[Lexgroup]

@Good Customer Service - funders want to get the deal done before someone else does. I have had many deals stolen because the rep lied to the merchant for their own benefit (I know...shocker). Doesn't have to be through the same funding company either. Let's face it, there is a lot of competition out there.

@John Tucker - Closing the merchant is getting everything needed to satisfy the agreement, it's pretty straightforward. If closing every deal was as simple as you just described we would all be rich - good merchants aren't always easy to sell but desperate merchants are. Even if you are straight up with them, that does not guarantee a closing.

[jotucker1983]

@John Tucker - Closing the merchant is getting everything needed to satisfy the agreement - not sure how else to explain closing....it's pretty straightforward. If closing every deal was as simple as you just described we would all be rich - good merchants aren't always easy to sell but desperate merchants are. Even if you are straight up with them, that does not guarantee a closing.

I don't know if we would all be rich (I wish lol), but to me it comes back to doing all of the work upfront with good pre-qualification before you send the package to any lender.

- You disclose to the merchant the type of product you are offering (MCA) with cost for capital ranges and payback cycle range. Either they are interested and can work with this cost for capital range (along with the short payback cycles) or not. They will usually tell you this upfront.

- From there, you pre-qualify the merchant in terms of getting information on their estimated FICO, gross sales, any tax liens, any judgment liens, any recent BKs, any landlord issues, any issues paying back a prior advance, any outstanding advances, any outstanding alternative loans, etc.

- Now that you have the answers to all of the questions, you can estimate their Paper Grade, which will estimate the amount you will be able to approve them for as well as their cost for capital ranges/payback cycles. You present that information to them to see if they are okay with that.

If they aren't okay with that, then you walk away.

If they are okay with that, you then move forward to having them fill out the app and pulling up statements for the submission to the applicable Paper Grade Funder. Once you get the items, you submit the file and work with the Funder to get it as close to the approval range you estimated. Once that's done, the Closing Agreement is typed up, the closing items are collected, and we are looking at funding as long as they pass final verification.