It's the Merchant Cash Advance's BUSIEST time of year! Spring/Summer months are here and seasonal businesses are amping up their marketing and thinking of new ways to attract more customers. What does that mean? THEY NEED CAPITAL!

We all know what to say and how to close, but let's be real and give the right expectations by giving your Merchant an EASY submission process!

Did you know the AVERAGE STIP can cost you 4-6 HOURS! TIME = MONEY. Learning how to qualify and ask for the right documents from the begining is a great way to:

#1- Prove to your Merchant that you are knowledgable (Knowledge=Trust)
#2- Adhere to your advertising of FAST FUNDING
#3- Building rapport and keeping your clients! No matter who calls them next

How many of you call your merchant back for stip after stip? It's exhausting, isn't it? LET'S CHANGE THAT!

Basic Scrub 101: These 10 Minute pre-scrub essentials can save you time and be first in line and save you hours and arguments with your Rep/UW

Your Application
Making sure the application is legible, signed, and dated within 30 days is a given... but making sure the Tax ID, Business Start Date, and Owner info. is correct is essential!

Requested Financial Documents
Even though this varies on the UW of the Funder. Rule of Thumb would be your requested amount vs. term.
*If the term is short/amount low= 3 months is usually needed.
*If the amount is high/term short = 6 months is usually needed.
*If the term is long, and amount is low = 6 months is usually needed.
*If the amount is high, term requested is long= 12 months with additional financials (depending on the funder of course).

During seasonal months, payback months are requested! What are payback months? Payback months are the months from the previous year that reflect the current months that the merchant will be paying back. Example: I have a term from May-August, a Funder will request the May-August 2015 Bank Statements. We all know what Businesses are seasonal and just letting them know before hand that this may be requested is a RESPONSIBLE expectation to give.

BALANCES BALANCES BALANCES BALANCES BALANCES
Oh, I cannot stress this more. BALANCES are VITAL. Whether the Merchant is requesting a first position or NOT, not relaying balance information can stall the approval process COMPLETELY. Asking a Merchant this information is also another thing that will not sway them from working with you- it will only let you understand what they qualify for and give them a clear expectation of what they can be approved for.

You: Merchant, do you have any existing advances?
Merchant: Yes, I do.
You: Can you give me the Amount you were funded and when (Month/Date)?

Those TWO questions in that simple sentence can assist an UW in giving a fast preliminary approval! If you can get the rate- even better... but we can easily make the calculation from the daily payment and who the Funding Company is.

These simple steps can streamline your submissions and assist the submissions and underwriting departments of your favorite companies (and Cardinal) !!!