How to Maximize Opportunities when Purchasing Merchant Cash Advance Leads.
The Alternative Business Finance Industry has continued to explode with momentum heading into 2020. There are more New Business Loan Brokers/MCA Brokers attempting to plant their flag seemingly every single day. While historically, their new endeavor becomes short lived. We believe there is a misconception that the Merchant Cash Advance Industry offers low hanging fruit. We fault many of the unscrupulous and poorly designed Business Loan Broker Courses and “Funding Networks” that are misleading their own customers. They do not show individuals about the core principles of Lead Nurturing, Organization, and Execution. Many Successful Brokers all have a few things in common:
They know how to nurture leads, diversify lead sourcing, while having array of different financing facilities accessible to them.
Lead Nurturing is the ability to keep a prospective customer engaged and aware that you have the capability to help them. This is mainly about communication. It is important to contact your leads and prospects regularly while providing value. Rather than jamming an application down their throat on every email, take a consultative approach. Provide valuable information as to how your product offerings will not only help their business survive, but grow as a result. Having a high level of professional and strategic planning in place while communicating with Business Owners will defeat the majority of the Business Loan Brokers out there. This is why it is critical to not just purchase leads, generate leads internally, or dial away. There needs to be a Short, Mid, and Long Term plan to keep prospects and leads engaged throughout the life span of their business. With Alternative Financing, the product being offered here is Money. Majority of Businesses will have a need for financing during their lifespan, several times in fact. Ask yourself, what you are doing differently than 90% of the Business Loan Brokers out there. Business Owners and Merchants are annoyed of the unscrupulous tactics and boring sales pitches. According to the Small Business Administration there are over 30 Million Small Businesses within the United States. These Businesses are being solicited to every single day from one product or service to another. The separation comes with your ability to hold their attention over a set period of time and making them aware of your existence. This is about creating a sustainable book of business long term. The buying period within Alternative Finance can be any given day from Merchant to Merchant. So if you nurture the leads appropriately through Email Drips, Personalized Follow Ups, Valuable Content, and Periodic Phone Calls then you will be able to build a book of business. These Merchants have taken notice to your contacts over the course of time and finally they are ready to give you a shot since their Pizza Oven just went out. Now they need your help and know where to turn to. Many New Business Loan Brokers play the short game. This is unfortunate and while the opportunity and potential to earn a lot of money exists, only the lead nurturers will survive. Also, stay tuned below for access to Direct Lenders who want your business. Combine these Steps Below with Leads from Lead Tycoons and you will be armed for battle and a profitable future.
Below are some Basic & Fundamental Steps forward to get set up properly. Whether you are a New Business Loan Broker or Seasoned Vet you can not “always be closing” if you are not always improving.
- Get a Professional Website: Our Partners at LoanBrokerSites are dedicated to Business Loan Brokers and want to set them up for success. They will provide your company with the look and feel of a sophisticated operation. Price Points are extremely affordable and we encourage you to take advantage of their offerings. Learn More about Loan Broker Sites. If you want your prospects and leads to take you seriously, you need to take your business seriously.
- Professional Email Domain: We shouldn’t even have to say this. If you are a Business Loan Broker and are conducting business by utilizing a Free Email Service such as Gmail, Yahoo, Hotmail, etc we implore you to transition away from this. You are hurting your ability to convert and maximize opportunity with lead nurturing. If a stranger contacted you asking you for financial statements via a Gmail Address and has No Online Footprint, would you send them to a gmail user? I think you get the point here. GoDaddy offers emails from as little as $1.99/Month.
- Customer Relationship Management System (CRM): Having a CRM to import, organize, update, nurture leads and remain compliant is an absolute must for Business Loan Brokers. As your company begins to scale you may find it difficult to remember every detail of every customer interaction. There are so many popular CRMs in the marketplace to choose from. We recommend Zoho CRM as it has functionality add-on’s tools and widgets as your business loan broker business continues to grow. You will operate within and from your CRM everyday that you conduct Business. Zoho is user friendly, affordable, and secure.
- Electronic Signature Tools and Widgets: More often than not during our discovery process we ask Business Loan Brokers how they are getting applications back in. Often times they may ask us to take a look. Having a PDF Document that asks a Merchant to Download, Print, Sign, Scan, Upload and Email back over is so obsolete. This is no way to maximize opportunity on leads. We encourage all Business Loan Brokers to adopt a secure and automated eSign Application Process. DocuSign’s Free Trial would be the recommendation here. Not only will this help keep you organized, but will also demonstrate to the merchants that you take their privacy and information very seriously.
- Professional Phone System: It is important that your customers have access to you if need be. It is equally important in this Contact Sport to have an efficient way to perform an offline outreach to prospective customers and leads. Phone Burner offers a power dialing solution that will allow you to fire on all cylinders by contacting up to 4x More Contacts Per Hour Compared to Traditional Manual Phone Dialing.
- Going to the Source! Direct Lenders and Funding Companies: We would be remiss if we did not mention this ever growing problem that New Business Loan & MCA Brokers have. We know of “Networks” that require you to pay a set up fee, have you run documents through them, only to leave you with 4-5% Commissions. This is because these networks prey upon individuals who are new to the industry and buy into the hype. We are no fans of these networks. If a New Business Loan Broker purchases leads, it will take them nearly double the amount of conversions in order to see a Return on Investment on leads. These networks provide the illusion that only they have access to “Private Lenders.” This is far from the truth. YES there is importance to having established relationships. However, that relationship is only as strong as the deal flow and submissions in most cases. The fact of the matter is that many Direct Lenders love working with ISO’s that have a solid structure and provide consistency. If you try to sign up with a Direct Lender and have No Website, No Professional Email, and show signs of unprofessional behavior they most likely won’t want to waste their time. This isn’t really a secret but shockingly not an enormous amount of New Business Loan Brokers know how to gain access to these Direct Lenders. There are (2) Great Resources we recommend that you check out from deBanked and Funder Intel. We will provide direct links below to their “Funding Directories.” Funding and Lenders listed on these sites have been examined to ensure their legitimacy. While this requires proper due diligence on your part, these Resources hold the “Keys to the Castle.” Best of All – Access is FREE! So once you get set up with a handful of Lenders who give you access to a variety of different financial products & working capital solutions – Fire your Middle Man Network! Most likely those Network Snake Oil Salesmen are set up with these very same Lenders and Funding companies. IMPORTANT: Do not sign up with every company under the sun. Find out which lenders specialize in different solutions and build relationships. The worst thing you can do is shotgun Merchant Applications to every lender you are signed up with. This will catch up with you and your relationship with them will be short lived. Many of these Lenders will have production requirements. Therefore if you are set up appropriately to Maximize Opportunity when Generating or Purchasing Merchant Cash Advance Leads you should have no issues being productive. Also, if you want Real-World Access to these Business Lenders, we encourage you to attend at least one of the Several Annual Conferences hosted by deBanked. Just recently deBanked held a conference as they do every year in Miami, Florida. The next one in 2020 is deBanked’s Broker Fair. These Direct Funding Companies want access to you just as much as you want access to them! Finally here are the links to these Gems:
We look forward to becoming a preferred and relied upon lead generation source for you. Contact Us so we can help you grow your business!