Due to the strict eligibility criteria and complexities associated with traditional bank financing, a merchant cash advance has turned out to be the best solution. It is a popular alternative to a small business loan, providing access to needed capital for small business owners who wouldn’t otherwise be able to invest in expanding their business or find a bridge to carry them through a rough patch.
When a business owner gets a merchant cash advance, he or she is getting an advance against future credit card sales. The MCA is paid back by a fixed portion of credit card sales revenue going to the lender. Given the benefits, this alternative financing is increasingly gaining popularity. However, as a MCA provider, you understand the importance of building clients in the industry. Finding new prospects is a bit challenging. Fortunately, digital response leads list exist to help you reach target prospects efficiently.
Digital response leads contain the contact information of all those businesses looking for alternative financing who can be your target prospects. These leads lists provide complete information about a business including company name, first and last name, phone number, state, email address etc. Once you have access to digital response leads, the next step is to formulate a strategic merchant cash advance marketing campaign that makes selling business loans efficient and fast. Explaining the various merchant cash advance advantages to prospects will help you launch a successful merchant cash advance marketing campaign:
Easy loan application process– Traditional bank loans or small business loans take a long time to process and require a great deal of paperwork and meetings, whereas an MCA entails much less documentation and less time. Typically, the business owner get cash in less than a week. So when you are approaching your digital response leads, it is wise to explain how easy and simple this loan application process can be.
Higher approval rates– To qualify for a bank loan, a business needs to show a track record of debit or credit receivables. If a business has a bad credit rating or no credit, it cannot qualify for a traditional loan. By contrast, a merchant cash advance doesn’t have any such restrictions. It doesn’t take into account the credit rating of a business to qualify.
No collateral– Unlike traditional bank financing that needs collateral and involves risking your assets, a merchant cash advance doesn’t require collateral. A business doesn’t need to put their assets, such as a house or property, on the line as collateral for a merchant cash advance.
No restriction on cash usage– This is one of the most important benefits that needs explaining when marketing merchant cash advances. The funds you get from a merchant cash advance, are free to use in any way. The borrower can buy new equipment, pay wages to employees, purchase inventory, and more. An MCA doesn’t pose any kind of restriction on the use of capital.
Illustrating to digital response leads how a merchant cash advance is the best alternative financing available these days for cash-strapped businesses will help you sell business loans more efficiently.