As an ISO, it’s up to you to share valuable information with the companies in your network. You may be pairing these companies up with professionals who can help them advance their business or provide valuable advice that will contribute to their success. You may also be called on to match companies with financial businesses that offer a direct lender cash advance. One of the best cash advances to recommend in most cases is the MCA or merchant cash advance.
There are several reasons why a direct lender cash advance from a MCA is a great idea for businesses of any size. A MCA application and approval process is usually pretty short, so businesses that apply for the loan can get the cash they need in as little as one business day. The application for the loan is also pretty short in most cases, so company owners can fill out the necessary information in a timely manner and get it to the lender in minutes.
Another reason why the direct lender cash advance is a great idea is that businesses don’t have to agree to a collateral arrangement. After all, companies are likely applying for a loan to either take care of an emergency financial situation or to stay ahead of their finances when sales go down. If the business has to give up their valuable equipment due to an inability to pay, this will put them even further behind in terms of production and will hurt their ability to make a profit. The collateral arrangement can also put a business in deeper debt since they will no longer have the necessary assets to make the products that customers purchase. With a MCA, companies can keep all the things that help keep their businesses going.
Small businesses may also want to consider a direct lender cash advance because a high credit score isn’t required. When a business is just starting out, it’s possible that the company doesn’t have an extensive credit history, which could lead to traditional loan denial. If a company’s total credit score is at least a 400, there’s a good chance that the business will be approved for a MCA. It’s also helpful for the company to include detailed information on their application about the financial plan for the business and its future goals since this will give the lender an idea of the company’s money management plan.
When you connect organizations that offer a direct lender cash advance to your business network, you’ll likely find that some business owners are interested in getting a cash advance, and you can match these companies with the lender that will best meets their terms. Of course, this also benefits your ISO, since you’ll be able to charge a fee for your services as you communicate with both the lender and the business during the application process. If you think adding direct lenders to your contact lists would be beneficial for you, talk with your financial team about making the arrangements today.