Small and medium sized businesses are a critical part of Canada’s economy but most wouldn’t exist without financial support during the early stages of their development. This is where Advanceit comes in. Founded in 2006 to address the need for alternate SMB loan options, they became the only Merchant Cash Advance company in the country. With an 89 per cent customer return rate and a 40 per cent year-over-year growth rate, Advanceit was expanding fast and by 2008 it was clear that paper-based processes were holding them back. This is when they turned to Salesforce.
Using Salesforce Sales Cloud, Advanceit shifted away from relying on paper charts and calculators to decide which small businesses qualified for credit and now use an automated system. Instead of having to schedule site visits to inspect business locations, send multiple emails to arrange details and manually assess risk, the entire process is now automated. When a new merchant application is submitted, site visits and sales rep notifications are taken care of automatically then stored in an internal database that is easily accessible for employees to reference later. In addition to enhancing their customer experience, automated processes have eliminated the company’s risk of bad debt.
“Salesforce is at the heart of our company,” said Peter Mazoff, President, Advanceit. “Their services have enabled us to scale our operations and act fast with mobile access. No matter where I am in the world, I’ve got everything I need to do my job right at my fingertips.”
Advanceit also created a customer portal using the App Cloud allowing merchants to access statements online, apply for additional funding without filing paperwork, verify their account details, monitor loan progress and more from any device, any time. The customer portal combined with automating administrative tasks lets employees manage cases faster which has dramatically decreased the time it takes for a merchant to receive funding from an average of seven days to three. This gives Advanceit a major advantage over traditional loan options.
Employees also collaborate and communicate easily from their mobile devices using Salesforce Chatter. Around 150 employees across Canada use a dashboard customized for their job with a newsfeed that provides real-time updates on relevant information. This eliminated the need for email communication allowing employees to focus on providing great customer service and helping businesses grow instead of sifting through emails.
With the help of Salesforce, Advanceit has been able to better manage their rapid growth while increasing sales and productivity. Some customer service still happens over the phone, but this year the entire experience will be shifted online using Salesforce technology. This will create a community where customers can help themselves while providing valuable feedback on products and services, strengthening Advanceit’s position as a leader in the SMB lending industry and an innovator in Canada.