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07-14-2015, 10:01 AM #1
- Join Date
- Dec 2013
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- 205
Are you guys using this as an indicator?
Last year while I was working with a FinTech startup I suggested to the CEO that the focus should be acquiring processing accounts first - merchant cash advance leads would follow.
He wasn't interested at the time but I wanted to share with some of you newer brokers why this would make sense.
A Leading Indicator
For example you get 100 processing accounts. Each month you get a monthly commission breakdown for each account. Then you start to see accounts decline. You go from earning $500 / mo per account to $400 / mo for any group of accounts.Accounts that have seen a decline in business should be targeted. I say this because MCA seems to be a timing sale and most businesses who take the product have made a mistake or two and could use the cash to correct the mistake, if not as a band-aid. So by using your processing account portfolio as a gauge you will be able to time your approach while actually making money in the process...
Feast or Famine
Most brokers cannot afford a bad month. Having a processing portfolio can come in handy for this reason... I pitched processing accounts focus for this reason...
Anyway, just thought I would share. If you're interested in learning how to take processing accounts from merchants like a Baby, I'll cover it on the next training I am holding.
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07-14-2015, 10:06 AM #2
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
How many companies/programs/divisions do you and Jay have?
Amanda Kingsley
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Always Live and Lead with Integrity.
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07-14-2015, 04:33 PM #3
- Join Date
- Dec 2013
- Posts
- 205
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