Though the merchant cash advance industry is booming right now, finding and building clients is still a challenge. As a merchant cash advance provider, you understand the importance of finding prospective clients and selling business loans. While MCAs are increasingly gaining popularity as a funding option among businesses, considering a marketing plan is vital to selling the loans efficiently.
As you are already aware, when you plan merchant cash advance marketing campaign- you create a marketing strategy, road map, resources, time and money- everything well-planned. Probably, you have tried it before and have had different experiences in the past. However, the most important, yet common thing that’s required every time is a highly targeted list of MCA leads. Having access to quality merchant cash advance leads list is beneficial when it comes to marketing MCA, but the idea is to know how to make the most out of the opportunity.
Well, the most effective and simplest way is when you approach your prospects either via call or email, educate them on the benefits of merchant cash advance loans. Also, ensure that your marketing team is well aware of the industry and can answer all the possible questions asked by your targeted MCA leads.
Moreover, the businesses are generally startups and small businesses, who are struggling with poor or no credit ratings, so merchant cash advance turns out to be an ideal choice. However, you as MCA loan provider need to know your prospects and educating them on how MCAs are beneficial will help you sell loans efficiently.
Illustrating the benefits of merchant cash advance and how this business funding makes a better option over others will help you execute a successful merchant cash advance marketing campaign. Here are a few advantages that you can mention when approaching your MCA leads as it will help gain their interest and trust-
- A merchant cash advance is a safe approach to funding a business. Unlike the traditional bank loans that can affect a business credit rating if there is an issue in repayments, a merchant cash advance is a sales transaction and thus stays off the credit report
- No collateral needed- An MCA doesn’t require any collateral. So even if you have limited assets, you don’t have to risk your remaining assets, while traditional financing ask for it.
- MCA loans incorporate a simple application and approval process. Unlike the traditional banks that have a strict loan process and meeting their tough eligibility criteria is really difficult, getting MCA loans is much simpler with no formalities and no eligibility criteria
- Often described as immediate cash, merchant cash advances are easy to apply with faster processing & even simpler repayments. This type of financing involves a very little paperwork and is highly preferred over others
- A high approval rate; MCA funding doesn’t depend on credit score, instead they evaluate the actual performance of your business. This practical approach allows any stable business to qualify for MCA
Ensuring that your MCA leads are well-informed about the benefits associated with this funding will help attract more leads and sell loans efficiently.