[MCNetwork]

Here are my top 4 mistakes that MCA salespeople make:

#1. Failure to build rapport - If you act like an order taker, then you'll be treated like an order taker. Order takers are the ones that are taken by surprise when they get backdoored. Learn what makes your merchant tick. Connect with him on a personal level. People buy from salespeople they like so part of the job is being likable.

#2. Failure to get the story - One of the most important questions a salesperson should ask upfront is "What will the funds be used for?" This will drive the rest of the conversation and provide the ammunition you need to successfully pitch the numbers. Find out your merchant's goals and dreams. Ask questions that show you have a genuine interest in his business. What are his profit margins? What are his short/long-term goals? How will an MCA help his business? Let him talk.

#3 Failure to understand MCA math - MCAs are very expensive. We know that and merchants know that. Once a salesperson receives an approval, his goal is to present the numbers in a way to the merchant to minimize sticker shock. Focus on the benefits that the funds will provide. Break down the cost of funds into a daily number. It's more palatable to say the funds will cost $25 per day, instead of saying it will cost $3,000 over six months. Compare the cost with the expected value of the MCA. "Mr. Merchant, you told me that this advance would increase your revenue by about 10%. If we look at your monthly revenue, this means you'll make an additional $1,500 per month, or $75 per day. Now if you substract the daily cost of my advance ($25), you're left with an extra $50 per day. This is clearly a win-win situation for you!"

#4 Failure to keep the momentum going - Closing an MCA is very time critical. If you take your foot off the gas, merchants will have second thoughts and go dark. Maintain the full court press at all times. Don't do anything that will stop the momentum. Newton said an object in motion stays in motion until an external force acts upon it. Once the deal grinds to a halt, it will take twice as much effort and energy to get it moving again. That means use Docusign, get the docs while you're still on the phone, do everything to keep the deal flowing to the finish line. Don't let him "take a weekend to think it over" or "talk to his accountant." This usually means you won't hear from him again. Take care of all the objections upfront, stay positive and upbeat and sprint to the finish line!