I don't me other financial products. I mean services like cc processing, credit repair, POS equipment, etc.
Love to hear some feedback.
Thanks
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I don't me other financial products. I mean services like cc processing, credit repair, POS equipment, etc.
Love to hear some feedback.
Thanks
YES OF COURSE! I hate the word MCA - As Brokers in the AltFi space for businesses your will NEVER see a request for capital that you cannot help but think they need credit repair or their rates are too high on their processing etc.
PM me or FB message me
I have found that my clients get confused if I pitch anything else. If they need financing, pick ONE or TWO options/products after digging your heals in and discussing to see where you stand. If you give them 10, they'll either think you're dragging your feet and will get funding elsewhere. Just as an example, there are a dozen types of LOC products and ways to do it with one lender, or intercreditor agreements, bank-owned facilities that may offer lower rates but lower amounts, private lenders that can move very quickly, Bluevine, Fundbox, 0 APR credit cards, bank LOCs, ABLs, inventory, HELOCs.... the list goes on. And term products? From MCAs or SBAs and everything in between. Real estate lending is hard money interest-only, 30-year mortgages (5/10/30 year fixed), WBL, purchases/refi....
I have found that if I focus on funding them, if I provide other products, then I have my partners or sales rep call them. THEY GET SO CONFUSED! If they like their CC processor, for example, it's hard to convince them to go another route. It's not worth stepping on their other relationships for CC processor if you just want to fund them.
Business owners are funny. Saving money isn't necessarily their higher priority, and they don't really generally understand business finance, since very often they only understand MCAs (thanks/no thanks to sales reps who pose as "advisors") and have heard about SBAs. End of day, their priority is ROI, but don't know there are better ways.
As a broker, and I've said this a few times here, I know partners who want the clients, whether the partner is another broker or a lender, and I know clients who trust me to match them with those people. "Matchmaker, matchmaker make me a match, Find me a Find, Catch me a Catch." It's not a joke. This is integrity, EVEN if the only option is a reverse (no AR, no inventory, credit is bad, B2C, no real estate, etc). It no longer is about "the best deal," it's about "a match for both."
once my 5 year old called one of my merchants and sold him a cup of lemonade lol . To answer your question i dont really unless they ask me and than i will sell what ever they want.
USE OF FUNDS is VERY important and many do not get this question answered... If they need more than working capital - and you know their industry and what other products fit... why not present all the ways they can make OPM work for them? It's not confusing if you know how to work each deal and are confident in the products you have.
Case - Credit Repair - Before if their credit is banged up and has a lot of inquiries- I'll go ahead and wipe them out and boost their score. Takes it from a deal that a funder would say NO to a better approval - After if they need the credit help we can push more so eventually they can qualify for more term, BLOC, etc. Even though the business makes money doesn't mean the Owner has money. You have to make your products work for them and take over! Merchants DONT know what they want - Thats what we are for
Here at Centrex Software we have something called file type technology. If you have a client looking for an advance/loan and they also need credit repair or cc processing etc, you can create an additional opportunity for that client for credit repair or cc processing with its own dedicated work flow, docs, email templates etc etc. We have tons of clients that offer multiple products and can do it all under one roof with Centrex. Give us a look. Cheers, Trey - (888) 622-5810 Ex 101Quote:
Originally Posted by GoodCustomerService
If your able to provide them with other services, I would. Although, I would attempt to get a cash advance first, and if that does not work out for the merchant, than I would introduce different services. Pitching everything at once may be overwhelming, I have seen it happened before. If you ever need a contact for someone who does absolutely EVERYTHING message me, I have someone who does way more than just advances.. guy got a merchant 30k in an advance.... and was able to get him 300k in another service.. there are some people who may not even able to get a cash advance but could get tens of thousands of dollars in a different service.. more the better :)