Getting Access To Canopy
To get access to Canopy, simply contact our team and request access. We wil:
- Create an organization for you in Canopy
- Create an admin account for you with an email to register your username and password.
From there, you can log into the Canopy UI and create accounts for as many of your team members as you would like, designating their access controls by role if needed. When invited, each team member receives a set of credentials that can be used in the Canopy UI, as well as an API key for programmatic access.
Setting up your product construct
Installment programs in Canopy are highly customizable by you, the end user, so the first step to launching an installment program is telling us exactly how you want that program to be structured.
Fortunately, directly in the Canopy UI, it is very easy to set up a product construct. Simply configure your preferred set of program rules, and click "launch", and your program is live with its first installment product construct in Canopy's system!
Adding a customer account
Now, you can start adding customer accounts to Canopy. Once a customer has passed your approval process, make a single API call to add this customer into Canopy's system. Include the loan terms for the customer, and Canopy will generate an amortization schedule for them.
Voila! You're ready to set up an installment loan for them!
Setting up a loan for your customer
Now that Canopy has an account for your customer and knows the product construct of the loan you'll be issuing them, set up a lightweight integration to get the necessary data into Canopy's system.
You'll need to set up a pipeline of data, so that Canopy knows the information it needs to act as a system of record for the customer's account. For a very lightweight integration, set up a webhook to notify Canopy every time the customer makes a payment.
Maintaining and servicing the customer's account on an ongoing basis
You can now automagically see everything needed to service the customer directly in Canopy's UI. Every payment they make shows up and accrues interest according to the rules you configured in the lending program. You can see each interest accrual event, how each payment pours across principal and interest, statement and payment due information, and much more. Our customer service workflow is built around all of this information, so your teams can directly address any issues the customer may be facing. This data is aggregated through canopy for submission to credit bureaus, generating reports, and the full suite of features Canopy provides.
And that's it!
Congratulations, you're live in a production setting with your first customer in Canopy! Now you can follow the same process to define new product constructs - you can launch new credit cards or installment loans with all sorts of different configurations, rewards structures, interest structures, and more!