---
title: "Venture Product Setup"
canonical: "https://bizcore.refined.site/space/BCKB/1790214145/Venture%20Product%20Setup"
format: markdown
---
> Macro (toc)
# **Overview**
Venture products allow users to configure the high-level settings of ventures. A venture product serves as a blueprint for creating individual ventures by defining a fee structure. When configuring the minimum, maximum, and default values for each fee associated with a venture, as well as providing a title and description to the product, users establish a framework that governs the creation of new ventures.
Users can enable or disable venture products with a single click, and have an unlimited number of them active at any time. Once enabled, a venture product is immediately available to users, while disabling will remove them from the list of available venture products when establishing new ventures.
To ensure the integrity of crucial information, venture products can only be deleted if there are no existing ventures linked to the product, and all fee types have been removed.
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# **Creating New Venture Product**
The first stage of setting up a subscriber’s venture product(s) is to use the creation wizard in order to enter the high-level details. This is where the name, description and fee structure of the future ventures based off the product are configured.
## **Launch Create New Product Wizard**
Use the sidebar and navigate to **Settings** **→ Venture Module → Venture Products**:
Next, hover over the **Actions ≡** icon on the bottom right, and click **Create New Venture Product** to launch the creation wizard:
## **Using the Creation Wizard**
From within the wizard users can input the initial information about the product they are creating. Users can also edit these details at any time:
- **Product Name**: This is the name of the venture product.
- **Short Name**: Create an acronym or shortened version of the Product Name.
> ℹ️ The Product and Short Names are both shown to users of the Biz Core Portal. Use names that are recognised internally.
- **Description**: Input a brief description of the venture, such as the investment focus.
Once users have filled out the fields in the creation wizard, click the **SUBMIT **button, the new venture product will be added to the list. In order to finish setting up the new product, users will need to proceed to editing it, to add any relevant fees.
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# **Editing a Venture Product**
In this stage of the process users can add any fees relevant to the venture product such as interest or application fees, as well as edit the details set during creation of the product. Remaining in the same area of the Biz Core Portal, navigate to the venture product the user set up and click the **Pencil **✏️ icon associated with it:
After opening the edit wizard, users can use the tabs along the top of the screen to switch between each property:
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# **Fees**
The fee structure set within a venture product configures the framework for any charges associated with ventures created using the product, while allowing users to manage the repayment hierarchy, as well as add, edit and remove fees connected to the venture product.
> ⚠️ Please be aware that any alterations made to fees will solely impact new ventures. Existing ventures will continue to maintain the fee structure that was established during their creation.
## **Add Fee**
To add a fee:
- Click the **Plus **:plus: icon at the bottom-right corner of the page, this action will generate a new row where users can enter the necessary details for the fee:
- After providing the fee details, click the **Tick **:check_mark: icon to confirm the creation of the new fee, or the **Cross **:cross_mark: icon to discard it.
- For a detailed explanation of each fee field, consult the Fee Fields Explained table provided below.
## **Edit or Delete Fee**
To edit a fee:
- Click the **Pencil **✏️ icon attached to the fee the user wants to edit, and make any adjustments.
- Click the **Tick **:check_mark: icon to confirm, or the **Cross **:cross_mark: icon to discard changes.
To delete a fee:
- Click the **Bin **:cross_mark: button and confirm deletion in the popup window by clicking **YES**.
Users can also deactivate a fee using the toggle:
In this case it will no longer be applicable to new ventures created using the product. However, the fee will remain associated with the venture product in case the user decides to utilise it in the future.
## **Fee Fields Explained**
| **Field** | **Description** |
| --- | --- |
| **Name** | Assign a name to the fee, such as "Establishment Fee" or "Dishonour Fee," ensuring that the name of the fee reflects its purpose for being imposed. |
| **Amount Type** | Choose one of the options provided in the dropdown menu:
**Amount**: This represents the specific dollar value that will be charged.
**Percent**: This will impose a percentage based on the venture amount.
Users have the flexibility to input either a whole number or a decimal value. |
| **Min.** | Lowest amount that a user can set for the fee when establishing a venture. |
| **Max.** | The highest amount that a user can increase the fee to when setting up a venture. |
| **Default** | This is the pre-filled amount that will be automatically populated when a user sets up a venture. |
| **Fee Type** | Categorise each fee users create by assigning it a Fee Type. Users can add multiple fees of the same type. Check the Fee Types section below for more information. |
| **Use Hierarchy (Upfront Fee)** | When a user selects Upfront Fee from the Fee Type dropdown menu a toggle will become accessible. Enabling it will add the Upfront Fee into the Payment Hierarchy, as explained below.
Conversely, leaving the toggle disabled for any Upfront Fees will mean they are paid off as part of the principal in the venture ledger and the Hierarchy splits won’t apply. |
| **Payment Hierarchy** | The payment order for outstanding fees on the venture follows a numerical hierarchy, where '1' indicates the first fee to which funds will be applied. If no fees are outstanding, the funds will be allocated to the remaining principal amount.
To set the hierarchy for a fee, users need to save it first. After saving, they can edit the fee, and the hierarchy dropdown will then become accessible for users to make the desired adjustments. |
## **Fee Types Explained**
| **Fee Type** | **Description** |
| --- | --- |
| **Upfront Fee** | Added to the principal and becomes part of the total amount of credit. Is paid off as part of the principal or payment hierarchy. |
| **Monthly Fee** | Is charged monthly, either on the anniversary of the venture start date or on the 1st day of each month, whichever occurs first.
> ℹ️ To apply this fee, users need to select **Amount** from the Amount Type dropdown menu. |
| **Annual Fee** | Charged annually on the anniversary of the venture start date.
> ℹ️ To apply this fee, users need to select **Amount** from the Amount Type dropdown menu. |
| **Monthly Flat Rate Fee** | Calculated based on the Principal Invested balance and charged monthly on the venture start date anniversary. In months where the anniversary date is not present (e.g., the 31st), the fee will be charged on the 1st day of the subsequent month. For example, if the anniversary date is the 31st of a month, the fee for February will be charged on March 1st.
> ℹ️ To apply, users need to select **Percentage** from the Amount Type dropdown menu. |
| **Compound Interest** | Interest is calculated based on the outstanding venture disbursed balance and accrued on a daily basis.
> ℹ️ To apply, users need to select **Percentage** from the Amount Type dropdown menu. |
| **Simple Interest** | Interest is calculated based on the initial principal amount and applied on a daily basis.
> ℹ️ To apply, users need to select **Percentage** from the Amount Type dropdown menu. |
| **Missed Payment Fee** | Charged automatically when a direct debit repayment is dishonoured or when the repayment due date elapses without payment. |
| **Manual Fee** | This Type should be applied to cover all other charges, such as enforcement fees, letter fees, and any additional fees not specified separately. |
| **Monthly Compound Interest** | Interest is calculated on the outstanding venture disbursed balance and applied once a month on the Loan Anniversary or the venture Interest Record Frequency date.
`Monthly Compound Interest Calculation = (Interest rate/12 * current Total Loan Balance/Total Venture Balance) /100`
> ℹ️ To apply, users need to select **Percentage** from the Amount Type dropdown menu. |
| **Monthly Simple Interest** | Interest is calculated on the outstanding venture principal balance and applied once a month on the Loan Anniversary or the venture Interest Record Frequency date.
`Monthly Simple Interest Calculation = Calculation = (Interest rate/12 * current Loan/Venture principal balance) /100`
> ℹ️ To apply, users need to select **Percentage** from the Amount Type dropdown menu. |
## **Payment Hierarchy Toggle**
If users don't have a preference for the order in which fees are paid, they can enable the Split Equally toggle located at the top. This setting will divide and distribute payments equally among each fee type and the principal amount.
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> ✅ After completing this process the user has successfully built a venture product, now they can [create ventures](https://bizcore.refined.site/space/BCKB/1790083080) based on the settings configured here.