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  1. #1
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    Geting the paper back - always a chase any solutions to speeding up the process?

    I think we can all agree that everyone in this forum can Talk a good Talk and get the prospect interested in funding with them. Merchants are eager to explore - you send them docs telling them what you need to review - they understand they acknowledge you by email received and then you sit and wait. Trying to get the completed apps and docs back on time - you can waste lots of time running after prospects for paper.

    What are some suggestions for speeding up the docs collection process without being a pest and chance bugging someone by following up too much like I accidentally did earlier today - prospect was a little pissed I misinterpreted his timing and wanted to be the hero and on the ball and instead I ended up following up too early - appreciate everyone's perspectives.

    G

  2. #2
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    Determine the immediate "Need and Usage of Funds" - that should be disclosed in the sales call.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  3. #3
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    I do usually get an understanding of the type of money they need and for what application - at this point I start thinking of potential solutions - however, I don't want to inundate the prospect with too many potential funding options to consider prior to seeing their real-time docs and determining if there are funding options available first.

  4. #4
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    Quote Originally Posted by G2efunding.com View Post
    I do usually get an understanding of the type of money they need and for what application - at this point I start thinking of potential solutions - however, I don't want to inundate the prospect with too many potential funding options to consider prior to seeing their real-time docs and determining if there are funding options available first.
    Another technique to gauge the "series interest" of the merchant is to send them a 1 page "Pre-Application" that maybe
    take them less than 10 minutes to complete - if they return that application - then that shows you they are some what serious about moving forward.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  5. #5
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    my first doc to the client is the 1-page app and then of course dependent on our pursuit of the type of funding they need I would ask them for the necessary docs to send back with the app - should I be filling app out with them as I speak with them - finding an owner-operator that is not busy and has to time to complete the app with me while on the phone is rare

  6. #6
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    Quote Originally Posted by G2efunding.com View Post
    my first doc to the client is the 1-page app and then of course dependent on our pursuit of the type of funding they need I would ask them for the necessary docs to send back with the app - should I be filling app out with them as I speak with them - finding an owner-operator that is not busy and has to time to complete the app with me while on the phone is rare
    IMO - you should not be completing any paperwork -(My thought is you would have legal issues if any information in inaccurate) If they are not willing to spend 5-10 minutes completing some initial paperwork, move on- the immediate $$$ need is not there.

    I do SBA Loans, they require much more paperwork and documents
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  7. #7
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    Thank you good thought - lots of others that need vs pondering whether they do....your right if they are not willing to complete the app and get back in 24 48 hours maybe they are not worth it --- small business is small business because they are run by small minds

  8. #8
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    Quote Originally Posted by G2efunding.com View Post
    I think we can all agree that everyone in this forum can Talk a good Talk and get the prospect interested in funding with them. Merchants are eager to explore - you send them docs telling them what you need to review - they understand they acknowledge you by email received and then you sit and wait. Trying to get the completed apps and docs back on time - you can waste lots of time running after prospects for paper.

    What are some suggestions for speeding up the docs collection process without being a pest and chance bugging someone by following up too much like I accidentally did earlier today - prospect was a little pissed I misinterpreted his timing and wanted to be the hero and on the ball and instead I ended up following up too early - appreciate everyone's perspectives.

    G
    The issue is the friction for merchant to get their banks. Offer bank linking like Plaid / Decision Logic. Some lenders will accept it others won't.

    You could also create a page interface similar to when client selects their bank via plaid / Decision logic and just lead the merchant to their online banking so they can go straight there and download it. Not every merchant is savvy enough online but the ones that are you will see a big bump on conversion.

    Personally, I've seen a 30% increase in conversions providing a bank linking solution.

  9. #9
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    Quote Originally Posted by Yankeeman07 View Post
    IMO - you should not be completing any paperwork -(My thought is you would have legal issues if any information in inaccurate) If they are not willing to spend 5-10 minutes completing some initial paperwork, move on- the immediate $$$ need is not there.

    I do SBA Loans, they require much more paperwork and documents
    Taking Apps over the Phone and then sending a Completed App for Esignature.... is HUGE.

  10. #10
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    I'll check it out thank you - trying to formulate a steadier process of getting apps out and getting signed apps back faster

    G

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