[Incbiz440]

I've been thinking about additional lines of business to add in and was wondering if anyone else has had success doing the same. If we're already doing discovery conversations, should be no problem cross selling merchant services, payroll, or most other business services.

Anyone doing the same? If so, what, and how is it going?

[abfunders]

What have you been doing until now? Just term loans? You put "loan brokering" so were you not doing MCAs, considering we all know that they're not loans ;-) We used to all add in Bluevine and Fundbox, but they cut out (almost all) brokers on new deals. I feel that factoring is a really good solution to have access to. It's the in-betweens like factoring and other non-bank lenders who can move quicker than banks but aren't with the MCA rates that really separates the good brokers from the average ones.

Send me an email, I'd like to introduce you to one or two of them.

[Incbiz440]

What have you been doing until now? Just term loans? You put "loan brokering" so were you not doing MCAs, considering we all know that they're not loans ;-) We used to all add in Bluevine and Fundbox, but they cut out (almost all) brokers on new deals. I feel that factoring is a really good solution to have access to. It's the in-betweens like factoring and other non-bank lenders who can move quicker than banks but aren't with the MCA rates that really separates the good brokers from the average ones.

Send me an email, I'd like to introduce you to one or two of them.

LOL, true, I didn't run down the list of loan-adjacent products like MCAs, factoring, contract advances, etc. To clarify - I was referring to products/services beyond loans/lines/advances. For example, merchant services - if you're already reviewing bank statements, it's not that hard to have a side conversation about who they're processing with and if they're up for a review. But you could use any number of services - you have 15 employees, who's handling your payroll? There's a lot of additional services that businesses use or would need that would be easily cross-sellable... was curious if anyone here was actually doing that.

Re: recommendations for additional lenders/factoring companies/etc., always open to suggestions.

[abfunders]

Any time that I've tried, it ruins my brand. More than that, your just selling data. Merchant services is about the only other thing that you'd have access to, you're not going to get money by getting them to move their bank account and open a new credit card. Stay in your lane.

[Olderguy]

I don't see it as selling services.

They want a term loan and their finances are a mess....so we introduce them to accounting services to straighten out their finances to qualify them for someting better.

Then there are tax employee credit programs that gives them a tax credit per employee

The there is a insurance broker program which cuts their insurance costs.

Then there is sale leaseback on their vehicles so they go from debt off to lease, and off their balance sheet to qualify for more working capital.

Then there is factoring, asset based lending, ABL revolvers, cash out from real estate to find funds that are outside the MCA and term loan arena.

Then there is cash flow based bridge loans to wipe out mca debt.

And on, and on, and on....

[Yankeeman07]

I've been thinking about additional lines of business to add in and was wondering if anyone else has had success doing the same. If we're already doing discovery conversations, should be no problem cross selling merchant services, payroll, or most other business services.

Anyone doing the same? If so, what, and how is it going?

Contact me if you wish to discuss combining merchant services with credit card split funding.
The merchant can switch processing to our preferred processor or we can establish a "Lock-Box" for them.

It is a method to increase your monthly residual income.

[Ehenek]

Offer accounting services, Cost segregation, PCMP, Captive Insurance, ESOPs, 1031x's, Equipment Financing, Quasi Term Loans, T1 & T2 loans, SBA7a, SBA504, USDA, Agriculture financig, Real Estate Finance, DIP Finance, Turnaround finance, Middle market capitalization, Private placements, Buy/Sell w/ Commodities, Specialty type of Financing, Lend against Crypto, fine art, life insurance policy's with death benefits, UHNWI, etc....