Your ISO has a wealth of resources that clients can use. You can match companies with bad credit lenders only that will provide them with the necessary funds in emergencies. You can pair companies with services that complement each other in order to help them form a lucrative partnership. One of the most practical financial services you can offer those in your network is the merchant cash advance (MCA). When you facilitate the loan approval process, your ISO will be able to charge a fee for this service, which means that adding this to the benefits you can provide could mean financial gain for your organization.
There are a few reasons why MCA companies are among the bad credit lenders only with the highest success rate. Businesses can be pretty sure that they will get approved once they apply for the loan, even if they have a low credit score because most MCA lenders require a credit score of at least 400. This is usually pretty doable for businesses that either has limited credit or are actively working to pay off debts. MCA lenders understand that businesses sometimes run into unexpected cash flow issues, and are willing to help achieve short-term financial relief.
MCA is also in the direct lenders only category because they work with companies without requiring collateral. This is a definite plus for businesses that are just starting out and have limited resources. The lack of collateral is also good news for companies that have valuable and expensive equipment that is used to make the products they sell to customers. When business owners can borrow the money they need without having to worry about their supplies being taken away, this helps them to work more efficiently and removes the fear that the company will go out of business due to lack of production.
When you connect with a MCA that may be a good match for one of the company owners in your network, you’ll take on the role of liaison for these two companies. This means that you’ll go over the loan application with each party and will make sure that both entities understand the conditions and agree with them. You’ll also communicate with both the lender and the business owner to make sure that everyone’s questions are answered before the loan is officially approved. As the ISO, you can charge a fee for your consulting services, which means that providing this feature to the professionals in your network could turn out to be a smart choice when it comes to making a profit. And since your ISO doesn’t have to follow government regulations in order to provide financial assistance, you can find MCA direct lenders who are willing to work with business owners who are at various stages of running a company.
Talk with your financial team about expanding your MCA direct lenders list and discover the ways that your ISO can become more successful.