Skip to main content
A merchant who has paid down a good share of an advance is often ready for more funding. NextLevel MCA flags those advances as Renewal ready so you can find them, and lets you start the renewal deal with the merchant’s details already filled in. Seeing advances needs the View Advances permission (admins and managers by default).

​
When an advance is Renewal ready

An advance is Renewal ready when the share of its payback amount paid so far reaches the renewal threshold, and it isn’t Paid off. “Paid so far” is the Paid in figure you see on the Advances page:
  • On track with no payments recorded: an estimate from the funded date, the payment amount and how often it’s paid. It grows every payment day.
  • Payments recorded (for example by an integration connected through the API): the recorded total.
  • Missed payments or Defaulted: the recorded total, which is 0 if nothing was recorded.
  • Paid off: the full payback.
  • The threshold is 50% unless an admin changes it under Settings → General → Preferences → Advance renewal threshold. It applies to every advance in the workspace.
  • One advance can have its own threshold. Open the advance, and on its Overview tab under Renewal Settings, enter a percentage in Threshold Override and click Save. Leave it empty to use the workspace default.
Renewal Settings also shows the advance’s current status: how much is paid against its threshold, and either Ready or how many points to go.
The same figure is used everywhere: the Advances page, the advance’s details, the deal’s Advances card, the business page, CRM workflow actions, the API and webhooks. When it’s an estimate, the advance’s details say so under Payment Progress.

​
Find renewal-ready advances

  • Advances page: a Renewal pill shows next to the status of each ready advance. Use the Renewal: any filter and choose Renewal ready to list only those.
  • An advance’s details: a Renewal Ready badge on its Overview tab.
  • The business page: the Renewal Outlook card shows the merchant’s active advances, the outstanding balance, how many are ready now, and roughly how many days until the next one is.

​
Start a renewal deal

1

Open the business

Go to Businesses and open the merchant, then click New deal. (Or click New deal on the Deals page and pick the business under Who is this application for?)
2

Check the application

The application opens filled in from what’s on file: the business’s legal name, DBA, EIN, phone, address, entity type, industry and start date, and each owner’s name, email, phone, date of birth, address and ownership. Social Security numbers aren’t stored in full, so enter them again.
3

Keep 'This is a renewal' ticked

When the business has a renewal-ready advance, This is a renewal appears, ticked, with a line such as Renews the Acme Funding advance: 62% paid, $18,400 left. Leave it ticked to link the new deal to the deal and advance it renews.
4

Create the deal

Finish the application as you would for any deal, see Creating a deal.
What doesn’t copy over: documents and bank statements, offers and submissions stay on the original deal. Ask the merchant for fresh statements, see Requesting documents. The original deal and advance aren’t changed. When you submit the renewal, the lender funding the merchant now shows a Current funder pill on the Submissions tab. It’s often the likeliest approval for a renewal. See Submitting to lenders.

​
Common problems

Check the threshold under Renewal Settings in the advance’s details: the advance may have its own Threshold Override above the workspace default.
The business has no advance that is renewal-ready yet. You can still create the deal; it just isn’t linked as a renewal.
Paid-off advances are never Renewal ready. Start a new deal for the merchant from the business page.
Only admins see Settings → General → Preferences. Ask an admin, or set a Threshold Override on the advance itself.