There are several advantages to being an ISO (independent sales organization). You can connect business owners to the right financial lenders, and you can offer financial resources to companies without having to follow government regulations. One of the biggest benefits you may be able to offer businesses is a list of merchant cash advance (MCA) lenders that can help them improve their companies in a short amount of time.
The main reason MCA companies are some of the best direct money lenders out there is that companies won’t have to go through a tedious application process. Credit is not usually a huge factor, although it does help if the company explains its financial goals and previous financial history to the lender. It’s also not necessary to put items up for collateral, which means company owners don’t have the stress of listing their valuable equipment up for collateral if the loan can’t be paid on time.
MCA lenders are also part of the group of direct money lenders that have an easy repayment process. Companies can arrange to have a small percentage of all their credit or debit card sales paid back to the MCA online loan lenders, which means that businesses can keep their finances organized without the stress of setting aside money for repayment. Businesses can also work with the MCA lender to have small portions of the loan amount taken from their company bank account on a date that is convenient for them.
The MCA process is also very easy and fast. This is another reason that this loan option stands out among direct money lenders. Some lenders provide the cash that companies need in a business day or two, and there are even some MCA companies that will approve the loan in just a few hours! This is a huge relief for businesses who are looking for a lump sum of cash in a short amount of time, and it definitely comes in handy whenever a financial emergency comes up.
Your role as the ISO is to match the right lenders to the businesses that could use their services. This means that you’ll need to communicate with each party separately, and then bring them together to work out the terms of the loan. In some cases, your ISO will be the only point of contact between the two parties, so you’ll need to make sure that everyone is clear on the loan terms. You may also need to assist the business owner with the application process to make sure that everything goes as smoothly as possible.
Remember that when you offer the service of pairing direct money lenders with company owners, you can charge a fee, which means that you’re bringing in a profit for your ISO. Be sure to meet with your financial and marketing teams about the perks of providing this service, and continue to grow your network so that this service will be more lucrative for everyone involved.