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MCA App v2.4 – 2.8 Enhancements

Overview

In an ongoing commitment to making the MCA App the premier tool for the Alternative Lending industry, CloudMyBiz releases upgrades periodically throughout the year. Each upgrade includes bug fixes, new features, and enhancements to user interface, experience, and system performance based on updates to the Salesforce platform and user feedback.

The only cost to clients to receive an upgraded MCA App is the cost of the hours required to implement the new version at the client’s Professional Services Rate. There are no new managed package costs or licensing fees. With each upcoming release, CloudMyBiz will provide a feature list to help clients identify if they should implement the latest upgrade for their team.

In addition to upgrades to the core MCA App, CloudMyBiz is constantly working on new and powerful tools built for the MCA industry. These new products are designed to streamline the entire pipeline from Loan Origination to Funding and beyond. As new Apps are developed, CloudMyBiz will update you with new offerings which may be beneficial to your team.

To date, the CloudMyBiz team has spent thousands of hours developing the MCA App, and has helped clients implement robust, mature systems typically requiring years of development in months and weeks. We hope you like the latest features, and we know you’ll appreciate upcoming enhancements. Stay tuned for the latest updates from the CloudMyBiz team!

Enhancement List

The following is a list of system improvements and enhancements. For a detailed breakdown, keep reading below.

  • Page Layouts
  • Custom Lead Convert Functionality
  • Validations
  • Cycling through Leads & Opportunities
  • Funding Application
  • Grid UI & Functionality
  • Opportunity Detail Page
  • Opportunity Record type
  • Timeline Color Progress Bar
  • Account Bank Statements and Credit Card Sales Metrics
  • Bank Statement & Credit Card Sales
  • Submission Wizard
  • Receivables
  • Submission Lookup Filters
  • Transactions
  • Deal Entry Wizard
  • Renewal Management

MCA App Enhancements

Below is an outline of the updates and enhancements in the MCA App from releases 2.4 – 2.8.

Item Feature Name Description
 1. Page Layouts
  1. Renamed the page layouts for all standard & custom objects with the following naming convention: MCA App {Object} Default.
 2. Custom Lead Convert Functionality
  1. Resolved a bug where the user is presented with a message: “ERROR Error: Lead Is Already Converted,” when trying to convert a lead using the custom MCA App conversion.
  2. Created a custom setting that allows the client to set the org-wide default of ‘Redirect to Funding Application Form’ checkbox using the custom MCA App conversion.
 3. Validations
  1. Added a validation error message for “Social Security Number” field on Lead and Contact objects.
 4. Cycling through Leads and Opportunities
  1. Added the ability to select multiple records using list views and cycle through selected records using Next and Previous buttons.
 5. Funding Application
  1. Added Mobile & Email fields to Funding Application for Owner1 & Owner2 sections which populates values in the fields linked to Owner1 & Owner2.
  2. Validation messages are now displayed properly.
  3. Modified the validation message of Federal Tax Id Format on Account to: Please enter the Federal Tax ID in the format of XX-XXXXXXX.
 6. Loan Balance Grid Tab Page
  1. Added a Notes field on the Loan Balance grid.
 7. Opportunity Detail Page
  1. If the stage is set to Closed – Lost, the user is now presented with a progress bar image showing Closed Lost in red, rather than Declined.
 8. Opportunity Record type
  1. Renamed Opportunity record type from Legacy (Funding) Opportunity to MCA App Default.
 9. Timeline Color Progress Bar
  1. Updated the custom settings to have different colors for different statues.
  2. Changed the way time in stage is displayed from [18D 19H 11M 36S] to [18d 19.18h].
 10. Grid
  1. Fixed many bugs.2. Response time is now faster.
 11. Grid – UI Improvements
  1. Loading action status now appears if the New Stips button is clicked.
  2. Added View button to Syndication tab.
  3. Loading action status now appears if the New Bank Account button is clicked.
  4. Loading action status now appears if the New Credit card button is clicked.
  5. Loading action status now appears if the New Syndication button is clicked.
  6. Loading action status now appears if the new Contact Role button is clicked.
  7. Loading action status now appears if the New Task button is clicked.
 12. Grid Tab Page
  1. Offers can now be reparented to different submissions.
 13. Each Tab on Grid Page
  1. Validation from client orgs are now displayed in the grid. Visibility of Grid tabs are now dependent on Profile Setting Permissions.
  2. The color of Grid Tabs will turn to green when selected.
14. Account Bank Statements and Credit Card Metrics
  1. Average history metrics of all Credit Card Sales records and Bank Account records related to an account are now calculated and tracked in the Sales History section of the page layout.
 15. Bank Statement & Credit Card Sales
  1. Added a new field titled “Statement Month” for Bank Statements & Credit Card Sales objects to allow for easy reporting.
  2. Bank statements and Credit Card records can now be created for multiple Opportunities in bulk. 
 16. Sales History Grid Tab Page
  1. Added “# Deposits” to Bank Statements for the number of monthly deposits.
  2. Added “# Batches” to Credit Card Sales for the number of monthly batches.
  3. Added a grey background.
  4. Renamed Deposits to $ Deposits.
  5. Renamed Average Daily Balance to Avg. Daily Balance.
  6. Renamed Number of NSFs to # NSFs.
  7. Renamed Number of Negative Days to # NDBs.
  8. Renamed Total Net Processed-All to $ Processed.
  9. Renamed Number of Transactions-All to # Transactions.
  10. Changed the data type for the average of # Deposits from currency to number.
  11. Bank Accounts and Credit Cards have been updated to allow users to add multiple Bank and Credit Card accounts. To do this, we added a few fields to the grid: # ‘Account Number’ for Bank Accounts# ‘MID Number’ for Credit Cards# ‘Include in average’ checkbox for both, default should be checked. The logic for averages were updated so that if there are two accounts for the same month, they should be considered one month for the average.
  12. The month names have been edited so they should all be 01 – January, 02 – February etc.
 17. Stips Grid Tab Page
  1. Added notes fields in Stips tab & visible on Grid after the Recv’d checkbox. Create a stip without linking to any submission.
  2. Email Stips Button: This functionality is used to Send email and create chatter feed posts once the email is sent to contacts having all list of stips related to an opportunity. 
 18. Submission Grid Tab Page
  1. Added Decline Reason picklist on selection of ‘Declined’ status.
  2. Added ability to add highest offer to Submission Tab i.e. add Longest Term, Highest Funding Amt. fields on submissions tab.
  3. When the Grid is saved, it will now display the submission name similar to the name displayed on the drop down.
 19. Submission Wizard
  1. Added Submission Notes field to Submission Wizard.
  2. Added Submission Notes as a merge field on the Submission Email Template record used to send submissions to lenders through the Submission Wizard.
  3. Created a From email field on the Submission Email Template Details record that will allow the user to choose the email address to send Submissions from.
  4. Added “NSF’s” as part of the Matching # calculations and also as one of the Filter fields. 
  5. The Industry filter has been converted into a checkbox and is checked by default if Account’s Industry is populated. When checked, all programs that allow the Account’s industry will be returned.
  6. The State filter has been converted into a checkbox and is checked by default if Account’s State is populated. When checked, all programs that allow the Account’s state will be returned.
  7. Renamed Min Deposits to $ Deposits in the results section.
  8. Added # Deposits to the results section.
  9. Added Avg. Daily Balance to the results section.
  10. Added Max NDBs to the results section.
  11. Renamed Max. Amount to Max Amount.
 20. Syndication Grid Tab Page
  1. Fixed Syndication Percentage on the Syndication grid tab.
 21. Commissions Grid Tab Page
  1. Added the Status field column to the Commissions tab on grid & set its default value to the Open – Ready to Pay.
  2. Added Memo column to Commissions tab on grid.
 22. Offers Grid Tab Page
  1. Added inline edit functionality on Offers tab for Details fields on Grid.
  2. Added a new field called ‘Expected %’ & ‘Referral Payout%’ to the Offers tab.
  3. Renamed Rate to Factor Rate.
  4. Added “Buy Rate” field to track the buy rate of the Offer.
  5. Added and “Payback/Funded” field to compliment the “Expected %” field.
  6. Improvements to design.
 23. Receivables
  1. Created a lookup filter on Receivable Dependency to only return Receivables related to the same Opportunity as the Payable.
 24. Submission Lookup Filters
  1. When choosing a Funder on a Submission record, a user will be able to select only account records that have a record type of Bank. 
 25. Transactions
  1. Payables with negative amounts will now be displayed when creating Transactions.
  2. Automated setting the Date Paid on Receivable and Payable records to the Created Date of the Transaction record. 
  3. Added the ability to set Amount Paid to negative for adjustment purposes.
 26. Deal Entry Wizard
  1. Term(Months) field combined with the Renewal Eligibility % from the selected Program will auto-populate Renewal Eligibility (# of months) and Estimated Renewal Date.
  2. Automated the default Invoice Date of Receivables and Payable Date of Payables on creation to be set to the Funded Date of the related Opportunity.
  3. Added the ability to separate internal payables from external payables to track commissions paid to ISOs.
  4. Deal Entry Wizard now respects all security and permissions for objects and fields.
  5. Automated the creation of an Origination Fee Receivable from the Merchant.
  6. The Origination Fee automation now uses the Origination Fee amount from the Deal Information tab.
  7. Made corrections to the Syndication tab.
  8. Fixed a bug resulting in a recalculation of the Factor Rate.
  9. Empty rows on the Receivable, Payable, and Syndication tabs are no longer saved when navigating away.
  10. Added the ability to track Payoff Amount and Net Funded Amount.
  11. Added the ability to calculate payables based on the Net Commission Revenue and Net Origination Fee.
  12. Corrected the order of the columns of the Preview tab to be consistent with the order of columns of each object’s tab.
  13. Validation messages are properly presented and understandable within the Deal Entry Wizard.
  14. Saving no longer occurs when clicking on tabs in the Deal Entry Wizard.
  15. If a user does not have access to an object, the user can now navigate using buttons rather than tabs.
  16. Offers can now be reparented to different submissions.
  17. Fixed a bug that referenced old values for receivable and payable records.
 27. Renewal Management
  1. Created a custom currency(16,2) field on the Opportunity called “Current Balance”.
  2. Minor bug fixes.
  3. Fixed a bug that prevented the use of Renewal Management.