Business Clients in MaxMoney

1. Overview

MaxMoney now supports business clients, allowing microlenders to manage loans extended to businesses. This feature provides dedicated fields for capturing essential business details, ensuring a clear distinction between individual and business loan entities.

Important Note: Ecosystem partners (service providers) may have different rules and integrations for business clients compared to individual clients. Some existing integrations might not be fully compatible with business clients.

2. MaxAdmin Setup

Configuration details for MaxAdmin are not applicable to this section.

3. MaxMoney Setup

3.1. Resources

To grant users the necessary permissions for managing business clients:

1. Navigate to MAXMONEY > Setups > Security > Roles.
2. Select the applicable user role.
3. Under Resources, select the following:
   • Add Business Clients
   • Edit Business Clients

3.2. Setup Client General

Configure the general client settings to include business-specific options:

1. Navigate to MAXMONEY > Setups > Clients > General.
2. Under Client Add Options, select the following:
   • Financial: Business Financial
   • Bank Account: Business Bank Account
   • Address: Business Address(es)
   • Reference: (No specific selection needed; managed during client creation)

3.3. Setup Documents

You may need to adjust your loan agreement documents and terms and conditions to reflect business loan specifics.

1. Navigate to MAXMONEY > Setups > Documents.
2. Configure the loan agreement for business loan products.

4. Using MaxMoney for Business Clients

4.1. New Client

To add a new business client:

1. Navigate to MAXMONEY > Client Administration.
2. Click Add a Business Client.

4.1.1. Business Client General

This new page replaces the standard general client page and includes specific fields for business clients:

• Client Number
• ID Type (FIXED ON ID TYPE BUSINESS)
• Home Branch
• Status
• Registered Name of Entity
• Entity Type
• Business Type
• Brand
• Trading Name
• Date of Establishment
• Company Registration Number
• Regulatory Registration Number
• VAT Registration Number
• Tax Number
• Display Note

4.1.2. Business Financial

Complete the financial information for each business client:

• Net Income (via income grids)
• Statement of financial position

4.1.3. Bank Information

Enter the banking details for loan repayments. The banking page is similar to individual clients, with the following additional fields:

• Account Holder Name
• Business Registration No.
• Account Holder Tel No.
• Account Holder Email Address
• All other standard bank details.

4.1.4. Address

Enter the business address information, which is similar to individual client addresses, with an added section for the Registered Address:

• Head Office Physical Address
• Postal Address
• Registered Address

4.1.5. References

Six relationship types (positions) are available for business clients:

• Principal Officer
• Compliance Officer
• Chief Financial Officer
• Application Contact Person
• Main Authorised signatory
• Alternative Authorised signatory

A new field, Designation, is available for references.

Video Tutorial

• For a visual guide on how to create a client's references, watch the video link - https://www.youtube.com/watch?v=XDxOkvlthAM 

4.2. Search Client

To search for an existing business client:

1. Navigate to MAXMONEY > Client Administration > Search for an Existing Client.

4.2.1. Search Options

An additional search option is available:

• Registered Name of Entity

4.2.2. Edit Client

To edit a business client's details:

1. Navigate to MAXMONEY > Client Administration > Search for an Existing Client.
2. Select the business client and click Edit Business Client.

You will access new business client pages:

• General
• Financial: Used to calculate the available installment amount.
• Banking
• Address
• References

The following original pages remain applicable:

• Employment: Required for CSP Payment Collection integration (Allps).
• Payback: Required for CSP Payment Collection integration.
• Notes
• Credit Control
• Documents
• MAXUP: Different rules/requirements might apply. Consult with the insurer.
• Take a picture: Still only allows taking a photo of one person.

The following pages are not applicable to business clients:

• Other details: For individuals only.
• Budgets: Different affordability requirements may apply depending on country regulations.
• Compuscan: Different cost structures, rules, or inquiry types might apply.
• VeriCred: Different cost structures, rules, or inquiry types might apply.
• XDS: Different cost structures, rules, or inquiry types might apply.
• FIC: Not adjusted for companies; different inquiry types might apply. However, FIC inquiries on References are available from v16.4.

4.2.3. Post Client Change

This function works as usual for business clients.

1. Navigate to MAXMONEY > Client Administration > Search for an Existing Client > Post Client Change.

4.2.4. Summary

This function works as usual for business clients.

1. Navigate to MAXMONEY > Client Administration > Search for an Existing Client > Summary.

4.2.5. Transactions

This function works as usual for business clients.

1. Navigate to MAXMONEY > Client Administration > Search for an Existing Client > Transactions.

4.2.6. Statement

This function works as usual for business clients.

1. Navigate to MAXMONEY > Client Administration > Search for an Existing Client > Statement.

4.3. Data Sharing

Currently, there is no data sharing functionality for business clients (where ID Type = Business).< /FONT >