For businesses struggling with a bad credit history are quite familiar with the obstacles it puts before them. Generally, small businesses and those new in the industry do not have a good credit rating and face difficulty in getting a loan. There are chances that a business may be able to get a small business loan but the terms will be really harsh. So, a merchant cash advance turns out to be the best solution.
Moreover, at times of stagnant economic growth when traditional banks cease to fund small businesses, a merchant cash advance is the best alternative funding available. Some bad choices may have gotten your leads a bad credit rating, but it doesn’t mean that it cannot be changed. There are a number of ways a business can start repairing its credit score and a merchant cash advance is one of them. When you target your merchant cash advance leads to sell business loans, it is important for you to explain how an MCA makes an ideal solution for bad credit.
The foremost thing an MCA provider, while marketing a merchant cash advance, should tell its prospects is how this alternative funding offers cash based on the strength of business’s sales. A merchant cash advance is an advance on future credit card sales of a business. To repay the advance, the lender takes a percentage of credit sales every day until the advance is paid. Moreover, a business owner is free to use the funds any way they want.
Once you have access to merchant cash advance leads, you will know about your target prospects and can market your business products efficiently. Merchant cash advance leads lists provide complete information about the targeted businesses such as their name, company name, business address, etc. When you consider merchant cash advance marketing to target prospects, MCA leads lists prove quite helpful. Secondly, the businesses listed therein are the ones who have previously applied for a merchant cash advance and are expecting to seek one again so they are well aware about the formalities and loan process.
However, just having access to MCA leads is not enough to generate business loan leads and sell MCAs; you have to put in effort to gain the trust of your target customers. You need to explain to them how a merchant cash advance makes an ideal solution during difficult times. Explain to your merchant cash advance leads that this business funding doesn’t have a set end date because it is paid off using the deal’s retrieval rate, which is the percentage taken out from each day’s credit card sales. For instance, a retrieval rate of 10% means the business owner will pay $200 of today’s $2,000 in credit card receipts to the MCA funder. Unlike small business loans or a business credit line, a merchant cash advance doesn’t get reported to credit agencies.
So, when you plan merchant cash advance marketing to target customers and sell MCAs effectively, you need to explain to your business loan leads how an MCA makes an ideal choice for the business that has a bad credit rating.