addresses and business and personal phone numbers.   If this information is inaccurate it could  impact the score and most likely disqualify that deal.  If the information is not provided to us on the application we cannot complete our diligence process.  This impacts cycle time because we must request the information and you must take the time to obtain and provide it to us.   We also give priority to completed applications, and no one wants their files pushed to the bottom of the pile.

So, please take a little time to review your applications before you submit to us.   Make sure they’re legible and complete, and watch the results!

For details about submission requirements, check out the FAQs here

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