February is off to a strong start, many of our clients are having success with PPP prospecting and others focused only on building an MCA book that can generate renewals for years to come. The biggest piece of feedback that we are getting across the industry is the quality of the merchant. Covid-19 has caused revenue drop, lowered payments, and defaults across the industry. This has forced many MCA Teams to exit the industry while many others have flourished and are funding millions monthly. What are these teams doing?
- They are working with creative funding options like consolidations as well as expanding their funding network. Some funders will do these aggressive deals you need to find them and then sell these aggressive options to your merchant
- Qualify, Qualify, Qualify. When the file looks unfundable ask more questions. Do you have any property or assets to use as collateral? What is your credit score? Perhaps he can qualify for a credit card stack. How long have you been in business and how many years of business credit do you have? Perhaps he can qualify for an equipment deal
- Diversify your marketing. What works one day may not work the next. In this climate, you need to work every angle. What are some of these multi-million dollar ISOs doing? They are calling A Lender Declines( we have these), UCC Files( more work but big deals are getting done) Real-time opt-in leads( we are generating these and can also set up your own in house lead gen program) 24-hour submissions( if you have the funders and sales teams these are working) aged data ( for your sales team staying busy and building the pipeline these are a must)
If you put this strategy into place you are likely to see a large increase in your funding now and much more as America returns fully to work and revenues increase.
For any of these products or services call me for a marketing consult. at 781-690-5077
C J Flaherty